October 9, 2018
Taking The Next Steps: Growing Your Work From Home Business
Working from home is quickly becoming the norm all across the globe. Over 2.9 percent of the current American workforce are now working from home for at least half of their week. Recruiters and employees alike are embracing the flexibility and benefits that remote working brings and many statistics and articles reflect this change in preference by offering advice on getting started as a remote worker. However, what about when you are looking to expand your work from home business? Whether it’s a hobby turned into a business or a sudden midnight business idea, how do you get started? More importantly, what are your options for expansion? Check out the answers below and get started on planning that expansion.
Getting Yourself Started
Similar to when you first made the decision to begin working from home, one of the first things to consider before taking steps to expand is to evaluate the reason behind the expansion. Why do you want to grow your business? What areas of your business would you like to see grow? Once you have answered these questions, you can then narrow down your options for growth. For those looking to increase sales or brand awareness, marketing campaigns may come to mind. For those seeking new customers, incentives such as rewards for referrals from existing clients may be considered.
Of course, your finances will play a part in your decision as well. Many banks now offer small business loans specifically aimed at expansion plans . Some of them even have business advisers on staff to assist you with the process.
Add In Complementary Services
Another avenue for growth is to expand your current offering. This dilemma often comes with deciding what products to add to your line up. This is where market research and complementary products can prove to be the perfect answer. Incorporating cross selling and up selling into your website can increase revenue by up to 10 percent. Take a look at your best sellers and your customer reviews/comments. What are they seeking in conjunction with your product? This is not limited to just goods; it can also be services such as offering installation or delivery of items for an additional charge. If you choose to add off site services, chances are you will require the use of a delivery vehicle. You will widen your range, increase your chances of repeat purchases and also have a more diversified line which means more opportunities for sales.
Increase Your Visibility- Without Leaving Home
Let’s face it: technology is redefining the business landscape. The rise of social media and the internet has made the move to E-Shopping seamless and expeditious. Use this to your advantage by utilizing these tools to increase your business’ (and brand’s) presence online. Eight in ten Americans shop online regularly and social media takes up to 30 percent of all time spent online. More importantly, sales generated from social media channels have grown by 202 percent in recent years.
Look into ways to increase your presence beyond social media accounts as well. Optimize your website for mobile browsing. The number of website visits on mobile devices grew to 63 percent in 2017, indicating a growing preference for mobile browsing. Another great idea is to explore collaborations with other brands that may have large social media followings. It could be as simple as offering a co-designed product on their site. This funnels additional attention to your business, which you can hopefully translate into sales.
Explore Your Existing Customer Base
Do not make the mistake of forgetting your existing customers. Not only does it cost much less to retain customers than to acquire new ones, it can be much easier and they can be a great marketing tool to attract new customers. You can implement incentives such as referral bonuses or volume discounts to encourage bulk buys. Loyalty schemes are a tried and tested way to entice repeat purchases and last but not least, target your communications to individual customer needs.
Having a business idea is a great start.However, once you have gotten your business off the ground and stabilized, chances are that you will begin to explore your opportunities for growth. If this sounds like you, suggestions like these can help you get off to the fruitful start.