There is no denying that many businesses are feeling the ‘ cash flow pinch’, one of the more obvious indicators of this economic crisis (not recession) that we’re all experiencing. One way to alleviate some of the problem is to look at ways to guarantee a steady monthly or weekly income from areas which require relatively no outgoing costs or maintenance. Many businesses know that advertising costs them money, but what about making some money from advertising for a change? Read on for some great ideas that any business can implement.
Do you have an office or building or shed or even a property in view from a main traffic route? Well if you do, I can guarantee there will be a media house that would pay good money for a sign or billboard on the site. All you need to do is gain local Shire approval (which can be tricky and time consuming, but if you can work through the red tape, you’re onto a winner). Some media outlets will even subsidise the installation of the structure, and perform all maintenance. Billboards or any form of outdoor advertising, especially in regional WA, are few and far between and thus in high demand. Some are booked for the next few years. We alone have several clients that would gladly invest in outdoor advertising of this nature. This translates to a guaranteed, monthly income for you, over several years.
Alternatively, you can talk to a local franchise chain or tourist attraction (or equivalent) that is nearby, and see if you can strike up a deal for some directional signage on your property (i.e. ” McDonalds, 2 minutes next left”).
A similar concept is to install a TV screen in your waiting or reception area to rotate advertising from different sources. For example, a doctor or dental surgery could partner with a few local businesses (a local pharmacy is a logical fit) to pay a fee for advertising weekly specials or an advertisement on the screen.
Another option is of course to examine alterations to your product or service mix that induce repeat visitation or a ‘monthly service fee’. For example, if you are a clothing retailer, offer to dry clean the clothes you sell at a competitive rate (say $10 per item that you negotiate with a local dry cleaner) which keeps the customer coming back and giving you a regular income, even if it is only a few dollars each time. If you’re a DVD/games hire outlet, then create a ‘regulars club’ who pay a set monthly fee to hire up to a certain amount of DVD’s. It’s a similar model to the mobile phone contract – those that spend under will often outweigh those who spend over, and you have them locked in for at least a year.
If you like the sound of any of these concepts but don’t have the time or the energy to manage it, I encourage you to contact me and discuss a reciprocal arrangement. Like anything, it’s about being innovative, flexible, and offering something that will appeal to someone else, whilst of course, injecting a steady income into your account!