Todays, there are business that are booming. Then everyone wants to know how to make their home based business grow faster. So do with moms who do their homebased business. They want their business to grow and expand. Working from home is not going to be an overnight thing. It takes a lot of consistency and a lot of work in order to build up an income that you can live off of comfortably.
Then, how do you grow a homebased business into a big one? How to make your business grow? What are some of the most effective small business expansion tips to grow homebased business beyond its current status?
It’s ambitious to think big and try to expand your business beyond your home. To do so, you’re probably going to have to go out of your comfort zone and explore opportunities that may become challenging without prior experience scaling a business. Still, it’s typically worth it in the end. Along with developing a plan to grow your sales, you need to identify the sources of financing to fund production and headcount costs. It’s also likely that you’ll need to negotiate larger orders with your suppliers as well as hire employees in sales, procurement and in administrative functions.
From a financing perspective, a bank loan may be sufficient or you’ll need to seek out equity investors such as a consortium of angels. It may also be possible to offer a distribution partner some equity for funding the expansion. The truth is, no one will know about your business until you shout it from the rooftops. In other words, you’ve gotta promote. No, promote isn’t a four-letter word, trust me. It’s a manageable, learnable, affordable way for you to drum up the attention (and customers) you need to reach business success. And it’s not hard. Then your small business growth. Really!
This is 10 steps to grow your homebased business into the personal and professional success:
#1. Focus on Single Product or Service
Growing a small business is about to market our product or service, sell it, promote it and do everything we can to increase sales to get more income. Meanwhile, we have to identify the problem and to build the solution for the business as quickly as possible. It takes a time, and we only have a small amount of runway. It is better that we have to focus on single product or service for our homebased business.
Focus on single product or service also provided us the time to develop a lean and stable supply chain that could scale along with our sales growth.
#2. Expand Your Product Line
Once you’ve hit on a product or service that customers really like, don’t miss the opportunity to bring out related items to diversify your product line. Do not forget to offer the complementary product or service. This is not only does that give your customers a wider selection, but it also makes your products more appealing to retailers who typically like to stock a line of products as opposed to a single item.
#3. Find Ways to Increase Sales to Your Existing Customers
Maintain your existing customer is a lot cheaper than finding new ones. With this mind set, you can boost revenues by selling more of your existing product or service to the clients you already have. One easy way to do this is through volume discount. Another common practice is to reward loyal customers by giving them to a free product or service for every 5 items they buy. Existing customers really love this way.
#4. Hire Someone to Help You Out
We can’t do the business just with our own ideas and effort. Doing the business just by our own effort is exhausting and also we (also the business) do not grow. We need help from others to grow. Seek an employee, a freelancer, an intern, an independent contractor, even our kids to help doing the business.
#5. Create a Website or Blog to Advertise Your Company or Sell Products Online
Luckily we are live in internet world. We can create a website or blog for the business. Think of a website or blog as your own little spot in cyberspace where you can share your thoughts, ideas and pictures while promoting your business. Your website or blog becomes part of your business brand and allows past and potential customers to keep up with what’s new with your business.
Thanks to internet. It’s no longer necessary to open a store to reach customer. A Web-based store lets you reach millions of shoppers around the world without paying for rent, utilities or garbage for your products.
#6. Join Forces with Another Business to Promote Your Company
Partnering with a company in a related industry is one of the cheapest and easiest forms of marketing that you can employ. If you make a handmade craft products, for example, you may be able to convince a local hotel to carry them in its store by offering a discount to its members. Likewise, you can send a free, one night voucher to anybody who buys your handmade craft products.
#7. Target Other Markets
If you sell to girls, start marketing to college students. You have strategy to take retail-oriented product or service and sell it wholesale. For example, a homebased salon business that specialized in makeup artist can contact local salon to sell its service on a wholesale basis.
#8. Find New and Different Ways to Market
Marketing your homebased business doesn’t need to involve spending a lot money on newspaper ads, TV or radio spots. We use a grassroots marketing techniques cost far less and often much more effective. You can market the business through e-mail newsletter, social media, or doing guest-speaking gigs or by teaching a class. Don’t forget to update your Facebook, Twitter and Google Plus accounts regularly to show customers that you are accessible and invested in your business. This is also a great way to keep customers updated with regards to your normal business hours and modified holiday hours. Yes, you are able to do this way.
#9. Franchise or Business Opportunity
Make your homebased business to grow, think about turning the business into a franchise or business opportunity. If your business can be converted into a business format that somebody else could operate, you can make a franchise. Or, if you have a standardized product or service that someone could resell multiple times, you can create a business opportunity.