Working from home or starting your own business could be a dream for some people. Giving them the freedom to do what they want when they want. But, starting off can take a lot of time and effort. Working into the night while still trying to hold down a job can be stressful. It is the dream that fuels you. The desire to one day be able to make this business your full-time job. However, once you take that initial leap of faith the sky’s the limit when it comes to how successful you could be.
So what happens when things snowball and you start to do really well? This is when you need to take action and ride on that success. You only want to make the right and positive moves for your business, and this is when things can get tricky. Which area is best to concentrate your time? Is working from home an option still? What will be the next steps. With some of those questions in mind, here are some of the options that you could consider.
Take some time to focus on the financial side of things
One of the first things that you can do is to consider the financial side of things. As your business grows, so will your profit levels, and the need for more investment may arise to further expand your business. This is when you may need to consider things like government schemes or even tax breaks to help you make the right choices.
You could also look at how you might want to grow your business at this stage. There may be a huge demand for products, so investment may be needed in terms of products or services. Maybe you need to look at expanding the range in some way, or generally getting to the point where your business owe no debts.
Could you be managing the finances better?
The next thing to think about would be whether or not you are managing the finances and cash flow of the business successfully. Often this is when you need to address how soon you pay things out and whether you do them on time. It might be worth looking at a standing order vs direct debit option to see what might be best for your business. You might also want to consider the money coming in. Other businesses and trade agreements you will have will offer up a 30-day window for payment, so taking these things into account will help you get a better idea of where your business is at when it comes to cash flow, and what you have for investment and paying out anything that you may owe.
The customer is always right
Making customer service your focus could be a great way to help build a following and loyal customer base. Always respond to comments, direct messages, praise and complaints in exactly the same way. Always deal with them first-hand and ensure that you they get the right level of service and place a focus on repeat business when it comes to trying to generate more sales. They can be the advertising that money cannot buy. It can be a great way to ensure that you make the most of the opportunities that your business has when it comes to maximising sales.
What about moving away from working at home?
Working from home may have suited you through those first months or even years, but as your business grows it can often mean that you outgrow your small office in your home. This is when you could look at finding yourself new potential business premises to work from. It could be shop on a high street, or even just a location that can be easily accessed where you can display what you sell, or where you’re able to just meet with potential clients and customers in a more professional environment.
This can also be worthwhile to do when it comes to stock. Many home business owners will keep stock of products at home, but as your business grows, you will find that this can soon overtake the home and cause you never-ending problems when it comes to striking that balance. You could look at working from home, but then finding a place for storage, such as a storage unit, or even maybe taking up part of a warehouse for easy distribution. This could also help you to address issues with logistics and make it all a smoother process.
Is it time to hire your own staff or outsource?
Hiring employees could be your next big move, since often, when a business grows there is simply not enough hours in the day to do everything yourself. The first option to consider would be to look at outsourcing certain elements of the business. Perhaps there is a task that needs much more attention, which you just can’t give. Or there are odd jobs that need doing that don’t warrant a full-time member of staff.
You could also look at hiring potential employees to work with you on different things. They may specialise in specific areas, such as marketing or social media management. Or it could be to help generate more sales and meet with customers. This could free-up time for you to focus on the areas where you can make the most difference.
Upping your game when it comes to social media
Being a small or home-run business does not mean that you can’t be creative and different with your social media presence. These days so much is done online, so it is essential for you to have a decent online presence and a great way to do that for your business is through social media marketing. A great tip for smaller businesses is to humanise your business and be the face of it. People still buy for people, even if it is over the internet. If they feel they can relate to you then they may be more inclined to buy from you.
You could also look at different advertising opportunities that social media provides. Such as asking other social media influencers or bloggers to use your products and services and share their thoughts through a blog post or video content. They will have an already established organic audience that could be introduced ed to you as a business.
Expansion when it comes to your products or services
Finally, the last thing you could consider is expansion in terms of the products that you sell or the services that you offer. Adding to your range increases the potential for more sales and profits as you are giving your customers more choices. It could be a natural progression or you may want to expand in other areas. There are different things you could consider. This could be one of the ideal moves to make if you want to capitalise on recent success or popularity. Perhaps a social media account has helped to organically grow your audience, or maybe there is just a natural progression to add to the services and products that you provide. It could be a great way to help grow your business in the right way and enable you to make the most of the success you have already had.
Let’s hope that raising the awareness of these options helps you to grow your home business even further.