It has been noted 10 profit-boosting actions can be done without any extra cash investment.
[url removed, login to view] Markups
While it may not be the most original way to increase your business profits, product markups can be quite advantageous. Buying low and selling high is obviously the best model for your business profit-wise, and if you can mark up products even more and keep a steady stream of business, you may tap into an undiscovered profit center.
[url removed, login to view] Advertisements
If you keep a website that receives a lot of traffic, partnering with a similar company--although not a competitor--can be advantageous. For example, if you own a business that specializes in athletic shoes, you could profit by having advertisements on your website for other athletic gear. Thomas Jefferson supposedly said, "The man who stops advertising to save money is like the man who stops the clock to save time."
Zac Johnson, a friend of mine taught me this a few years ago. He said "if you're good at marketing online, you'll learn quick that paying for customer is crucial to scaling your business online." Zac is famous for making almost $1 million online in a matter of 4 months using such methods.
[url removed, login to view] Fees
If you're an expert in your field, don't limit yourself to just practicing your expertise; instead, become a consultant who teaches others how to do what you do, or offer seminars, webinars, and speeches regarding your forte. Charging for consultations and seminars is an excellent way to increase your business profits. So you know what to charge, check around and see what other consultants who specialize in similar services are charging. If you have more experience or education than these other consultants, then you have a good case for charging more.
[url removed, login to view] Additions
If you're a business owner that's succeeding in your endeavors but want to optimize your profits, consider adding a new product line or service to your company to create an entirely new profit center. Take Extra Space Storage for example. They are adding multiple electric-vehicle charging stations to their self-storage locations to promote a more environmentally friendly profit center. Make sure the product is in-line with your current offering, market and advertise well, and develop a plan of action for implementation.