Effective ways for growing your home-based business
Taking your home-based business to the next level of growth and profitability can be terribly frustrating. Sure, having a good product, no rent, inventory or employees can seem like an easy way to make money. However, when your business picks up and your phone is ringing off the hook, here is where you can fall victim to your own success.
So, how do you keep yourself from burning out while trying to juggle everything on your own? What do you do to save time, effort and money? How can you take your home business to new heights without sacrificing profitability? You will find the answers to all these nagging questions in this light and interesting read.
Ways for promoting your home-based business:
Focus on a single product/service
I understand that it can be very tempting to try and be everything for everyone and sell more than one product and service to get a bigger piece of the cake. However, focusing on one product or service is the less risky and more profitable approach. So choose one product you execute really well, for example homemade cakes, and run with that. Make it, promote it and sell it.
Expand your product line
Once you find yourself doing well with that one product or service, it is now time to diversify your product line. Let’s go back to the homemade cakes example. You are baking and selling cakes and your customers are loving them. It might be a good idea to add muffins and cookies to the mix. Or maybe you could offer some birthday party planning assistance.
Focus on your existing customers
Trust me when I tell you this, your loyal customers are your backbone. Plus, retaining them is a lot cheaper than going out and finding new ones. When you are unable to expand your product line, you can boost sales by focusing on your existing customers and finding ways to sell them more of your products or services. You can do this by offering volume discounts, such as buy one get one free. Furthermore, you can create loyalty programs to keep your customers coming back for more.
Hire someone to help
Whether you hire a part time employee, a freelancer, an intern or even a family member, having someone to help you is a must if you are trying to grow your home-based business. Although this seems like an added cost that you must try to avoid, it will help free up your cashflow and allow you to adjust your expenses. It will also help you cultivate a network of talented people whom you can’t afford to hire full time.
Take your business online
Another great way to grow your business is by taking it online. To do this, you can create a blog or an e-commerce website or even settle for finding some websites to sell your products for a certain commission. Moreover, create a couple of social media accounts on relevant platforms. I recommend Instagram, Facebook and Pinterest especially for clothes and edibles.
Partner with other companies
One of the easiest and cheapest forms of marketing you can employ is joining forces with other businesses in a related industry. Let’s assume you make and sell spa products. You can contact a few spas in the area around you and ask them to carry your products and in return you would offer their members a special discount. Conversely, you can also give away a spa voucher to customers who make a purchase from your lotions and scrubs.
Target different markets
Are you marketing to working moms when your products/services can be modified for stay at home moms as well? Do you only think of teens when your offerings can extend to college students? Take a moment to think about how you can expand your business by targeting other markets. Moroever, you can shift your home-based business from retail-oriented to wholesale.
Expand to another location
Although a home-based business is ideally run from home, expanding to another location can help you network with other professionals and pursue new opportunities. This works best for freelancers and consultants who work from home. Just think of all the ways you could benefit by meeting new people and getting more exposure.
Small is good, cozy and comfy. However, your business does not have to remain small. Actually, you might have the chance to grow and expand beyond your expectations through licensing, franchising and wholesale distribution.
Be creative with marketing
There are so many ways you could market your business. All you need to do is be creative and choose the ones that work best for your products or services. Sending out weekly or monthly e-mail newsletters is just one example. You could also teach related classes or guest-speak at gigs. Marketing your business does not have to cost a lot of money anymore.
What other tips and strategies do you employ to promote and grow your home-based business? Our readers would love to hear more from you in the comment section below.