Home businesses can be a good avenue for income, but you may want to grow your business beyond your humble abode. We gave you three tips on how to grow your in-home business in our last blog, including opening a physical store, hiring a sales and delivery staff, and investing in software solutions for business, like embroidery business software or an online proofing system. Here are a few more tips to expand your business beyond your home:
• One thing every businessperson hears, over and over, is that networking is key. You may be tired of hearing it, but it’s true. Start forming relationships with other local businesses, members of your community, and distribution processes. These connections can turn into business connections, which can help you begin to expand your company. Distribution partners can be particularly helpful if you own a small, home-based business since they can offer discounts and help you bring savings back to your customers.
• In addition to growing your sales, you need to make sure you have steady funding. Figure out what your overhead costs will be, regardless of your plan, and then calculate what you need to do to generate that money. This may include taking a loan, asking for investments, or building your home-based business at a very slow pace.
• Finally, whatever your plan is, make sure you map it out in detail and then follow it. Businesses do consistently better if they have a clear plan to follow, including details about financing, sales goals, and a plan as to how much they want to grow and how they are planning to achieve that growth.