Running a home-based business like becoming a full-time blogger has a lot of advantages. Working from home allows you to be connected to your family, multi-task, and many studies even show that you are more productive working at home.
However, as your business starts to grow, you may feel some pain, as running your business becomes more than your humble home can handle.
Do you need to leave your home office and rent a business space? Not necessarily. Here are some ideas to grow your home business without leaving home.
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Make Some Space
The thing you often need that is hard to find is space for your home business. While you may have converted a bedroom or a den to an office, you may need space for inventory, a shipping station, or just a larger room for planning and spreading out the office equipment you need.
There are a number of ways to create some space for yourself without leaving home. While you don’t want to inconvenience the rest of the family, the disruption your business causes are also one that earns money.
- Take over a section of the garage if you have one.
- Add a room to your home.
- Add a shed or outbuilding.
- Get an offsite storage unit nearby.
The need for space is a real one, and it can be tough, but you can find that space in or around your home or with a little creativity nearby, and preserve your ability to stay home and work.
Share With Someone Else
Creating a business partnership can be tricky and even a little bit scary. You are turning over at least part of your control to someone else, but as you grow, often the things you need to do are beyond your ability to do by yourself. This means either you can partner with someone else or hire someone to do part of your work.
That person can either work from their own home, depending on the nature of your business, or they can come work with you at your home. Sharing the burden of work with someone else is often an essential part of growing your home business.
Look for someone who is different than you, and has strengths where you are weak and weaknesses where you are strong. While we tend to be drawn to others who are like us, someone with different skills will help you grow your business more and create a balanced company in the long term.
Hiring someone or partnering with them can help you grow your home business without leaving home.
Get More Funding
Sometimes to do the things you need to at home, you simply need more money at least for a short amount of time to expand your business operations, increase marketing, or increase your inventory, and as mentioned above the space you need to manage it at home.
There are several ways to get this short-term funding without ever leaving home.
Credit Cards: if you need a minimal amount of money and are confident you can pay it back quickly, credit cards, yours or those of your business, are a good option. Use rewards cards or low-interest cards when possible.
Personal Loans: You can apply for a personal loan even online without ever having to go to your bank. Interest might be lower than credit cards, but higher than other forms of credit, so use caution and look carefully at the terms and interest of any loan. Pay it off early if you can.
Secured Loans: Secured loans are held by either your assets or those of the business. They usually carry a lower interest rate than unsecured personal loans, but you are putting your property at risk should you have to default for any reason.
No matter what kind of funding you seek, use caution. Don’t borrow more than you can afford to repay, and try to eliminate as much business and personal debt as possible even when you are in a period of growth.
Increase Your Revenue
Another key to growing any business is to increase your revenue. There are a few ways to do so, and you will have to determine which one will work best for you.
- Increase the number of sales of goods or services you provide.
- Increase your prices, therefore increasing your profit margin.
- Reduce costs of creating goods or the time it takes to perform services.
When it comes to a home business, you already have reduced costs by not having an outside office. You can certainly market more to increase the number of customers you have, however you need to make sure you are set up to handle the additional volume that may come with those sales.
If you have been around for a while and have proven yourself, you may be able to raise prices and thus increase your profits. This can be risky, as you also might lose sales as a result. Check the market and see what others are charging before you do this.
Increasing revenue can help you grow your business without leaving home.
Diversify Your Specialty
Yes, you should specialize. The more things you try to do, the less you will be able to focus on and do one thing well. However, within your specialty, there are ways to diversify the products and services you offer. You can expand and offer higher-end options as well as affordable ones for those customers looking for inexpensive options.
Don’t start doing things you don’t know anything about but do add things within your field that builds on your current expertise. This will allow you to grow your business without leaving home.
A home-based business has a number of fantastic advantages, and you can grow your business without the need for an outside office and the expenses that come with it. You might have to be creative when it comes to that growth, but use these few tips as an essential guide.
