Growing your home business - how to get it right

By: Rachael Matthews

Date: 23 March 2018

Growing your home business - how to get it rightIf you're thinking about expanding your home business, you first need to consider if you're actually ready. If you haven't yet got the basics right, or you haven't laid firm foundations, then you risk stretching yourself too thinly.

Here are some important factors you may want to consider before you make the leap...

Do you have a business bank account?

If you don't have a business account already, it may be time for your to consider investing in one. As your business grows, your finances might well get more tricky to track.

Having the right protection, and a safe place to store your profits, will help keep your finances in check and make it easier to meet your legal obligations when reporting to HMRC. Not only this, some business current accounts offer services that help with payroll management, which can be very useful if you start to take on more staff.

If you do employ staff, make sure you have employer's liability insurance to cover you - it's a legal requirement.

Can you offer a new service or product?

Have you made a good start with one product or service? In which case, one route to growth might well be to expand to offer a new product or service.

By bringing in related items or services to your product line, you will give yourself a chance to upsell to your existing clients, giving them a greater range to choose from, as well as reaching out to new customers.

Could you team up with another business?

This may not work for every business but you may benefit from working with another company. For example, if you make and sell beauty products, selling to local salons by offering a discounted rate can be a great way to boost your profile.

If you're unsure of which businesses you should partner up with, attend networking events in similar fields. Make as many business contacts as you can. You never know, they could well be looking for a business like yours.

Do you know who your customers are?

By now you should know exactly who your customers are. If you don't, research your field and analyse the data. This will help you market your product or services better. Build your data into customer personas so that you can have someone in mind when thinking about who you are selling and marketing to.

You might have more than one persona that you wish to target - and this might help you to decide what your growth looks like.

Are you online?

If you're not online - or not doing much online - then it's time to pick up the pace. This will not only give your business brand a professional edge, it's also a tried and tested platform for marketing your business.

Giving yourself an online presence via a website lets you clearly establish what your business is about, what you do and what you sell. If done correctly, it will be picked up and listed by search engines, which could bring in new customers.

Do make sure you're on social media as this is a great way for a business to engage with customers - and get feedback on products and services.

Copyright © 2018 Article was made possible by site supporter Rachael Matthews.