The cost of living is rising, and everyone, no matter what their income might be, will have felt the effects of this. If you are a business owner, you might be wondering what you can do. After all, your own costs are rising, so putting your prices up makes sense, but people have less money, so this could lead to fewer sales. What options do you have?
One idea is to make money using your business premises, if you have one. An office space or a warehouse could bring in additional revenue if you think about the different options carefully. If you can do this successfully, you won’t have to put your prices up and yet you’ll still make more money. Read on for some ideas about how to make more money in this way.
Install Solar Panels
Installing solar panels on the roof of your office building or warehouse is not going to bring in a fortune. However, over time it will save you a fair amount of money on your heating and cooling bills, and if you ensure you put this saved money into a savings account or you plough it back into your business, you can make the most of it.
In some cases, you might even be able to sell electricity back to the grid, making additional money. Plus, there are grants that will help you pay for the installation in the first place. As we said, this is a slow way to make money, but it will still help, plus it’s good for the environment. Many customers will prefer to spend their money on eco-friendly brands, so your solar panels might create more sales.
Rent Out Your Space
If you have some spare space – perhaps because some of your employees are now working from home, for example – you could rent it out for a variety of different purposes. For example, if you have a large warehouse that is only partly used, wedding music bands could use it as a rehearsal space (subject to health and safety procedures, of course). If you have a conference room you hardly ever use, smaller businesses or those that are entirely remote could hire it out on an ad hoc basis.
No matter what space you have, someone somewhere is likely to need to use it, at least temporarily. Rather than paying for space you don’t need, you could put it to good use and make some money too.
Add Value To The Property
The more value you can add to your commercial property, the more money you can make from it. This does, of course, assume that you own the property rather than rent it, but if we work on that basis, this option could be a viable one to explore.
By installing better bathrooms, a good kitchen for staff to use, break rooms, conference rooms, and perhaps even an attractive outside space, you can make the property much better. This will entice higher-value employees who can do a good job, making your business more profitable, productive, and respected.
Alternatively, you might do the property up in order to sell it. The more value you can add to it, the better in this case, and you can then take the profit you make and invest it back into the business.
