Entrepreneurs who are home-based may face different challenges especially when they want to grow their business and its profitability to the next level. It may seem that being a home-based entrepreneur is all about profit since you won’t have to spend on the space for rent and employees. But these entrepreneurs, who didn’t make a plan, often failed and here’s how: They feel burned out because these people need to balance everything by themselves without the help of employees, or they may spend too much time and money on people that they hire to help them, but their profits go down. Even their own family can feel this tension.
Luckily, there are different ways to take this kind of business to new heights without losing the profitability and the owner’s peace of mind. Here are the ten steps to grow your home-based business:
Focus On A Single Service, And Then Market It. Sell it. Promote It. Do Everything You Can To Increase The Sales Of That One Product.
Choosing a single or a few products to sell and the market is less risky, and it allows you to execute the product well. It also allows you to master the product with lesser expenditures on maintenance and new investments for equipment.
Make Your Product Line Know By Offering Complimentary Services.
The moment you find the service the customers like, you can also add related items or service that will well compliment your service. It allows your customers to have a more extensive selection and it makes your business more appealing to potential clients who preferred to have such choices.
Find Ways To Increase Sales With Your Existing Customers.
It is a lot cheaper to sell the same items to the existing customers than selling a new product. You can increase your profit by selling more volume of your product and give discounts if they buy a certain amount. You can offer rewards to your loyal customers, and it also increases patronage of your products and services.
Hire Someone That Has The Ability To Help Out In Your Business.
It can adjust your expenses and also enable you to have a more extensive network of talented people. Hiring freelancers also allow you to hire people without having them work full-time. Hiring more people will increase your liability in terms of wages, but your production quantity and quality can double up. And this is essential for a growing business. “Books and articles on management are in accord that hiring wisely may be a manager and leader’s most important task,” Marty Nemko Ph.D. wrote.
Create A Website To Advertise Your Business Or Sell Products Online.
Online possibilities are open for all now, even to home-based entrepreneurs. They can create their website, and it opens a lot of options especially in terms of sales and marketing. It allows you to be open 24 hours and you can attend to a wide range of customers. It also enables you to reach many people around the globe. “Studies show that consumers develop relationships with media in the same way they develop relationships in a social context,” Peter Noel Murray Ph.D. wrote.
Join Forces With Another Business To Promote Your Company.
Business partners are also a common thing for promoting a particular company. It is one of the cheapest and most accessible forms of marketing products and services. It is easier if you or your business partner compliments each other’s products and services as they can help in promoting what you are offering to the clients.
Target Other Markets.
You can target a variety of markets, for example, if you offer a product and service for mothers, you can personalize your product and service for single-mothers, working mothers or stay at home mothers. This is another strategy in orienting your product and service. Another example is selling your product to another store or service provider at a lower cost. It increases your sales and gives you a steady cash flow. “Every good marketer will try to fully understand what customers want and then design products and services to satisfy them,” Utpal Dholakia Ph.D. explains.
Find Unique Ways To Introduce Your Business To The Market.
Marketing your product and service doesn’t need extravagant ways of marketing like the traditional printing in the newspaper ads, posting billboards and posters and giving away leaflets and pamphlets. It can be done through other activities that allow you to spend much lesser than the traditional way. You can send an email to your customers or be a guest in events and activities in your local area.
Expand To Another Location.
You could rent virtual office space in a business center to expand your location. You can also share office space with another developing business. It allows you to reach more clients in a different area.
Think About Turning Your Business Into A Franchise Or Business Opportunity.
Home-based businesses can also grow through franchising, licensing and through wholesale distributions. You have to check your business if it is possible to be franchised or if you have an original standardized product and services that others can offer or sell and resell. Although you may need to spend because of this expansion like renting out an office, warehouse and buying equipment and hiring employees, this is less risky than licensing your product to a well-known company that has manufacturing capabilities. It is also more profitable as you won’t have to worry about your partner’s profits and shares for the company capital.