5 Helpful Tips for Growing Your Home Business

Don't Let Your Home Business Peter Out.

Grow Your Home Business
Nurture and Grow Your Home Business. PhotoAlto/Ale Ventura | Getty Images

Whether it’s a Fortune 500 corporation, national brand, or home business, growth is one of the primary goals and concerns for any business owner. And while every company has to deal with its own set of hurdles and constraints, home businesses typically face more challenges than most. Small businesses typically lack the resources that larger organizations have, and as a result, must be more creative in how they pursue growth.

Growing Your Home Business

Growing a home business is tough. You’re limited by resources, such as funding, and constrained by issues, such as lack of time, larger businesses don’t usually deal with. Here are five simple tips designed to guide you through the growth process:

1.      Gain Access to Working Capital

While it’s certainly possible to finance a home business through your own savings and personal finances, it’s challenging to grow your venture without access to more money. Unfortunately, many banks and traditional lenders are hesitant to grant loans to small businesses. That’s where you have to get creative.

Thankfully, there are two good options if traditional lending doesn’t work in your situation. First off, you could try a private lender. The biggest benefit here is that you’re able to move quickly and seize opportunities as they come. “Amongst its other benefits, alternative funding facilitates small businesses to be more responsive,” writes Glenn Goldman, a financial services technology expert at Credibly.

 A second option is crowdfunding. This is a particularly effective method if your business appeals to the masses and has an emotional backstory. GoFundMe and Kickstarter are two of the most popular sites.

2.      Make Your Brand Stand Out

If you want to grow, it’s critical that your brand doesn’t just blend in with the competition – it needs to stand out.

This means your products, services, packaging, and core values need to be unique and compelling. The marketplace is oversaturated with similar products and services. Consumers are always craving new solutions and your ability to quickly scale may depend on whether or not you can satisfy this yearning.

3.      Focus on a Single Product or Service

There’s a common misconception that more is better when it comes to a business’ product and service offerings. Don’t be tempted by this incorrect assumption, though. As Rosalind Resnick of Entrepreneur.com says, “It’s often less risky and more profitable to pick a product or two that you can execute really well and just try to get on base.” Adding too many products too quickly will water down your quality and result in a lot of average products, as opposed to a single high quality solution.

4.      Join Forces with Other brands

One really great strategy is to align your business with a more successful and visible brand. By attaching your name along side their business – legally and with permission – you can quickly gain market recognition that would otherwise take months or years to develop through grassroots marketing.

5.      Track Metrics

Finally, you must track your success by studying and analyzing the right metrics.

There are so many valuable tracking tools available today – many of them free – that it would be foolish not to use them. By tracking things like website traffic, sales numbers, survey results, and social media interactions, you can gain a clearer picture of who your target market is and what they’re seeking.

Looking Towards the Future

Growing a home business is by no means easy. It requires incredible patience and attention to detail – not to mention lots of time, energy, and financial resources. However, if you go into the process understanding the hurdles and constraints in front of you, you’ll be better positioned for long-term success. Using these tips, develope a plan for how you’ll overcome limitations and grow your business.