Growing your Home Based Business

Posted: September 17, 2012 in Growing your Business
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When status quo doesn’t work anymore, use these recommendations to take your small business to the next level.

While homespun wisdom may work okay for common people, it can be pretty frustrating for ambitious small business owners who are determined to take their respective organizations to the next level of profitability and growth. A thriving one or two person business with no rent, employees, and inventory seems to be an easy way to generate revenue, but when phone lines ring like crazy and clients are coming back for more, home based business owners often find themselves fall victim to their very own success. They either burn out juggling all these tasks or spend too much money hiring manpower help that their profits are easily thrown out of the window. Here are easy ways on how you can grow your home based business online.

Choose one product or service and focus your efforts in marketing, selling, and promoting it. While it can be really tempting to try to provide everything for consumers, it is more profitable to focus on a specific product or service that you can execute well and just strive to get it on base.

Expand your product line to provide complementary services and products. As soon as you have decided on a product that your customers really like, don’t forget to offer related items to diversify the product line. This gives your consumers a wide variety of products and makes your products more attractive to retailers.

Increase sales on existing clients. This is a more affordable strategy than finding new customers. Even if you still can’t expand your product line, you can increase revenue by selling more of your current services and products to the clients that already have. Give away bulk discounts, especially if your products cost little to produce. Reward your loyal customers by running a rewards program, where they can earn points for every purchase and redeem those points with a product.

Think about hiring freelancers, interns, and other independent contractors. This will not only free up cash flow, but also lets you create a network of talented individuals that you can’t afford to employ full time.

Establish your company’s online presence through a website. Today, it is no longer necessary to open a storefront to reach customers. For marketers of specialty products like collectibles, gourmet foods, and rare books, all you need is an ecommerce site to reach millions of consumers all over the world, without paying for utilities, garbage collection, and rent. This can be a great way to establish an easy home internet business without expensive startup costs.

Find new ways to market your company. Advertising your business doesn’t have to involve thousands of dollars for marketing on newspaper ads, television, radio or Yellow Page listings. You can try sending e-newsletters to prospective customers. Many community organizations are also more than happy to accommodate business owners who are willing to share their expertise in local community events and forums.

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