Boost your business from home. Many entrepreneurs run their business from home, sometimes to save part of the initial expenses and sometimes to better reconcile family and personal life. But what at first seems like a good idea can be the seed that ends up destroying your business.
As we mentioned in the post on ideas for setting up a home-based business, you should have more self-discipline. It helps set your schedule, but above all to be productive. But if you have already decided to run your business from home, here are some of the keys to do it in the best possible way:
Create an independent space
To run your home-based business productively you need to have your own space that is quiet and pleasant to work in. To do this, reserve a room in the house. It will allow you to protect documentation, equipment, or products from possible accidents. Also, to deduct part of the house expenses.
Learn to reconcile work and family
If your children or partner are around the house, they’ll probably want to share their time with you. So, talk to them. Set times and days when you will not be able to take care of them due to work demands. This will avoid many problems in the future.
Boost your business from home: Establish schedules
Running a business from home means suffering many temptations and distractions. Set an agenda and try to adjust to the schedules and times. It can help you be more productive and to enjoy your personal life as well.
Take care of your finances
Working from home saves you part of the fixed costs. You should take that into account when calculating your profit margin and comparing what an office or rented premises would cost you. If you don’t, it will be cheaper to attract clients. However, you will not be generating a fund in case you need to take the business out of your home tomorrow. At that moment you will have to include that expense in the price you charge your clients.
Any impact of expenses can hinder your ability to retain customers. So, it’s advisable to include in the price what would be the cost of having an office or place. Then, you will not have to increase your prices if someday you need to increase the space for your business.
Boost your business from home: Protect your business
You will have in the same space the most important things in your life. Namely, your home, and your business. And all under the same roof, which is a risk in case of an accident. So, get a good insurance that covers not only your household goods but also your computer equipment and other key assets for your business.
Also, take into account the filing and custody of accounting and tax information. It’s recommended to have a billing and accounting program in the cloud. It’s good in case of problems with your computer to manage your business from home. That way, you will have backups and access from other devices without losing information or time.
Managing a business from home can be a good option at the beginning, but it’s important to allow yourself to separate home and work. Because even if you have an online business, it will be difficult to grow it and manage your business from home professionally.
Growing a business is not an easy task, as everyone who has tried and failed knows. However, new technologies offer a great opportunity to achieve it, and without having to leave home.
Some aspects can be improved to increase the profits of a business. One of them is to know where to be present on the Internet.
Boost your business from home: Presence on Google
More than half of consumers use Google in hopes of finding a reliable, local business. It’s important to update your website so that the page shows up in searches.
If you don’t have the skills to revamp your website and lack the funds to hire someone to do it, there are tools like Do-it-yourself, Wix, or Squarespace. They are a good guide.
Measuring online success
If you really want to grow a business, it’s vitally important to find out what’s working and what’s not when it comes to your website. Fortunately, there are many analytics tools available that can tell you how consumers are interacting with the site.
A good place to start is Google Analytics, which allows you to track traffic, see how users are behaving and identify any problems.
Take advantage of the ‘freelance’ economy
Having a home-based business, you may be unaware of how to hire someone or work as a team. In today’s world, the economy is growing and new alternatives are opening up. Thus, hiring someone for projects is now possible.
Even for the most difficult tasks, there are platforms. For example, Toptal. These allow you to contact with professionals whose collaboration you require.
Boost your business from home: Automate the marketing campaign
Email is a powerful tool for attracting new customers and for building loyalty among current ones.
Sending emails to your entire customer or client list is a time-consuming process. MailChimp is a service that automates the entire email campaign system and offers easy-to-use mockups with innovative designs. Using an automation tool for email marketing needs saves time and makes campaigns more efficient.
Focus on a single product or service
Focus on selling a single product or service and then promote it, sell it, market it and do everything you can to increase sales. It’s tempting to try to fill everyone’s needs. However, it’s less risky and more profitable to focus on selling a single product or two so that you can execute your tasks on time.
Boost your business from home: Look for ways to increase sales
Look for ways in which you can increase your sales with repeat customers. This option is much easier and much cheaper than trying to find new customers, plus it will take you longer to sell your product.
An easy way to do this is to offer them wholesale prices and discounts, especially if your product is inexpensive and easy to produce. Another resource to keep your customers and get them to keep buying your product is to give them a distinguished customer card, which allows them to get discounts, promotions, and more.
Create a Website
Create a website to promote your business and also offer the option of selling online. Thanks to the internet today it’s no longer necessary to open a store for customers to see and know your products.
Joining forces with a business in the same industry is one of the easiest and cheapest ways to expand your business.
Target other markets
Change the direction of your business, for example, if you sell only to teenagers you can try offering your product to college students.
Expand to another location
This could mean renting some space, a virtual office, or sharing a space with another business that partners with you and also wants to grow.
Boost your business from home: Consider turning your business into a franchise
While most home-based businesses operate small, yours may have the potential to go anywhere through franchising, licensing, or wholesale distribution. The key question is whether your business can be converted into a business format that someone else could run (a franchise) or whether you have a product or service that someone can resell multiple times (a business opportunity).
You may think that expanding your business requires raising capital, hiring employees, purchasing equipment, and office or warehouse space often it’s more cost-effective and less risky to license your product to a large company with manufacturing capabilities and an existing sales force that will do the work for you.