Crouching Tiger, Hidden Money?
Could there by hidden money under your nose? Most businesses have an unseen source of extra cash right in front of them and there are a few ways to find that hidden money.
Hidden Money Could Be Anywhere, Anything
1. Rent or sell off unused space
If you have some empty space that you are not using, wouldn’t it make sense to lease this out? If you really don’t need it, you could consider selling a concession for it. It is far better that the space is used by somebody else rather than just left doing nothing.
2. Rent wall space to advertisers
If you have some empty wall space outside your business, you could consider renting this out to advertisers to earn hidden money; check with local laws first before making this move, though.
3. Temps and Freelancers
If you don’t have enough work to keep all of your staff productive, you might be better off letting them go. You might also consider hiring some freelance workers that you can use when you need to. Having less full time workers will also mean that you won’t have to pay so much on employee benefits and office equipment that they would need if they were with you all the time.
4. Lease, rather than own
Consider leasing rather than owning assets. It is important that you do a cost benefit analysis to see if it would make more financial sense for you to lease rather than own assets. Keep in mind that if you lease, you won’t be able to claim them as a business asset.
5. Rent out unused equipment
If you have any equipment that you don’t use all the time, you should also consider renting this out during low-peak season.