Not to be the boogeyman, but a recession is coming. Even if it wasn’t, opening up multiple sources of income for your business can always be a fantastic idea, if you have the resources, and you do it right.
Expand Your Selection
We’re cheating a little bit, but let’s just get it on the table right away.
Money is going to be tight for a large number of people. Unless you provide something essential, you may need to alter your offerings. This might mean bundling services, or creating a lower-cost alternative.
Don’t think that people will automatically spend less money with your business during a recession. If you give them the right options, they might end up spending more.
If you’re running a successful business, chances are you probably have some idea of what you’re doing!
Whether it’s specific to your industry or more general business advice, there are plenty of people who will pay for guidance. This is especially during turbulent times like a recession.
Instead of one-on-one coaching or consulting, you could try offering a course, class, or webinar on a subject you’re versed in.
Particularly with webinars, setup doesn’t have to be complicated. You don’t need to commit a ton of resources setting it up, before you know there’s actually interest. However, make sure you’re actually offering something useful. Don’t just fill the time or lecture about the same information you can find with a simple Google search.
You’re unique and so is your business experience. Use it.
Expand Into eCommerce
You might have a brick-and-mortar location, or you might just be hitting trade shows and pounding the pavement.
Expanding your business into eCommerce will get your product in front of a much wider audience, and allow them to easily make a purchase. It doesn’t have to be difficult either. There are plenty of websites out there that allow you to easily set one up.
You can also invest in a custom website with eCommerce capabilities. While this is more costly upfront, you certainly get what you pay for, and it is a stronger platform in the long run.
Many businesses are forced to refer website sales to a trusted company. While 10% might sound like a good deal, there’s actually a better way: Us!
Launch allows you to provide incredible, custom-quality websites to your clients, without referring them away, earning you more income.
Rent Out Equipment
Are you running a business that requires a large investment in equipment to get started? Rent it out when things are slow!
Many people (just like you) are looking for multiple sources of income. However, they might not have the capital or credit to take out a loan and make the investment. So, you could offer equipment use during your off-season, at night, or just when you don’t have a contract in the calendar.
Obviously, you may not want to rent it out to someone in direct competition with you, but that’s your call!