Would you like to take your home business to the next level, but don’t know where to start? This post features seven steps you’ll want to work through to really kill it!
Running a business from home is how many entrepreneurs start out. It’s a good base to start from, and it instills a DIY business sense in you.
But that doesn’t mean you want to be running your business from your spare bedroom forever. You probably have big plans for the business and where you want to take it. Maybe now is the time to start turning those plans into a reality.
Taking your business to the next level is not an easy undertaking, but you should give it a try when the time is right. If you do manage to take that step up successfully, it could be the best thing you ever do.
To make sure that all goes how you want it to, you’ll need to lay the foundation and tread carefully. You don’t want to take on too much, too soon. The steps discussed below will give you the guidance you need when it comes to advancing your business.
Prepare a Growth Plan
First of all, you’ll need to put a plan in place. Every expansion needs some kind of direction. Leaping into the dark without having a real plan in place is not just risky, it’s reckless. So, you should decide exactly what you want the expansion of your business to achieve.
The plan that you put in place should highlight any possible problems you might face when you go through the expansion. Making budgets and forecasts is one of the most important parts of this.
Failing to prepare the business financially for what lies ahead could be truly disastrous for it and you in the long-term. You could even hire an accountant or financial advisor with business experience to help with this.
Then you may want to find ways to draw investors towards your business. It can be difficult to grow the business if you haven’t got the money that will allow you to do that.
You might have some cash reserves from the business’s past success. But if you don’t have enough to truly realize your plans for its expansion, you can start looking for someone who can invest.
Remember, finding an investor means selling a portion of your business, so it is a big step. But the advantages of doing this can be huge. A business lender match website can help you find people who are willing to lend people to you. Or you can network at the right events to find an investor.
Move Into a Small Office
The next big move that you may need to make is moving into a small office. Leaving your home office headquarters for the first time can be difficult when you’ve been there for a while. But it is can be helpful when you are looking to grow your business.
Finding an office to work from is a big challenge, and you should not rush the decision. You need to make sure that the location is right, as well as the price and size of the office. You’ll probably want to rent the office space unless you have enough money to purchase an office space outright.
Hire a Few People
If you want your business to grow, it’s a good idea to hire some people. This is something that is not normally possible when you’re running a business from home. So, upgrading the business and taking it to the next level gives you the chance to do it.
Having people in your team allows you to focus on other things and not have to do everything for yourself. You will then take on more of a managerial role, but that doesn’t mean you can’t do any of the hands-on work too.
When you do hire people, though, make sure you do it carefully. Think about what kind of skills and abilities you need to make the business succeed and then search for them.
Lead By Example
As the owner of the business, you will need to become a strong leader. This is not always easy if you’re used to working alone. But the role is very different when you have a small team of employees working underneath you.
You will have to learn what it takes to run a workplace and get the most out of the people that you employ. People management is a big part of this. And you will have to make sure that you follow all the relevant employment laws.
Above all, though, you will need to lead by example. If you’re the one setting the pace and pulling the business in the right direction, then everyone else should do the same.
Ramp Up Your Social Media Efforts
One of the cheapest things you can do to improve your small business as you make that step up is to use social media. Social media channels offer you the chance to connect with new people and reach out to new customers. It’s something that you should definitely take advantage of.
You need to improve your brand’s level of recognition. Without more customers to buy from the business, the efforts to make that step may have a limited reach. So, considering using sites like Facebook, Twitter, LinkedIn, or Instagram.
Different social media platforms can help different kinds of businesses, so explore all of them.
Have an Exit Plan
There is always the chance that your plans could go badly when you try to expand your business. This is why it’s so important to have a backup plan and an exit strategy.
These things will help you to leave and make sure that you don’t ruin the business completely. No one likes to think about their business plans failing, but it’s something that can happen.
So, being prepared for it is essential if you’re going to make this step up to the next level. Failing to do so would be disastrous.
What are your tips for taking a home business to the next level?