The goWholesale Blog

Ways to earn extra cash for your business

December 19th, 2007

If you are a business owner you are probably always keeping your eyes open for ways to make an extra buck. Here are a few ideas you may not have considered.

1. Enter contests for businesses: Sounds a bit strange right? But it is actually a viable way to get some cash for your business. Many large companies are now looking for “the next big thing”, and run numerous contests to find it. For example, Richard Branson (owner of Virgin Atlantic Airways) has given large sums of prize money to the Best Entrepreneurs in the past.

Additionally, if your business is chosen as a winner of one of these competitions, you might even find that the sponsor gives you a manufacturing deal, or similar incentive. For more details and examples, just do a quick search on Google or similar for “business competitions”.

2. Get Sponsored: This may seem difficult at first glance but the rewards are worth the effort. Traditional advertising can be expensive so more and more businesses are taking this route. Corporate sponsorship involves advertising a company’s services in return for payment. This can come in a variety of ways for example, if your business is a bathroom accessory supplier and your website is getting a lot of traffic, you might find that a tiling company wants to pay to advertise on your website. Or if you manufacture flowerpots for gardens, you could advertise a certain brand’s fertilizer or similar. There’s a host of options available here, so look at what business complements yours, and consider sponsorship or even an affiliate partnership.

3. Establish a line (or lines) of credit: By establishing a line of credit with suppliers and banks you will be able to free up some extra cash. Lines of credit allow you to make smaller payments over a longer period of time and if you are responsible with them, will also earn you the trust of your suppliers and/or banks.

Finally, you could also have a clearance sale of old stock, or offer family members shares in the company for investment. Take the time to make some inquiries, or speak to your financial adviser and brainstorm some more ideas.

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