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    Income Streams for 2013

    Jack E. Hubbs offers some 'Food for Thought'

    By Jack E. Hubbs

    Supermarket's customer traffic flow is a powerful resource. It provides negotiating leverage for multiple income streams.

    Some of these streams provide incremental income such as the "Rug Doctor Program" which has been around forever. It has two advantages: it brings traffic into the store and pays additional income to the store. Vending machines for beverages and candy is another income source.

    Electronic media has opened the door for streams of ad incomes from companies to pay you to be on your website, mentioned in your email newsletters, etc.

    Point of Sale ad incomes such as advertising on the shopping cart and floor decals are common.

    Non-traditional services can be offered, like renting U-Haul trucks off your back lot, which can also offer additional income. Space on your parking lot has potential value to others and income for your business. Once you've identified the space available, plot out a year of activities or products which you are willing to rent space for being sold off the lot.

    Bill paying, money orders, lottery tickets and other financial services are another stream of income.

    Providing postal service and negotiating income from the U.S. Post Service is another potential source.

    If you are in a resort area you can derive supplemental rent income from a local tourist agency. Rent income is also available from Banks, Cleaners, Music Kiosks, Fast Food Companies and Coffee Shops.

    Your in-store intercom/music system and TV system are another source of income.

    Look for non-traditional products or services to sell. These could include cell phone cards or gift cards to other retail businesses.These provide incremental income for your business.

    In-kind incomes can also make a contribution. This could be in the form of you providing a non-competing local business access to your traffic flow in some form and they give you access to or a discount on their products or services.

    Off site selling opportunities for a special service or product may be another source of income. For example, having a fruit basket kiosk at the local shopping mall might generate addtional incomes for your business.

    It is important that whichever additional services or products you bring into your business, complement and don't distract from the mission and the brand image of your business.
     

    By Jack E. Hubbs
    • About Jack E. Hubbs

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