For the purposes of this article, we will imagine that things couldn’t be going better for you and your home business. You have built a loyal customer base, the orders are coming in and it feels that you could do no wrong. Quite naturally, you are considering expanding and growing your business, but you are not sure if this is the right move. Unless there are personal reasons why you would not want to do this, the choice is clear – go for it!
That being said, there are some things that you need to keep in mind to make your expansion run smoothly and successfully and that is what we will be covering in the remainder of this article.
Introduce new services or products
The expansion of your home business is the perfect opportunity to also expand the range of services or products that you are offering. The best way to approach this is to come up with a business plan that will involve these new products/services. See what it would cost you in terms of money, time and workforce and then weight this against the increase in the profits that you will experience. If it makes financial sense and if it does not seem like too much to take on – do it.
Expand your business space
In all likelihood, you will also need to expand your commercial space to accommodate for a growing business. Unless you have a space in your home that you can add to your existing work space, it is probably time for you to start considering a commercial property that you will lease. The secret here is not to go overboard. Determine how much extra space you will need and go for it. There is no point in leasing out something too large with half of it ending up empty once you move.
In addition to this, you will also want to check the infrastructure of the space you plan on renting out and you should also consider the neighborhood, the area and how it will work for you in terms of potential new market and workforce. Another very useful piece of advice – when moving, hire professional movers. We talked to office removalists from Sydney and they told us they often get invited to help home business owners who wish to hit the ground running when they move into the new space.
Think about hiring
It is more likely than not that you (and your very limited staff) will not be able to take on increased business and this is why you will most probably need to hire new people. This can be quite unnerving for inexperienced business leaders, but with a little bit of preparation and care, you can do this very successfully. As a small business owner with a business that is really small and quite often features a personal touch, it is very important that you consider the employee personality as an important factor when deciding on the final hire.
Expand your marketing efforts
The new way in which you will run your business is the result of successful management which led to a growth. However, you will want to continue growing and this is where marketing comes in. You may have done some marketing in the past, but this was most likely very limited. With a growing business, it is time for you to start consider traditional marketing techniques such as ads in local media or even exhibiting at trade shows.
Think about legal
We are leaving it for the last, but it is definitely not the least important part of expanding your home business – the legal aspect of it all. Namely, a transition from a home business to a regular small business will involve quite a bit of legal work. Requirements and laws governing small businesses are often quite different from those governing home businesses and you need to make sure you are complying with all of the laws at all times. If you are not sure about what you have to do and what you cannot do, hire a lawyer to help you with this.
In conclusion, we will only give you one additional piece of advice – keep calm.