Business Information for Entrepreneurs by an Entrepreneur

In the first part of this article, we listed three ways you can earn additional revenue and offset your total business space expense. In this section, we go over some additional strategies for you to consider as additional revenue makers.

4. Consider a Side Business

   Is there something in your small business you do that creates by-products? Or even equipment you can use to develop additional products or services?

   For instance, Roger owns and operates a delivery and cleaning service for commercial restaurant uniforms and linens. He has a fleet of 5 trucks he uses for his business that all use biodiesel fuel. As an avid environmental proponent and amateur scientist, he has designed a biodiesel fuel conversion station that makes the eco-friendly fuel out of spent cooking oil. He gets the oil for free from local restaurants, and he has the chemicals and equipment to convert the oil into bio-diesel at his business warehouse.

   He makes enough biodiesel not only to power his trucks, but has a surplus he can sell to other auto owners with biodiesel engines. He sells the fuel to a small clientele for about $1.50-$2 per gallon and makes a nice income to offset the cost of chemicals and equipment to produce the biofuel. Essentially he runs his trucks at zero fuel expense.

   Think outside the box and consider something along these lines in your business. Is there something else your business can do to make extra revenue in the space you occupy? Be creative. You're sure to come up with at least one idea.

5. Make and Show an Art Gallery

   In Portland, Oregon, the trendy Pearl District near the downtown area holds a "First Thursday" art event every month. There are a number of art galleries in the area that started this event years ago, but other non-art related business joined the trend as a way to promote their own location. Companies like architecture firms, fine restaurants, upscale furniture stores, and more all open their doors each First Thursday night and display their art collection, provide wine & cheese or other small hors d'oeurvres, and end up finding additional business through the networking event.

   Consider using your attractive and convenient space as a way to promote local artists. Find out how you can join with other local businesses and galleries to make a regular viewing event. Then make a call for art submissions. Choose a different theme each month or quarter. It could be paintings, sculptures, photographs, or whatever you think may fit your business "personality". Not only can you make additional income through the networking and additional foot traffic, but you could work out an arrangement to split the sale of art in a consignment deal.

6. Offer Storage Space Rental

   Do you have a great small business space that happens to have additional empty space? It could be a basement or even an empty unused garage. Consider offering this ample empty space as a storage space to select individuals or other businesses.

   However, be picky. You don't want every average Joe coming to your place of business asking to store his "stuff". Your arrangement should be made through word-of-mouth in an arrangement such as storing a local performing theater's costumes, storing an extra vehicle for another company, or even allowing a non-profit to store extra materials for a tax advantage deal.

7. Share Your IT Space

   Do you have a slick IT room for your server use? Consider offering a shelf and internet connection to other local businesses to house their internet server. Professional web hosting companies will house a server owned by another business, and it's termed "co-location". And you could do the same for another local business if you have the qualified IT space and staff to monitor it. This type of co-location arrangement could be a great and easy way to utilize your high-tech space and add revenue to your company.

The ideas listed here are just ideas that have been proven effective for many small business owners. Consider some of these, and brainstorm your own. It is your duty as a small business owner to do the best you can to operate at full efficiency, and sharing your space could be one of those ways.

Whether you operate your small business out of a retail store, office space, or a warehouse/industrial building, it is quite possible you are spending money on the space rather than making money on every square foot. Most small business owners who find suitable commercial real estate simply use the space to run their business, rather than utilizing it to its full potential.

There are many ways you can help offset your total yearly office expense. In fact, there are strategies you can put to use right now to help start earning extra revenue for your business. All it takes is a bit of imagination, brainstorming, and the right marketing.

To give you a place to start, here are seven things to consider as ways to bring in revenue with your commercial business space.

1. Lease out Extra Desks/Office Space

   Perhaps just like you, there are many small business owners who are starting a small business on a shoestring budget. They may simply be using their kitchen table to do the daily business or finding that they are on a first-name basis at the local Starbucks. They need a better place to do their business, and you could be the answer.

   It is not uncommon for small business owners who find success to rent or buy a space that they can "grow into." That perfect space may be utilized for your business sometime in the future, but now you have a couple hundred or even thousands of spare square feet. Why not lease that space to others?

   Set up that extra office as a rental. Or lease empty desk space in the back of the office. You can even make arrangements to have renters have use of your office equipment like fax, copier, wi-fi, and meeting rooms. You could even arrange office use during weekends or evenings when you and your staff are not in the office so as to avoid conflicting use of space.

   You could bring in an extra $300 to $400 per individual and offset your monthly rent expense considerably.

2. Hold Training Classes, Seminars, or Workshops

   Do you have a room suitable for training or learning? Perhaps a classroom setup with marker boards and projector screen display? Why not design workshops, seminars, or even training in that room? It could be a seminar on how to better handle finances, a home decorating workshop, or possibly training for clients to come in and learn how better to use your product.

   Charge your participants a fair rate, usually $100, $300, or even up to $1,000 per seat depending on the value of the seminar or workshop.

   Another idea if your space is suitable and desirable as a training center is to rent it out to other businesses for their training or seminars. Using this option for extra space utilization could bring in considerable extra revenue to your business.

3. Rent Your Machinery/Equipment

   Do you own special equipment or machinery? Perhaps you use special woodworking equipment. Or you make candles. Or you even have a high tech kitchen setup for your catering company.

   The equipment you use could be useful to others as well. Perhaps there is another catering company just starting out that specializes in wedding cupcakes. They only need a space once a week to do their baking. Perhaps you could rent your kitchen during off-hours. You help another small business owners succeed and bring in additional revenue. This goes for any other type of individual or small business who needs access to special equipment that you may have.

Now, read more in PART 2 of this article to learn more ways you can offset your rent expense and earn revenue for your small business.

With the global economy back on the rise, innovation is more important than ever. Small businesses must be able to compete not only with local or regional companies, but with global corporations. And with hindsight into the causes of the global recession starting in 2008, it is of the utmost importance to keep an emphasis on innovation, rather than relying on the old ways of doing things.

Merriam-Webster defines innovation as "the introduction of something new", or "a new idea, method, or device". While there may be people who say, "we've always done it this way in the past...", innovation is just the opposite. It helps keep things fresh, stimulates creativity, and prepares a small business for inevitable change.

So how do you foster creativity and innovation in your business? Here are a few tips:

Include Innovation In Your Core Values

When a small business puts creativity and innovation at the top of its core value list, then all employees know that is a top priority in the business model. The tone you set with the emphasis on innovation will help fire up your employees.

Be sure you avoid vagueness in your core value statement. A simple statement like "we strive to innovate" does not contain enough detail. Innovate what? Products? Processes? Use a more specific statement like "we find ways to make our efficient systems better."

Open Innovation From Everyone

Innovative ideas do not always come from the minds of engineers. A great innovative product or service idea can spring from the mind of an accounts payable specialist. Or at the very least, he or she may come up with a better way to process invoices and purchase orders. You never know where the next big idea or improvement will come from, so encourage an environment of open innovation that includes everyone on the ladder.

Develop a Creative Working Atmosphere

Do your employees work in an environment of cold, blue walls and harsh overhead fluorescent lighting? Or do you set up inspiring colors, hang art, and even provide creative activities for your employees?

The type of environment you provide your employees can make a big difference in their creative output. Many creative types of companies like architects and advertising agencies will provide stimulating games like pool, foosball, and other activities to help workers get creative juices flowing.

Allocate Creativity Time

All work and no play makes Jack a dull boy. Take a page from Google's book, and don't forget to allow time for your workers to dwell on their innovative ideas. You could allocate a group outing one Friday each month. Encourage a half day off here and there. Promote a few hours of the day to sit in your resource room (or visit the local library/gym/etc).

Keep in mind that you may want to reserve this type of innovation incubation to employees who are employed as creative types such as salespeople, advertising reps, etc.

Reward Innovation

Do you positively reinforce your employees to give you their creative ideas? What good does it do them to share an idea if you get all the credit and they get nothing?

Be sure you encourage innovation with rewards. Rewards can be in the form of money or even gift cards. But it doesn't have to be money. While a financial bonus may be welcome, even a simple recognition in front of everybody for their effort and contribution may be all a person needs.

Provide the Resources

The technology you supply can contribute highly to the success of innovative ideas. Be sure you provide the tools and resources needed, especially when it comes to software. Tools like Adobe Acrobat, Photoshop, CAD software, Illustrator, web design programs, digital animation, and even video editing software can all be helpful tools for your employees to create the products that sell to clients.

Don't let your small business get left behind when it comes to beating the competition, growing a fledgling business, or simply staying ahead of a recession. Allow your employees to find their creative side, and foster that innovation that exists in everyone.