New technology has changed the way that people do business and it’s easier than ever for anybody to start their own business from home with relatively little investment. As long as you can afford to manufacture products, there are plenty of great online platforms where you can sell them, but it comes with limitations. There is only so far you can go when you’re running your business from home and there comes a point when you simply can’t expand anymore. When you hit that point, you need to move the business outside of the home. Expanding a business can be tricky and if you aren’t careful, all of your hard work will be for nothing. To make sure that you maintain your success, here are some tips for moving your business outside of the home.
Funding is going to be your biggest challenge because, while your running costs were relatively low when you were operating out of your house, you’re suddenly going to be spending a lot more once you expand. You have to pay for more employees, an office to house them and more expensive marketing campaigns. Finding that extra money means that you’ll probably have to borrow from investors, but there are other ways. If you’ve been running an online business, you’re probably already using Paypal to take online payments but did you know they also offer help to small businesses? The paypal.com working capital scheme offers financial help, as well as advice, to help small businesses get off the ground. They’re particularly good if you don’t have a great financial history because they don’t perform credit checks. They also offer a quick turnaround so you won’t be waiting ages for the money.
Consider New Products
When you were selling on a small scale, one or two products is fine. But once you start to expand, customers will expect more variety. It’s a good way to reach more customers as well as inspire repeat business from your existing customer base. When you’re trying to come up with new product ideas, you need to identify what the major selling point of your existing product is, then use that in other similar products.
Hire A Marketing Professional
Expanding outside the home and establishing yourself as a larger company means you’ll be facing more competition. It’s easy to compete on a small scale by using social media marketing alone if you’re just selling a few things on the side, but you’re in a different league now. If you want to compete with larger companies, you need a more coherent, professional marketing strategy and you’ll need somebody with experience to implement it for you. Hiring a seasoned marketing executive is vital if you’re going to make the jump from home business to big company.
The main thing to remember when you’re trying to move your business out of the home is that it’s a completely different game. All of the cheap marketing solutions and limited product lines are fine for a small side business, but if you want to take it full time, you need to start thinking bigger.