It can be deeply annoying for a determined home-based business owner who wants to take his company to the next level of profitability and growth.
Sure, a thriving one – or two-person service business with no inventory, rent, or employees may appear to be an easy way to make money at first, but when the phone starts ringing off the hook and customers keep returning for more, home-based business owners who fail to plan often become victims of their own success.
They either burn out trying to juggle everything themselves, or they spend so much time and money hiring people to help them that their profits suffer as a result.
There are some ways to grow your home-based business without risking its profitability or jeopardizing your peace of mind.
Follow these steps to turn your home-based business into the personal and professional success you deserve:
1. Broaden your product line to offer complementary products or services
When you’ve discovered a product or service that customers adore, don’t pass up the opportunity to introduce related items to expand your product line. Not only does this provide your customers with more options, but it also makes your products more appealing to retailers who prefer to stock a line of products rather than a single item.
2. Look for ways to maximize sales to existing customers
It’s a lot less expensive than getting new ones. Even if you are unable to expand your product line, you can increase revenue by selling more of your existing product or service to existing customers. Volume discounts are one simple way to accomplish this.
Offering your customers the opportunity to buy, say, two T-shirts for the price of one allows you to increase sales without sacrificing much profit, especially if your products are low-cost to produce.
Another common practice is to reward repeat customers by providing them with a punch card that entitles them to a free product or service for every ten items purchased. This technique is commonly used in hair salons, car washes, and arts and crafts stores, but it can also be used in home-based businesses.
3. Create a website to promote your business or sell products online
It is no longer necessary to open a store in order to reach retail customers. A Web-based agency allows marketers of specialty products such as rare books, collectibles, and gourmet foods to reach millions of shoppers worldwide without having to pay for rent, utilities, or garbage collection.
And, whereas creating a website used to necessitate a large investment as well as the skills of an experienced Web designer or programmer, do-it-yourself options are now available. Websites are now available for less than $30 per month and require no technical knowledge.
Companies that assist you in registering your domain name (Web address) will typically provide you with online templates to build your site, host your Web pages on their server, and provide you with multiple e-mail addresses. E-commerce capabilities are frequently available for a fee. You can also create low-cost Websites using Web hosting services and search engines.
4. Collaborate with another company to promote yours
Partnering with a company in a related industry is one of the cheapest and most straightforward forms of marketing you can use. If you make spa products, for example, you might be able to persuade a local health club to stock them by offering a member discount. Similarly, if someone buys your lotions and scrubs, you can send them a free one-day health club pass.
5. Find new and different ways to market your business, such as through e-mail newsletters, or by teaching a class
Marketing your home-based business does not have to entail spending a lot of money on newspaper ads, Yellow Pages listings, or TV or radio commercials. Grassroots marketing techniques are significantly less expensive and, in many cases, far more effective.
Most chambers of commerce and community groups will gladly provide a forum for a local business owner willing to share his expertise for free. A weekly newsletter is another excellent way to get your name in front of new and potential clients. You can send your newsletter via e-mail using online templates and automated delivery systems.
6. Marketing Metrics
You don’t need to track all of your marketing efforts, just the ones that require the most time and money. You must understand what is assisting your sales and what is not.
7. Increase Your Online Presence
Simple changes to your website can have a significant impact. Make sure your contact information is prominently displayed on every page. Provide excellent customer service when a prospect calls or emails you. Respond to them as soon as possible and address their concern.
Local SEO (Search Engine Optimization) is another popular marketing trend and one of the most effective advertising strategies for small businesses.
8. Make an investment in customer relationships
Improving customer relationships is not a new or trendy strategy, but it works. Building customer relationships entails truly listening to what they require and making every effort to meet those requirements. Try to tailor your products or services to meet those needs as well.
Investing in customer relationships necessitates a significant commitment of time and resources. Prepare for this if you want to reap the benefits of loyal repeat customers.
9. Stay On Trend
Understand what’s going on not only in your industry but also in your neighborhood. What impact will they have on you, and what can you do to take advantage of them? However, Entrepreneur recommends that you always focus on providing value to your customers.
Every new product or service must add significant value to your client’s or customer’s lives. It must also be of the highest possible quality. Otherwise, all of your efforts will be in vain.
10. Encourage Employees
It all comes down to your employees when it comes to increasing the efficiency of your small business and company operations. You must learn what inspires your employees to work smarter and more efficiently.
Here are some ideas for motivating your employees:
(a) Make work more fun: Permit employees to bring their dogs to work, and plan more social events. So that the fun doesn’t feel forced, solicit employee input.
(b) Recognize good work: Although a small bonus, paid day off, or personalized gift is nice, but understanding during a meeting or one-on-one can be just as effective.
(c) Offer flexibility: Allow employees to set their own hours or provide work-from-home days. Be patient when it comes to child care emergencies and medical appointments.
11. Identify Your Market
One-size-fits-all marketing is a thing of the past. Instead, you must identify the best buyers of your product or service so that you can tailor your sales pitch to them specifically. People buy solutions, but you can’t sell one if you don’t know what the market wants.
Evaluate your target market by researching the demographics, needs, desires, and purchasing power of the people who are most likely to purchase what you’re offering.
12. Provide Incentives
People not only appreciate a good deal, but they also believe that if they do not take advantage of one, they are missing out. Increase the odds of a sale by providing an incentive to buy now. You can offer a variety of incentives, such as free shipping, an additional product/service for free or at a discount (for example, buy one get one-half price), a payment plan, and more.
13. Develop a Loyalty Program
One of the best ways to keep your business going is to generate repeat customers. They’ve already purchased once, so if they’re pleased with the product or service, they’re more likely to do so again. Customer loyalty, on the other hand, is not a given in an economy where people are pinching pennies.
Customers or clients may like you, but if another company offers them a better deal, they may choose to go with them. A loyalty program shows your clients and customers how much you value them and motivates them to stick with you. Consumers who participate in a loyalty program spend more than those who do not participate.
Create and implement a loyalty program that rewards customers for remaining loyal to you. Just keep in mind that a loyalty program by itself will not keep customers coming back. You must also provide them with excellent products and services.
14. Promote Referrals
Referrals are one of the most effective ways to increase sales. People who come to you through word of mouth are already predisposed to like you, making the sale easier.
Although many of your customers and clients will tell others about you on their own, it doesn’t hurt to create a referral program to promote your clients and customers to tell others about you. It can be as simple as asking for referrals, or it can be as complex as offering incentives such as discounts on future purchases.
15. Concentrate on digital marketing
Your customers have been stranded at home, and supply chain issues have begun to affect them. More people are using the internet than ever before, and shopping online, because stores are closed. As a result, this is the best time to capitalize on digital marketing. In order to survive, you must embrace the digital trend and transition your business to the digital environment.
Of course, digital marketing can help you build a better business at a low cost. You must establish an online presence and begin networking. Conduct a quick investigation into your target audience and what they are looking for. Take a deep breath and come up with creative ways to fill the gaps. It’s time to quickly repackage your products or services.
16. Strong communication can propel your company to new heights
The pandemic has drastically altered how businesses operate. In the midst of the ongoing crisis, establishing a set of best practices for communicating with customers has become a top priority. It is now up to executives to reach out to their valued customers and respond quickly.
17. Join Social Media
You can establish a great and long-lasting relationship with your customers by utilizing social media platforms. According to small business owners, social media platforms such as Facebook, Twitter, and Instagram offer the most opportunities for business marketing. People are being locked down, and the pandemic news is terrifying, but there is still hope to save your business and increase income.
Social media is critical to the success of any business. By live streaming your events and posting live updates, you can easily engage with your clients. Furthermore, social media aids in the acquisition of new customers and the creation of opportunities to attract new potential clients. You can also connect with other business professionals to form B2B relationships. To stay in touch with your customers, use the following strategies:
- Post frequent updates
- Host live sessions
- Immediately respond on your business page inbox
- Use Facebook groups to poll and get customer feedback
- Use native messenger apps
- Create Twitter events
- Live videos on Instagram
18. Using SEO to generate targeted traffic
COVID-19 has altered current internet trends, and businesses can use SEO to survive the pandemic at this crucial moment in history. SEO is not a new concept, and small business websites that are search optimized perform significantly better. To target your audience, use the best free keyword research tools to find the right long-tail keywords.
Conduct a thorough audit of the website to identify flaws, repair broken pages, and update SERPs for increased traffic. Furthermore, the value of local SEO has more than doubled in recent years. Concentrate on it because the combination of local SEO and geolocation will help you get traffic from people in your area. It will eventually boost your brand’s trust and sales growth.
You can boost your online presence with compelling SEO tips and these SEO tools.
19. Make use of Google My Business
It’s a free and simple tool that allows your company to appear on maps and listings. You can maintain your company’s appearance, assist people in finding your business online, and inform them about current promotions. Google My Business (GMB) allows you to include:
(a) Your business name
(f) Most related items
(h) Link to your website
(i) Recent updates
(j) Ask a question
You can immediately connect with people who leave reviews by using Google My Business. That would be a fantastic addition to your company and highly recommended because it facilitates the engagement process and allows your company to run on auto-pilot.