by Lina Martinez
When you look at all of the successful companies and organizations, you notice they rarely focus on one primary way of making money. If you have a narrow field of vision, then you’re only going to make so much money. There’ll come the point where you hit the ceiling and can’t make anymore, which means your business slows down.
Instead, you should think about side hustles - ideas you can do alongside the central money-making concept of your business. These things are easy for you to do as they don’t require loads of effort and the cost/benefit is positive. If you need inspiration, then here are a few side hustles that can boost your business turnover:
A Public Parking Lot
So many companies do this, particularly if they’re based in a busy location with poor parking facilities. All you have to do is set up a parking lot near your premises, and charge a small fee for people to use it. It’s that easy, and you can use things like wireless parking counting to see how many spots are free and display this on signs nearby to attract cars to the lot. Here’s where things get really good - you could offer a discounted rate for customers, which encourages people to actually use your business as well. But, even if people park there and go somewhere else, you’re bringing in extra revenue by charging for the parking.
A Helpful Blog
Another popular idea revolves around the concept of setting up a blog. We all know you can make considerable income from blogs, and they’re relatively easy to create and monetize. As a business, you already have a blog topic right there. Post about things relating to your company and what you do. If you’re a financial business, you can make posts about taxes, the economy, or general financial tips and tricks. Slap some adverts on your posts, and you will earn some extra cash.
A Business App
Lastly, you could consider developing an app that people can download. Ideally, you should already have a business app that works as an extension of your website. But, this idea is more to do with an app that offers something extra to people. Let’s go back to the example of running a financial business; you could create a tax calculation app that people can download to figure out their taxes. Either charge people to download it, or have adverts on a free version. There are endless app ideas out there, just make sure yours is a) relevant to your business, and b) provides a good use.
Needless to say, there are countless side hustles out there to help increase your monthly/annual revenue. These are three of the best examples, but you may be able to think of some on your own. As a general rule, the best side hustles have these things in common:
They can actually bring in some extra money that’ll make a difference
They don’t cost too much to run
They don’t take too much time/effort to run (which means you spend less time on your primary business idea)
If it ticks all these boxes, then you’ve got a great side hustle to generate more cash for your company!