There may come a point when you need to start thinking about a few ways that your business can make a little extra money. Even if your primary source of income is sufficient, earning some money on the side could be extremely beneficial as your company continues to grow.
Rent out Your Extra Office Space
A recent study has revealed that most office desks are only used around 45 percent of the time, and it might be lucrative to rent out some of that space. With countless entrepreneurs starting their own businesses, shared offices are more popular than ever. In addition to making some money off your extra desks, you should consider renting out warehouse space as well. Renting out a corner of your warehouse or storage facility could make your company thousands a year.
Sell Unused Supplies
Buying in bulk is a great way to save money, but some of your supplies will probably go unused. Having piles of printer paper and other supplies sitting around your office is very unsightly, and those products could be worth a few hundred dollars. At the very least, you should consider contacting nearby businesses to see if they want to buy any of your supplies or make bulk purchases as a group.
Sell Your Old Equipment
When it comes time to upgrade your equipment, you will need to figure out what to do with your company’s old items. Recycling is a good option for broken equipment, but you might want to think about selling any devices that still work, like electrical equipment. You should also go through your company at least once every few months and sell off any equipment that is no longer needed. Those items are only going to take up space and depreciate in value.
Eco-Friendly Tax Credits
As a business owner, you should always be looking for new ways to cut your taxes or earn new tax credits. Eco-friendly tax credits could save you thousands a year, and the upgrades might end up making you money. Depending on where your company is located, you could receive tax credits for installing solar panels, and any extra power that those panels produce can be sold back to the city.
Earning money on the side is a great start, but you also need to make sure that you aren’t wasting resources. Learning how to cut costs is just as important as your gross income, and streamlined companies tend to be much more agile and adaptable.