Today I instantly made $315 in profit without selling anything. It was accomplished by implementing a combination of two smart business practices. With a good handle on your business cash flow and practices you can realize this type of results too.
- Using “Spendable Reserves” to take advantage of an unexpected opportunity – Read here on Building Your Reserve.
- Harnessing regular business expenses to make extra profit. – Read here on tips to Make Money from Your Expenses.
Here is how I did it utilizing the two tips above:
One of the suppliers for the materials I utilize to make my products ran a Black Friday special. For every $50 gift card purchase, get a bonus $10 gift card. (That’s a 20% return). I calculated what I would be spending on supplies from this source in the foreseeable future based on historical patterns. I settled on three months’ worth of expected expenses which works out to around $1500.
So, I purchased $1500 in gift cards netting an additional $300 in bonus gift cards. As an added bonus, I purchased the gift cards utilizing some of my spendable reserves in a PayPal Debit Account which pays a 1% back on all purchases. That 1% cash back was another $15 credited back to my PayPal balance. (1% of $1500)
So, I “prepaid” $1500 in expected expenses and netted a total $315 in FREE MONEY or pure profit back to my business. That’s a return on 21% on money I would have spent on my business anyway. Not too shabby to make $315 in profit without selling a single item from my Etsy, Amazon or Ebay shops.
I hope that you can find ways to be more profitable in your home business, however creatively you can.
Author: Jef Spencer, Owner and Craftsman of Refined Pallet. Selling online since 2007 with shops on Etsy, Amazon and Ebay.