If you work out of the home, you have more options than ever to grow your business without jeopardizing the bottom line with overhead costs. But like any business, there are wise measures to take in pacing the growth.
Step 1: Focus on one at a time Focus on a single product or service. Don't spread yourself too thin trying to be everything to everybody. When success comes, expand the product or service lineup, and perhaps diversify.
Step 2: Hire help Hire freelancers before you bring them on as full-time employees. Use that time to decide if you really need the extra help or could go without it. Try landing someone who is also working from home.
TIP: Think about franchising the business or licensing, if it's possible to replicate the process elsewhere.
Step 3: Get a website Create a website and reach customers without having to pay for bricks and mortar office space until the company is ready for a big move.
Step 4: Speak around town Engage members of your community so you can spread the word about your business. Offer to speak to your local chamber of commerce and community groups who respond to local business owners willing to share expertise at no charge.
TIP: Good business is always personal. People are more prone to do business with someone they know and trust.
Step 5: Join forces Contract or join forces with other businesses to build, sell, or ship for you instead of exhausting yourself trying to manage everything from the garage. Get the time back to concentrate on managing and building your business.
Step 6: Rent space When you're ready, rent space and hire a full-time supervisor, should revenue justify it, so that you can grow more quickly. To impress or meet clients, rent furnished and staffed professional or executive suites by the hour, day, week, or month.
FACT: Apple computers, Hershey's, Mary Kay cosmetics, and Ford Motor Company all started out as home-based businesses.