Are you ready to start a home-based business? Whether you need more space for production, meeting with clients or just to separate yourself from family activities, upsizing for your new business is a good problem to have. Making it work well involves a few simple strategies.
Select your new home wisely
Finding the right property to meet both your personal and business needs can be tricky. Inc. suggests weighing your options carefully in selecting the location. For instance, if you intend to sell directly to consumers, you will be best off in a locale with built-in traffic.
Think about the demographics who will use your product and how to best reach them. For instance, if you create handcrafted woodenware for cooking, finding a spot close to other boutiques might behoove you.
You also want to keep in mind the needs of your family, such as school districts and yard space.
Location, location, location
Finding the right location can be a balancing act. Try making a list of all the qualities your ideal property would include. For instance, do you need a separate entrance for clients?
Do you need an area for packaging and shipping your product? You also need to be aware of local ordinances and zoning, since some locations have limitations on the kinds of businesses that can operate in the area; some restrict things like signage and some locations restrict people from living in a business.
Depending on the kind of venture you are undertaking, there may be legal and financial steps you should take as well. Reviewing a checklist can help ensure you don’t miss any important details.
Running your new home business
Money is a key concern for any business owner. The Balance Small Business points out you should keep personal and business finances separate, even if accounts run low on one side.
Applying for a small business loan is one way to ensure you have the cash flow for your startup costs. Just like with selecting the right location for your business, you should put some thought into finding the right loan to meet your needs.
Run some numbers to decide how much you need to cover costs and calculate how much you can afford to borrow. Your credit score will weigh into how much a lender will loan you, so clean up any concerns before you apply.
Marketing is a must-have for any business. After all, your clients need to know about you in order to use your product or service. Knowing your clients is the other end of that, since recognizing your target audience will help you market appropriately.
You can take advantage of social media, create a website, email your customers and post a blog on a regular basis. Study your customers and keep them in mind at all times.
Also, make it easy for them to identify you. For instance, when you send an email, make sure they can see where it’s coming from so they notice and are interested.
The other conundrum for many small business owners is time management. You might be the kind of person who works day and night, aiming straight for burnout.
On the flip side, some people struggle with discipline, getting sidetracked with personal concerns or even indulging customers with too much chitchat. Somewhere in the middle are the people who get bogged down in small, mundane details, doing tasks they could easily automate or outsource.
PCMag suggests taking advantage of some of the free business tools available since many problems can be resolved by simply downloading an app.
Smart upsizing means success
Opening a home-based business can be challenging. With some research and planning, you can find the perfect location and run your enterprise well. When it’s time to upsize for your new venture, smart strategies can be your key to success.