Home-based businesses with a sole owner can only grow so much, right? Wrong.
With a little creativity you can keep expanding your home business, without hiring employees or renting an office. Here are seven tips for increasing revenue at your home business while keeping it a one-person show:
1. Use technology. From scheduling newsletters and social-media dispatches to issuing blog-post notifications via email, automate as much as possible. Collaboration tools such as Citrix Systems software can also help you readily pass off or work in the same document with colleagues and consultants without having to send giant email attachments or deal with a courier service. Additionally, video conferencing or call forwarding technology can do wonders for helping your little company appear much bigger -- and more professional.
2. Outsource. These days, freelance marketplaces such as Elance and vWorker.com make it easy -- and relatively inexpensive -- to find contractors for a wide variety of roles, from accountants to virtual secretaries. There's no law that says you have to make official, full-time hires to grow. Increasingly, I'm encountering high-revenue, fast-growing companies that have few, if any, official staffers and are driving growth entirely through contract labor.
3. Watch for opportunities. Entrepreneurs' prime advantage over big companies is the ability to be nimble and shift gears quickly if a new opportunity emerges that might lead to more business. That's what home-based franchisor Patricia Beckman did when she saw a need for a standardized virtual-assistant chain. Now her VA business, Cybertary, has 25 franchisees and is growing.
4. Treat your business like a business. Don't neglect the back-office end of your business. For instance, consider using an online invoice system such as FreshBooks or Intuit's Bill Manager. Being able to systematically track your payments and expenses will not only save you time, it's also more professional in the eyes of customers or clients. Keep regular business hours so clients can rely on you.
5. Invest for growth. Yes, being home based can help reduce overhead, but you still need to put money into the business to keep it thriving. After all, you've got to spend money to make money, remember? And that's true no matter where your business is based.
6. Don't forget your plan. Know your goals for the business and keep your focus on the steps you need to take to achieve those goals. Beckman recommends keeping your business plan nearby and referring to it often. And as plans change, update it.
7. Get out there. Some solopreneurs use being home-based as an excuse to never meet with clients in person. That's a mistake. Get out of that home-office cave -- you can build stronger bonds with clients in face-to-face meetings. Attend networking events to keep growing your rolodex and gain exposure to new ideas.
How have you kept your home-based business growing? Leave a comment and tell us your strategy.
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Comments:
Great tips Carol keep them coming
Thanks for the great tips! Learned a new word today as well; Solopreneurs!
This is great but did you know that 83% of people prefer a paper card than electronic media? I have just signed up for Send Out Cards. Fun, fun, fun, great way to get your name out there and also to use for your family and friends. Would consider it an honor if you signed up at www.sendoutcards/splashesofjoy Let's grow our businesses together!!
The following are difficult as a solopreneur: Consistent activity, Focus, Synergies and Accountability.
Great post, Carol! You walk the walk when it comes to this topic. JL
I think this article is going to help me a lot. I am currently overjoyed that my sales are doubling every other week. It's a small accomplishment but I'm relishing in it. The hardest part for me is financially I can't afford to pay for web developers. I'm having to create my website one item at a time. It's a lot of work piled on to marketing and advertising.
This is a really helpfull post! ps another great freelance marketplace is www.peopleperhour.com, and it's the one i use to outsource my work!
We offer a great tool that is designed specifically for Home-based businesses. We offer a business phone system together with a Power dialer/CRM to really help you track and grow your leads. Find us on Google by searching Cdialer.
'Get out there' ... couldn't agree more. Home-based business is not an excuse to be a hermit. It's simply a place to make your calls, send your emails and file your paperwork. To be successful in a 'local business' - you have to connect with people face to face.
Bill manager has been discontinued.
Great Points
Great tips! for aspiring home based entrepreneurs
please tell me also..... at vipinclean@gmail.com
Technology can be a great asset to virtually any one-person business. I've seen many solo entrepreneurs offering consulting-type services move toward more group services and less one-on-one. For example, membership websites or online workshops or classes. Although prices would need to be adjusted accordingly, this can be a better use of time. It can also be more profitable while being a way to help more customers.
those are excellent tips, the one i will emphasize is get out of the cave often, face to face is the best way to create report and loyal clientele. thanks sergio terreros
I have found out that the most important tool for Small Business Owners is remembering the simple pleasantries of the day and sharing same with each customer.
I think there is a great way to get external help especially with the internet, find home business owners exactly like you and connect with them, Some of them also seeking help you can provide in exchange of their help. Every one know something else right?
I am working on a home-based business although I am also working with a very limited area (probably w/in a 20 mile radius). Does anyone have any suggestions? Thanks
Another point should be added: don't lose sight of how you arrived at the solopreneur zone. It was due to your passion. There's going to be times when this passion will wane, but don't lose sight of it. It will be one of your driving forces to succeed.
Online tools are a great way to run and expand your business. In addition to tools like GoToMeeting, you can use Skype, GMail, Google Calendar, Dropbox, and other tools to run your business virtually anywhere. One of my favorites is Evernote, and I find that I use it all the time on my phone and my laptop to record ideas and categorize everything that otherwise would either be swirling around in my head or scribbled on a scrap of paper. There are tons of other useful tools for solopreneurs and small businesses that level the playing field, and which weren't available even a few years ago. And most of them are either free or very affordable. I use cloud-based tools every day for my business, and I've been able to serve clients from around the country without having to travel; at the same time, I've QUADRUPLED my former salary and have more flexibility. I talk more about practical, concrete things you can do to start and run a successful business, along with tools, tips, tricks, and techniques for automating your business and running it on the cheap on my blog (http://www.startmyconsultingbusiness.com).
How do I keep it growing? You have to do the little things every day. The little things will compound over time to have very big results. Talk to people every day and NEVER stop learning. Always look for new things that can help grow the business. The Internet gives everyone a shot at creating some serious income on their own terms.
This is a very helpful article. I think it's also important to have a deep passion in what you do and a strong commitment to succeed. There is no short cut to success.
Great Stuff, this page has been favorited so I can pass it on, thank you. JosephDiego
I recently started my own home-based business. I needed a system that can provide me toolslike, Contact Manager, Landing Pages, Toll Free # etc. And it was a pain to find, everything cost a lot. A friend told me about a system called iBoostBiz. This system is awesome! It has all tools I need in in 1 easy to use system. I have the $59 premier package that has all the tools I needed. They have a lower priced package to I think for either $29 or $39 but I need the version with all the tools. I have been using the iBoostBiz system, http://www.iBoostBiz.com, for a few weeks and I’ve gotten more sales from my customized landing pages. I especially like the activity tracker feature because it helps me track all my leads through the entire sales process.
Thanks for the interesting information
When I work with my entrepreneur clients I stress the need for established processes that can be duplicated and delegated to others if necessary.
I tell my students to make marketing a part of their everyday duties as a business owner -- not something you get to when sales slow down or when you have time. Planting seeds every day now, will create continuous sales you can count on in the future. Check out my class: Small Business Marketing on a Shoestring: http://bit.ly/entrepreneur_articles.
Keeping a routine and schedule is key while working from home. I'm big on creating a "top 6" priority list for the day and if I have more "to do's" that pop up, I add them to a new list for the following day. Getting out of the house is key as mentioned in the article and comments. Face-to-face interaction is one of your best marketing tools so use it. If you are struggling from "networking-itis" here are some tips that may help http://bit.ly/hSqGsb. Maria Losch Professional Image & Brand Consultant http://marialosch.com
I'm with you Carol. I think BNI is great if you are a beginner. Everyone needs to learn to speak in front of a group about their business and get comfortable networking. I feel like a grew out of my membership but I recommend it for anyone just getting started in business. They have a great blog to at http://businessnetworking.com I still am very involved with my city and my local Chamber too.
For a home business, outsourcing is the way you should go.
I think efficiency is key to growing a one-person business. Without a time-consuming commute, I can devote that valuable time to work projects and get more accomplished in a day. Also, if you create a home office space where you get minimal interruptions, you can get work done faster. I get a lot more done in a day working from home than I used to in an office.
Thanks for a great addition to the list! Yeah -- in general...treat it like a business, and it'll be more likely to BE one.
BNI wasn't my speed personally, but there are so many flavors of networking out there -- free chamber events, niche industry events. I recommend people try several until they find one where they enjoy it and get quality leads.
The online company I work with does al the marketing and promotion, but I too use work of mouth, facebook and my blog which is linked to a local newspaper, as well as linked in, and with every new contact I make, whether it be casual or related, I leave my addy... http//www.greetingcarduniverse.com/bright
Great tips for succeeding with an at home business. With all the technology out there (video conferencing was a great example), you really can make a one person company very professional. I would also add tip #8, take yourself seriously. Make sure that you treat your at home office the exact same way you would treat going to work every day. By keeping normal hours, having a dedicated home office, dressing appropriately and not allowing yourself to stray with all the comforts of home around you, you can keep focused on growing your business. Always remember, if you don’t take yourself seriously, neither will anyone else.
In my niche, many people start up their business while still working a full or part time job. When this is the case, your first 2 tips are essential. Leveraging technology is a MUST for anyone looking to grown their business online. There has never been a better way to reach people from across the Globe who may be interested in what you have to offer. Outsourcing is also crucial to part time business owners. Even beginner entrepreneurs can outsource effectively, if they understand the process.
That last tip is VERY important... Get out there. Join your Chamber and learn to network with a BNI chapter to talk about your business. Get out there and you will find mentors ideas and money!
Sometimes having a home office can make it easier for you to relax and portray a more friendly atmosphere when talking to clients. You want to build a relationship with them that goes beyond the basic client/vendor transactions. Trust and cooperation are necessary to effectively provide the best services possible. Without building this relationship you simply become a vendor and could lose their business to the lowest bidder. Jennifer King, MSA Elite Virtual Accountants, Inc. jking@elitevirtualaccountants.com http://elitevirtualaccountants.com