Our industry has evolved so much in the last five years with the use of technology. We see tons of examples of this in Social Media and trade shows like Knowledge Fest, SEMA and CES (Consumer Electronic Show). The technologies we are referring to are CNC machines, routers and router templets. But what if you cannot dedicate the space, don’t have the staff or are not ready financially to expand? Let’s explore four ways to improve your bottom line.
*Warning these are not very glamorous, but these will allow you to generate income to invest back into your store.
Parking Sensors and Back Up Sensors
This category requires very little floor space, a simple wall display of roughly 3 x 4 feet should be sufficient. The key points of this category are requiring labor, requires custom colors and is a larger business segment then you cater to now. This category includes new and used vehicles and commercial vehicles. Have you ever approached your local city, fleet vehicle (Purolator, UPS etc.), police or fire departments? One huge point to these customers, they are recession proof and they care about personal safety.
Breathalyzers (in the vehicle)
With changes in driving under the influence laws changing all the time, this is a forever growing category. When people are convicted of a DUI, one of the only ways to get their car back is to install a vehicle Breathalyzer in their vehicle. This requires maintenance and also requires a removal after their conviction is over. This category might explode due to the new cannabis laws sweeping North America.
Car Loan Lenders – Valet Systems
Over the past four years, lenders have been relying on technology to protect themselves. After a customer makes a monthly payment, they are sent a code via email to start their car. These are a simple starter kill system but require labor to install and it needs to be installed in EVERY car the lender sells.
Fleet vehicles and Car Loan Lenders are using this technology every day. If it’s for personal safety management, geofencing or tracking time spent at the job site for billing, this category is everywhere. Think of every plumber, contractor, electrician, city vehicles, rental services, Powersports etc. it is only limited to your vision of this category. This does not mean you have to sell it, only install it for companies…and this means labor!
These four revenue generating ideas will hopefully allow you to expand your business or allow you to provide a comfortable income for you and your employees. I fully recognize these categories might not be what you envisioned for your original business model, but we all have to adapt to the changes in technology within and outside our industry.
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