subject: Growing Your Home Based Business [print this page] Author: Marijana Author: Marijana
If your home-based business has reached the point where more sales are coming in and profits are increasing, it is probably the best time for you to consider growth options. You can grow your business without moving it from home, and there are few proven formulas that you can apply in order to achieve your goal. Growing a home business takes planning. If you have developed a good business plan when you were starting out, it should outline how your home business would handle future growth in various stages. When your business is outgrowing your possibilities to further manage it by yourself, consider hiring some help. Before making any hiring decisions, identify all the necessary tasks required to operate your business. Identify and write down duties and responsibilities of the position, skills, expertise and experience that will be required to do the work. Than you can choose to focus on what you do best, and outsource the rest of the work, or you can take on staff. Having employees on board to help you with your business operations is a good indicator that your business is on the growth path. Advancing to the next level and hiring people brings in extra responsibilities. Before you accept these responsibilities, assess whether the cost incurred is justified, and if there is sufficient work to sustain them. Next thing to do is to find out your legal obligations, such as registering with HM Revenue & Customsas an employer and making health and safety arrangements. Besides hiring, you have the option to outsource work and find professionals that can help your business grow and leave you enough time to focus on more important issues. Another advantage of outsourcing is that the people you hire may be more in-tuned with the latest information in their specific fields and can offer better quality service. You can outsource work such as administration, PR, design, etc. To further grow your business you have to be able to build quality relationships. Networking with various groups and organizations can be helpful in finding potential customers and suppliers. Try contacting various chambers of commerce and business associations and ask to be added to their contact list for newsletters and invitations to events, seminars, conferences, special industry courses. If you have not done it so far, create a website for your home business. Having a website can often lead to opening new markets and increasing sales. Website can provide your home based business with additional marketing and presentation that can help enhance your image and increase sales. When it comes to marketing, make sure that you market your home based business as a professional company that can take on projects of any size. If the growth of your business have brought in more clients, you may want to consider renting a small office in a commercial office center where you can meet with them and use shared conference rooms, secretarial services, etc. The majority of home based businesses never grow out of that concept, but yours may be different. Determine if there is a potential in your business for turning it into a franchise or a home based business opportunity. In order to turn your business into a franchise, you have to be able to turn it into a business format that somebody else could operate. If you have a product/service that others could resell multiple times, you can turn your business into a home based business opportunity.About the Author:
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