You pay for the rent, even when the store is closed.

A long time ago, I owned a dry cleaner. I was open from 8 AM until 6 PM. Monday through Friday. A friend told me a profound truth. I was paying for the rent even when I was closed. I had unused capacity because I wasn't using the store, or the equipment after operating hours.

I hired a man to wash restaurant linens while I was closed, and my profits soared. Why? Because my fixed costs were already covered. My costs of the equipment had already been paid, I was receiving Incremental revenue. (See my previous post about incremental revenue: http://power2negotiate.blogspot.com/2011/04/incremental-revenue.html)

What is your unused capacity? Do you have equipment that is not being used? Do your employees have downtime that you could use to generate revenue? Do you have a parking lot that you could use to host a promotion for your business? What do you have that you can use to generate additional revenue each month?

Make a list of your resources. This list does not have to be done immediately, only when you want to have additional massive profits. However, be thorough and list things that you might not "own" but are perceived as owning. (Maybe you license software and have access to use it for purposes other than your main business function? If you have designers, can you outsource design jobs to them so that they are constantly busy? If you have marketers that are knocking on doors, can you have them hand out fliers that promote your business AND couple that with a coupon of another business so that you create value for BOTH businesses? If you have people calling in, or visiting your web site, can you have banner ads on your web site that direct them to complimentary businesses? Or offer them links to coupons so that they can buy more products?

One of the best examples that I know of unused resources being tapped is the advertising space over urinals in sports bars. I wouldn't ordinarily think of the space over a urinal as where I would want my product to be placed...but you have the customers undivided attention.

If someone can sell advertising space over a urinal, what unused production capabilities do you have in YOUR business?

Here is a list of some ideas:
1) Advertisements on your phone while people are on hold. Make it fun, enjoyable, and offer savings.
2) Put high profit margin items near the cash register, so that as people are buying, they can add an impulse item without thinking of it. (Think crying kids and candy bars at all times.)
3) Can you run double shifts, or have extended hours and create more revenue? (Also be aware that you have to have an adult that is responsible to watch the store. You don't have to do it yourself, but you are always responsible.)
4) Can you do a promotion once a month, to bring new people into the store, and create return business?
5) Are you advertising over your urinals?

Every hour of the day is a potential revenue builder. Every square feet of space that you own/rent is a potential revenue source. If you don't have your items on display, can you rent advertising space to someone else.

In summary, think of what you have, and what you are perceived as having. Make a list, be crazy, and maximize returns.