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During these economic times there are times that you may find that your business is not producing as much income as it did in the past. Here are three ways that could either bring in more income for you or give you a sense of achievement that you may have been missing.

The first idea that you could possibly do if you haven’t already done so is to involve yourself in community projects. Volunteer work is good for your soul and it is a way to get your name and inadvertently your business introduced to new groups of people as in social networking. It is a way to meet people who could possibly be your clients, consumers, peers, or a new referral source as in word of mouth. The key is not to push your business on them because you are there for another purpose, but to make a positive impression so that they want to get to know you and what you do.

The second idea is to educate your potential customers. If you sell musical instruments, then pick a popular instrument and teach people how to play it. There are numerous possibilities such as cooking lessons, knitting lessons, computer lessons, software lessons, etc. What would your target consumer be interested in learning and willing to pay for. If you do not have room at your place of business to conduct the lessons -rent, but don’t be extravagant. Charge enough to cover your expenses and make a little profit. The key is to pick lessons that will compliment what your business is all about because in the end what you  want to accomplish is to transition some of your students into clients or consumers of your business services or products.

The third idea is to implement, if you sell products, lay-away-plans. If you sell services, then consider payment plans. This becomes tricky because if you sell products, then inventory and partial payment leading to the default of the lay-away-plan. The concern for services is the possible default brought on by not paying for the full service after already receiving the service. There is risk involved in implementing payment plans into your business, but if you think it through before implementation you could at least minimize those risks. The reason for doing this is because banks are lowering credit limits for many consumers and people are not able to obtain credit as easily before. Not to mention people are losing their jobs and when they are finding new ones it is highly likely that they are not making as much money as they did before.

I just gave you three suggestions that could possibly revitalize your business. Does anyone have any other ideas or have experience or reservation about the three that I listed?



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Member Comments

    • 0 votes vote up vote up

      Vikki Hall wrote Apr 1, 2009
    • These are great! Thank you for sharing.



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    • 0 votes vote up vote up

      Leah Curry wrote Apr 3, 2009
    • Thanks Vicki, but I just re-read my blog and realized that I did not complete my train of thought on the second idea. As in if you do not have the space to conduct the lessons, THEN RENT. The extravagant piece is that it is never a good idea to spend dollars just to look fancy and upscale, nor is it a good idea to look like things are in need of repair - your primary purpose is to educate. Find the happy medium in choosing a suitable space. Always give your customer what they want - value and in this particular case that would be the lesson.

      I guess this is what happens when you early morning blog. Sheepishly sleepy but can not actually go to sleep.

      Take Care and Best Regards,

      -Leah



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