Industry Updates
Magazine
Brand Story
Press Release
BLOGS
As a home-based business, supporting growth and delivering results as a small organization is vital. Just because you run your business from the comfort of your own home doesn’t mean you should miss out on delivering the same high standards that larger companies can offer with more resources.
If growth is on the agenda and you want to put your business in the best position to expand without leaving your home office, these options could be exactly what you are looking for.
Self Storage Rooms
A self-storage unit can be a practical and secure solution for home-based business owners struggling with space constraints or lacking storage for products or work equipment. These units provide a safe space for your belongings, ensuring they are always accessible when needed.
In addition, some self-storage companies offer storage rooms for different needs, e.g., housing documentation, heavy machinery, or weather-sensitive materials, as well as additional facilities such as warehouse options or meeting rooms to give you a base to hold client meetings outside your home.
Freelancers
Freelancers can be a cost-effective and flexible solution when you need short-term assistance to support your expansion plans. With no payroll requirements or need for office space and equipment, freelancers can hit the ground running, providing the skills and expertise you need for specific tasks.
There are no payroll requirements, employee benefits, or offices and equipment you must supply, as the freelancer will already have everything they need. You simply need to find someone with the skills you’re looking for, someone who knows the industry and can perform the tasks you need them to.
You can find freelancers through online platforms or by networking within your industry. Once you’ve found a potential freelancer, you can review their portfolio and discuss your project to ensure they are a good fit. Those tasks will be specific to your company and requirements.
Freelancers can help with anything from project management, general admin work, graphic and web design, software outsourcing, marketing, and more. Simply communicate what you need, check their credentials to ensure that you are happy with how they work and the quality of what they do, and you are good to go with the massive expense of hiring employees.
Outsourcing
Outsourcing can be a game-changer for home based businesses, liberating you from the burden of handling all tasks internally. By enlisting third-party companies to manage specific aspects of your business, you can free up time and resources to focus on growth and scalability.
Typically, the most common tasks within a business to outsource include
- Customer service
- Accounting/finances
- Cybersecurity
- IT management
- Lead procurement
- Admin tasks
Exactly what you outsource should be determined by the following factors: the time it takes you to complete the specific task, your expertise and skill level, the intensity or importance of the work, and the volume.
Automation
If you’re not automating aspects of your business, then you really are missing a trick.
Automation is key to a thriving business, and when growth is on the cards, it can be the difference between failure and remaining agile to grab opportunities and make changes when required.
From automating invoices, payroll, data collection, and interpretation to social media scheduling, emails, project management, and more, you have a wealth of tasks involved in running a business that can be automated. For instance, you can use accounting software to automate your financial tasks, or project management tools to automate task assignments and progress tracking. This means you put less effort in (aside from the setting up of the automation tools you use), but you still get the results you need to drive effective decisions that benefit the business.
Other Business Owners
It can be lonely work, running a home-based business, preparing for growth, or changing your operations to take things to the next level. It can be incredibly stressful, especially if you are isolated.
Connecting with other business owners, vendors in your sector, and people thriving in your industry enables you to see the bigger picture and get support here and when you need it.
You might find a mentor who can assist you with your plans and help you out with their knowledge and expertise. Or you might find a like-minded community who can guide you or give you tips and points of view you might not know to help you do what you do but better.
Networking can also lead to potential partnerships or collaborations, and can provide a sense of camaraderie and support that can be invaluable when running a home-based business.
Financial Expert
Expansion plans for any business can come with hefty costs, so it’s essential you talk to a financial expert about what this will cost you.
What are your current figures for your money coming in and going out? What additional costs can you expect to incur, and how will you afford what you want or need to do? Are there any grants, funding, or loans you can use, and how long can you sustain any changes if you don’t take any additional money or need time to turn a profit?
All are valuable questions you need to know the answer to, and talking to someone who can advise you on the best financial strategy will allow you to be more realistic about what you plan to do, what you are financially capable of doing, and what impact this will have on your turnover and immediate cash flow.
Strategic Partnerships
Partnering with other small businesses or those within your niche or complimentary niches can be a massive support during expansion plans. If you work from home, you can collaborate and team up with others to expand what you do, how you do it, and what you offer to your customers, allowing you to tap into different markets.
Other business owners in this capacity can be instrumental in supporting those things you cannot do yourself or don’t have the option to do. Whether it’s selling your products in their store as a pop-up vendor so you have another outlet, removing the need to open up a new location outside the home, or delivering complimentary services to you or their customers, meaning you can rely on their resources to improve what you do, talk to others about how what you both do can benefit each other for a business boost that provides value for all involved parties.
