Businesses had a lot of challenges thrown at them during the Covid-19 pandemic. If that sounds familiar, then you may have found your business turning over less profit than normal.
All is not lost, as with the right approach you can recover your business. Here are 5 ways to generate more income for your business during Covid-19 to tell you more.
Build an e-commerce offering
Every business model can benefit from adding an e-commerce section to their website. If your business doesn’t sell any physical products (and there are none you can add to make a store), you can even sell vouchers for when you do reopen.
Consulting a web designer is your best bet here, as is devising a marketing strategy. It needs to be something your customers are genuinely going to want to buy off you. Spread the word through social media and email marketing to increase your reach. Don’t be shy about it – tell all of your customers exactly how they can support you during this time.
Offer virtual services/consultations
If your business doesn’t involve the sale of products, then you may be able to transfer what you do online. For example, counselling, tutoring or personal training. There are many platforms you can use to book in appointments and collect a secure payment from your customers.
Given we don’t know how long working from home will be a thing for, it pays to get flexible with how you work. Plus, it could help you attract clients from different locations around the world which in turn will also boost your profits in the long run.
Use different lead techniques
As Albert Einstein once said: “The definition of insanity is doing the same thing over and over again and expecting a different result.” The same mantra is true when it comes to how you get your leads in your business, especially if your tactics aren’t proving successful.
These days, video marketing and blogging is an excellent way to attract new clients, especially if you talk about relevant topics and implement SEO. Whatsmore, such resources can also be monetised, meaning you’ll earn money every time someone clicks on your blog or watches your video.
Write an ebook
If you’re an expert in your field, then people will pay to learn from you. Writing an ebook will take some time, and you may require a proofreader or illustrator to help you out. But, with so many self-publishing options (such as Amazon), it can be a great way to generate both leads and profit for your business.
A great place to start is to research the best selling books in your industry. Find what is it people are responding to, and look to create your own version. It could be anything from a how-to guide on renovating your home, to improving your diet. Create a pricing strategy that works for you, and market your book across all your channels to boost sales.
Consult a business advisor
Sometimes we all need a little help. If you are feeling stuck in your business and don’t know what to do about it, then a business advisor is the person to turn to. Acting as a mentor, they will shine a guiding light on whatever issue is causing your business to suffer. They will have seen it all, and no doubt will have helped many similar businesses throughout Covid-19 too.
This method will require the investment of time and money. But, if you implement their suggested changes the cost will soon be recouped in the additional revenue it will generate. It’s a good idea to present your business advisor with your main challenges so that they know which areas of your business need immediate attention.
To sum up
The coronavirus pandemic has been a challenging time for businesses. Regardless of what service your business offers, there are always ways to generate more cash. From offering new products to passive income ideas, it’s time to get creative to see yourself through the next few months. Be sure to check in with your local council too, as business grants may also be available for your sector.