Boosting Your Revenue As A Retail Business

Collaborative post – may contain affiliate links

Diversifying your income streams to create more money in business is an old mantra, but it is advice worth following in these challenging economic times. Making greater use of your existing resources is one of the least problematic and least expensive ways to successfully grow your overall revenue. 

Here, we look at some things that you can do to boost your revenue as a retail business.

Rent out part of your premises

Do you truly need all of your current business space, whether you own or lease it? If not, you can increase your earnings by leasing some of your premises to some other business.

A lot of startup firms merely require a portion or a booth. Perhaps you have an unused room that might be used as office space by another company. Also try renting out underused warehouse space or empty storage space, which in a major city can fetch a premium.

While it isn’t renting out part of your space, you could also consider whether to rent an ATM. These are helpful for your customers and can bring you a steady trickle of income.

Look at marketing your services as products

If your company primarily sells services, bundling them and allocating defined prices can help you generate more money. This will enhance sales by removing clients’ apprehension about signing on for what they perceive to be open-ended projects and making your service appear concrete.

Look at swapping your sales focus

Getting your present consumers to buy more of your products or services is one of the simplest techniques to make more money. Because your current customers are already converted prospects, focusing your sales efforts on them rather than attracting new ones makes tremendous financial sense. They are more likely to buy from you because they are familiar with your company and offerings.

However, if you want to grow sales from existing consumers, you must serve them well. Look at strategies such as loyalty programs to keep them sweet.

Utilize your employees

Do you employ folks who are skilled and commercially viable? You might be able to subcontract them to other companies. If you have great managers, for example, you could hire them out to do team-building and management skills exercises for other businesses. Working for another company can be beneficial to employees since it allows them to get vital expertise in a different setting.

Add services and products that can increase value

Another smart company strategy is to include value-added services or goods. Look at the different things you sell and the products or services that would enhance that even more. For example, if you are selling sofas, can you sell a range of upholstery cleaner to go alongside them? You could also look at offering delivery if this is not something that you currently offer.

Your business location, intellectual property, products, services, customers, and personnel are all assets and resources that may or may not be generating as much revenue as they may be. Use them wisely and you could see a big boost to your revenue.

Great Ways To Expand Your Business

Collaborative post – may contain affiliate links

When we run a business however big or small, the one thing which we always want to do is be able to grow and expand our business to the max and make an impact on the world. Today we are going to have a look at just some of the different ways that we can expand our business and make more of a profit for growth this year.

  1. Make a sales funnel.

When you want to make a change to your business and allow it to grow quickly one of the things to do is get organised. If you want to make your business easier to run and automate a lot of your processes, one of the things you can always look to do is create a sales funnel. A sales funnel can be a handy tool to have when you want to grow your brand and it will allow you to automate your business and make more of a profit in the long term.

  1. Build a website

If you feel as if you need a push in the right direction for your business this year, one of the best things which you can do is build a website and build an online presence for yourself. These days, if someone wants to find a brand or look up information about them, they will choose to search on google and find answers there. This is where you need to be present so that people can see your brand and engage with you. Make sure to build a great website which is clear and concise to grab people’s attention.

  1. Research the competition

One of the things which you may not have already considered when you are looking to build your brand is looking at others. Take a look at the current market and research your biggest competitors. It is incredibly important for you to make sure that you know who you are fighting against and how they operate. Look at their website, social media, prices… gain an insight into the way they run their business and see if you can make the same impact on your followers. This is always a great way to build a better reputation and help you to be seen amongst the sea of content.

  1. Loyalty scheme

If you fancy trying something a little bit different when it comes to your brand this year, one of the greatest ideas you can have is to build a loyalty scheme with your customers. You can create a card which they can earn points from and these points can translate into prizes and discounts or allow them to get free products. This is always a good thing to bring into your business because if a customer has a loyalty card with you, they will be more likely to get what they need from you rather than from someone else.

  1. Identify new opportunities

As a business owner you need to always keep one eye on the ball and one eye on the future, and there is no better way to do this than look for opportunities in the world and take advantage of them. For example you could look into the pros and cons of expanding your business overseas to reach a new audience. Perhaps you could look into new products which can be created and sold for profit and new markets you could enter into. There are so many great ideas you can try and all of these will help you hugely to grow your business.

  1. Have an email list

When it comes to keeping in touch with your customers and keeping them interested in your products, the key word which you need to use is consistency. It is incredibly important to be consistent with everything that you do whether it be social media posts or updates on your website. The easiest way to stay in your customers mind is to email them every week or every few weeks with new offers and products which you want to sell. This is a simple and effective form of marketing and one which you should definitely consider using this year.

  1. Collaborate

There is nothing which can change the flow of your business and excite your followers more than collaborating with an influencer or another brand. If you want to expand your audience you can get in touch with another brand or an influencer and come up with a collaboration together which will mutually benefit you both. They will gain exposure to your audience and you will gain exposure to theirs and this can bring up your numbers by a huge mile.

  1. Use Amazon and eBay

A lot of us likely think that amazon and eBay are only for the use of small sellers online, but they are actually used by big brands all the time to sell off old stock and end of range products. To expand your reach again and also get rid of these items without suffering a heavy loss, it is a good idea to start selling on these international platforms.

  1. Can you franchise it?

If you are looking to expand your business and perhaps open up more locations this year, one of the best things you can consider is franchising your business. This will allow people to buy a location from you and run it with your brands name on the front. It can be a quick way to gain a good reputation and some real cash.

  1. Stick to your niche

The main thing which you need to remember as a business is that you should be a master of one trade and not the Jack of all. It is always good to expand your product lines now and again to reach a new audience however it can also make your customers a little confused if you go too far with it. Make sure that you always stick to within your niche so that your customers always know what to expect from you. This can make a massive different and it will allow you to be successful.

  1. Create an event

One of the main challenges you will always have to face as a business is engaging with your audience in a meaningful and real way. When you want to build a business which is trustworthy and that people love you need to be aware to engage with people as a person and not just as a business this is why it can be a fun idea to create an event in which you meet up with your customers and engage with them in a real life setting. If you are a cookware brand you could host a cookery class and workshop, and you can really create an event which suits you and everyone else too.

  1. Spend less

The most obvious way to help you expand a business this year is to learn to spend less money on other things. When you run your business make sure that you think about spending as little as you can on things such as your supplies and your software in the offices there are so many ways you can find second hand furniture, free applications and other tools which can be exactly what you need for your business to thrive and make a bigger profit. Only spend what you have to, and only invest in things which will genuine make an impact on the way you work and your ability to work.