by Susan Paige
Many people have realized how lucrative starting your own side business can be. Having additional income in combination with your primary salary can be a great help to covering rent and groceries. The opportunity to grow your business at your own pace is also a nice perk of starting a freelance or side business. If you are looking to scale up your business and increase sales, here are some tips to make more money with a little extra effort!
Market Your Business Online
If you haven’t already, creating social media accounts for your business is a must in this day and age. With the majority of people owning at least one social media account, not advertising your business online is a missed opportunity to reach a massive audience. Posting content that showcases your products or services is a great way to attract new customers. Also, previous customers can leave positive reviews in the comments, which inspires confidence in potential consumers. To protect your online brand, using a web presence management service can safeguard your account from bad-actors misleading your customers and can assist in tracking your content’s success. Overall, utilizing free marketing tools like social media is a great way to increase sales for your business by obtaining new customers and reaching a bigger audience.
Price Your Products Correctly
Setting a price for your products can be one of the most difficult parts of starting or running a side business. Ideally, you want to exceed the cost of materials and the cost of your time and labor, but by how much? If you price too high, customers will not purchase your products, but if you price too low, you will not make enough profit to make your business worthwhile. A great way to get an estimate for your own prices is to research competitor’s prices. Find small businesses or freelancers that offer similar products or services, research how successful they have been, and then use that information to build a range of prices that could work for your products.
To narrow that range down, you can use a cost-plus pricing approach that involves adding together all of the costs involved with making your product (supplies, packaging, rent, your hourly wage) and then dividing by the number of products you plan to make. This will provide the price needed to break-even (a net zero profit). You can then add on profit that is consistent with the prices of your competitors. You can always adjust your prices with time to keep up with competitors and the changing market value of your products. Setting the right price can increase your profit while also keeping customers happy.
Overall, there are several easy ways to make more money from your side business with just a little extra effort. Utilizing social media to reach a wider audience can be a great way to boost sales. Setting your prices correctly can also help increase profit while also maintaining the same volume of sales. You can grow your side business at your own pace with these simple changes!