In the early stages of entrepreneurship, a squeeze for income can lead budding entrepreneurs to make less than intelligent decisions for the health of their business. Creating more income can allow an entrepreneur to look toward the future of their business and worry less about the present. A great way to get away from the “income squeeze” is to have a side-hustle to earn a few extra dollars. Putting away a few extra bucks every month will let an entrepreneur spend more time on the things that matter in the business. The following are ways that an entrepreneur can increase their overall income.
Freelance To Earn
Freelancing to earn more personal income can be a great opportunity for an entrepreneur that is not taking a salary until their current company is profitable. Freelancing can be a great way to network with other companies as well as can help built relationships and authority in the space, which can be leveraged in the future. Those people who have knowledge of a particular subject can write expert content, which many industries will pay a premium for. Consulting as an entrepreneur can also be valuable and take very little work other than analyzing and offering advice to a current company.
Rent Out Unused Office Space
Renting out unused office space or even an extra room in a home based business can help with cash flow issues. The only issue is that if you are renting the space the landlord might have an issue with you subleasing the space. Renting out unused space can allow for some financial breathing room for a startup of any size. Certain startups rent out their space at night for things like corporate meetings or a seminar. Finding tenants can be done by the startup or outsourced to a property management company. These companies can help rent out a space nearly immediately and only take a small percentage of monthly rent to handle things like late rent and backgrounds of tenants. However, make sure you find a good tenant to work with so you don’t have problems, like being involved in an eviction. Housing Gurus understands the process of tenant screening and evictions, and has an entire section on their site dedicated to the subject. Make sure to find a good tenant to avoid any of the problems of non-payment of rent, evictions, or lawyer fees.
Increase Prices Gradually
Increasing prices on goods or services has to be done every so often, even if it has to happen with a long time client. Make sure to keep your clients’ needs in mind, and keep any price changes reasonable. If the price increase is reasonable most companies will have no problem paying more. A 5-10 percent increase can increase cash flow without changing the workload for you or your company. Valuing your products and services accurately can take some time so examine these quarterly to see if they are still on point.
Start a Smaller Business That Complements Your Current Business
A great example for starting a supplemental income stream is a tech or marketing company starting some sort of drop shipping business. The company already has numerous contacts throughout different industries that can be leveraged to create an online store. This will not require the company to freeze cash flow due to stocking up on inventory and can be a consistent stream of income. The marketing aspect of this allows the company to create income without really having to do much besides creating advertising material and finding wholesalers that are reliable. After, links to a drop shipping store can be incorporated into content being sent out in order to help with search results.
Earning extra income will allow an entrepreneur to make the right decisions for their business ventures. Eliminating the stress of money is important! Decisions made under stressful circumstances often times can set a business back for years. Keep your company’s corporate trajectory where it needs to be by starting to earn extra income today!