Technology and social norms have transformed the way that we work. Today, working from home and making a good living is a reality for nearly 20% of workers and entrepreneurs. When you set out to create a home business, bringing in seven figures may feel like an unattainable dream — but it can be done.
Here, we dive into seven solid tips for building a successful business from home. These tips will help you develop the insights and strategies to find a great niche business, market that business, build your audience, unlock your potential, and eventually build wealth.
I have experience building an all-female law firm, a chic online clothing boutique, and a real estate venture. I follow these strategies with each business I develop and have found they result in outstanding returns.
1. Offer something unique
Whether you’re the best at what you do or a trailblazer who is the first in your area to offer a product or service, offering something unique or niche creates an excellent foundation for a successful business. Once you decide what your business will offer, target the specific market that’s a perfect fit for your niche offering. By entering the market with something unique, you set yourself apart from the competition right from the start.
2. Apply digital marketing strategies
Today, it’s nearly impossible for a business to thrive without harnessing the power of online platforms. Social media can be your connection to your perfect market, and fostering community can be a great way to build loyalty to your brand. By learning how to create engaging content and using SEO to your advantage, you can build a strong following that will champion your product or service and allow you to become an expert or influencer in your chosen niche.
3. Make your products or services scalable
People who reach seven figures know how to go beyond trading time for money. They maintain several streams of income, and their products and services are scalable.
Evergreen offerings such as online courses or downloadable digital products can keep the money flowing even while you’re asleep. Scalable businesses are those that can see a significant increase in revenue without a significant increase in costs or resources, including subscription-based services, affiliate marketing, or online sales.
4. Create a great customer experience
Over the past few years, I have built a law practice that has become known for getting results. My team and I have created an experience for our clients that makes them feel confident hiring us.
If you create an unforgettable customer experience, customers will keep coming back. Many will even tell their friends about it because happy customers and clients are the best organic word-of-mouth marketers. By continuing to improve your product, expand your offerings, or better your approach to service, you can delight customers time and again.
5. Automate to make your life easier
With the rise of AI and machine learning, it’s easier than ever to automate administrative tasks. As you scale your business toward that seven-figure goal, you can implement systems and automations such as project management software, virtual assistants, or AI customer service response systems that give you the freedom to focus on higher-level tasks and allow you to reach your revenue goals faster.
6. Invest time and effort into email
While social media accounts are a great way to interact with one’s customer base, you don’t own them. Your Instagram account and all of your followers could be gone tomorrow based on the whims of the parent company, but email lists are yours and yours alone.
If you put time and effort into nurturing and growing your email list, you will have a direct line to valuable leads. An extensive email list is one of the best ways to grow sales.
7. Consider sales funnels
Sales funnels drive customers from awareness to purchase. You can implement free content, lead magnets, or targeted offers to your customer base (using that handy email list!) to inform people of your offerings or services. Sales funnels take customers on a journey that ultimately ends in excitedly purchasing what you have to offer them.
According to Medium, 9% of entrepreneurs will break the seven-figure ceiling. While that may seem like a small percentage, those who succeed in reaching that goal follow most, if not all, of these seven strategies.
Building a seven-figure business from home is an ambitious goal but attainable with dedication, strategic planning, creativity, and a solid foundation for growth. Your million-dollar success story can start today — all it takes is a great idea and decisive action.
