Now that your business is up and running you might be thinking about how you can grow. If you are looking to grow or expand your home based business then there are lots of things you should take into account. From the cost of advertising to taking on a new employee, growth costs money.
So before doing anything else, it is worth taking stock. How much money do you want to spend, and how much have you got to spend on growing your business. Having a financial plan for spending in place before you work on growing your business is essential, as it is so easy to get carried away with spending money and then only think about it once the deed is done.
Once you have your financial information sorted out, hopefully in the form of a budget, you have to decide how you want to grow your business. Deciding exactly what you want to achieve, will allow you to allocate funds more precisely.
Now that your budget is in place, it’s time to get to work on that business plan. Having a business plan for growth is essential. Within your business plan for growth it’s important to state what you want to achieve, and where you see your business going in the future. Having these goals, targets and forecasts in place will help you keep on tract with growing your business.
Here are two other ways you can grow your business:
- 1. Diversify the range of products you sell or consider adding new product lines.
- 2. Look at new target markets. Consider selling to other target markets you may have once previously ruled out.
As well as the above points it is worth noting that growth can be quite a slow and lengthy process, so don’t rush it. Plan your growth and monitor your spend to ensure the growth of your home based business doesn’t end up costing more than you can afford.
Finally, some top tips for growth:
- 1. Don’t lose your existing customer base in the process of growth. Always remember that both existing customers and suppliers are the bread and butter of your business.
- 2. Always keep an eye on your competition and what they are up to. Producing a SWOT analysis will help you see where your competitor’s strengths and weaknesses lie, and how you can use these to grow your business.
- 3. Don’t be afraid of growth. Too often small home business owners are scared and frightened off how their business is growing, but there’s no need to be as business growth is healthy, especially if it is organic.