Profits are, in theory, simple things. You calculate your profit by subtracting your costs from your revenue. That means, increasing profits requires you to increase revenue, reduce costs, or do both — though, as business leaders know, that is often easier said than done.
But streamlining your business isn’t the only path to higher income and more profit. You should also be on the lookout for easy ways to monetize what you already have or generate passive income. Here are a few low-effort, high-upside ideas for doing just that.
Install a vending machine
Maximizing your business’ profits doesn’t end with streamlining your core business offerings. There are always ways to make income in more passive ways, using little more than the real estate that your business space occupies.
Vending machines are a fantastic example. Ice vending machines can contribute impressive amounts of cash to businesses like gas stations and shopping centers while requiring extremely minimum effort and expense. Beverage and snack vending machines are good choices for virtually every type of business or nonprofit space imaginable. From waiting rooms to employee break rooms, a vending machine can be a grand money-maker and will help you capitalize on the very fact that you have people in your commercial space at all.
Best of all, vending machines tend to make people happy. You’ll want to be careful, of course, to not hurt employee morale by replacing free options with paid ones — but, with all else held equal, studies suggest that employees and customers alike are happy to see vending machines. When you can make money while making the people who are contributing to your profits happy to do so, you are dealing with a very, very powerful money-making tool.
Start a blog
A good online presence can do wonders for a business. In the modern world, digital marketing is more important than ever. A good digital marketing strategy that includes a strong web presence and proper search engine optimization techniques can help you reach more customers, which will mean higher profits. So starting a blog is probably a good idea.
Digital marketing practices might be the best reasons to start a blog, but they are not the only reasons. In fact, blogs can directly boost business’ profits.
Blogs can be used to connect customers to your services, but blogs can also host ad space, which means that you can earn passive income from your best posts. This is a better strategy if your blog is not clearly branded with your company’s identity or hosted on your own site — you don’t want customers to be frustrated by as on a business website. You should also use ad controls to make sure competitors don’t benefit from your hard work by placing their ads on your best pages.
Have a lot of blog content available? Why not try to publish an ebook? You could use some of your existing writing and flesh it out with new content. An ebook can form a nice passive income stream. Set prices low and let purchases build up your passive income.
Investing and reinvesting your business’ cash
When you start a business, you’ll be struggling to earn enough money to turn a profit. But once things are up and running, you may find that you’re beginning to stockpile cash.
The best business leaders know how to turn cash into more cash. Invest your money in acquisitions or reinvesting it in your own company as you seek to grow and expand your offerings. Use cash to offer bonuses and improve employee morale, or use it to outfit your office some quality-of-life improvements. Keep an eye out for things with high resale value or opportunities that could give your business more passive income. You could buy your own commercial property, for instance, so that you save on rent — or you could even buy more property than you need and start renting the extra space to other businesses.