May 20th is National Be a Millionaire Day! Everyone wishes to become a millionaire at some point in their lives; everything would be so much easier if you had a few extra thousand dollars lying around! While it seems impossible to become a millionaire, there are people that have done it, be it a brilliant idea, an innovative product, a lifestyle brand, an original service, etc. Although I wish this #BusinessTipTuesday had a step by step guide including ways to become a millionaire (because I would be following it!), let’s take a look at entrepreneurial qualities and some ways to make extra money in your small business.
Entrepreneurs can be described as creative, innovative, passionate, resilient, and determined. Along with these personality traits, entrepreneurs can be described as those who take action, listen, accept challenges, and are resourceful and fearless. As well, people talk about entrepreneurs having a certain mindset. Some people believe that this mindset is something you are born with. People become entrepreneurs because they feel as though they do not fit in a typical style job that works from 9-5 and their ideas are bursting out of the current job they are in. Others want to be their own boss, make up the rules, and be the person that takes charge. Regardless of the reason, entrepreneurs have similar personality traits and as long as you have the dedication and passion it is possible to become an entrepreneur. Do you possess these traits and qualities? If so, it might be the time to make a change and take the leap into entrepreneurship!
Making money in your small business is key to survival; you need a solid cash flow to keep your business afloat, buy inventory, pay the bills, compensate employees, and more. Do you already have a small business and are looking to make some extra cash? Here are some tips on how to do so without having to completely reinvent the wheel… and who knows, every little bit of money could add up to you becoming a millionaire!
- Rent unused space:Vacant space in your business can be rented out to other small businesses to use as offices or a storefront. A great idea would be to have a business that compliments your own rent out the space. For example, say you own a hair salon and there is a room that can house a nail salon; partner up with a nail technician and then people can come for both hair and nails!
- Cross-sell and up-sell. Similarly as the idea above, it can help to include complimentary items in your business. For example, a custom-design furniture shop can also sell pillows, blankets, and home décor. As well, offer options that have a larger price tag on them. Instead of a just a regular size smoothie, offer a large or instead of a 60-minute dog-walking service offer a 90-minute dog-walking service as well.
- Cut expenses. Typically there are things you either pay for or buy and then come to realize you do not use or need them. Instead of continuing to pay for these things, get rid of them! Reassess things you do not need and then cancel the subscription, renegotiate your current price, and/ or sell unnecessary items or equipment.
- Advertise for little to no cost. Take advantage of referrals from customers. Let them know that you appreciate their loyalty and would love for them to spread the word about your business. Offering customers that refer your business to other potential customers a discount or a freebie is a low cost way of continual advertisement. As well, utilize free web searches by making sure you are listed on search engines and that you claim your business online.
An article found on cnbc.com, talks about things that millionaires do in comparison to those in the middle class. Read the article and watch the video to see what you should be doing! Millionaires possesses those entrepreneurial qualities and make smart business decisions to make as much cash as possible. Here’s to hoping 2018 brings a lot of fortune to your small business!
The University of Scranton
Small Business Development Center
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