Let’s face it: there’s no bulletproof guide to making a successful business. In fact, 90% of startups fail. That doesn’t mean your business can’t be an exception to the rule.
With interest rates at record lows and consumer spending steadily increasing, there’s never been a better time to take a calculated risk on launching your own home business.
We’ve come up with 3 useful tips to start you off on the right track.
1. Get Help with Your Admin
If you’re running your own home business, you’re probably doing everything yourself. Working solo, you’ll find yourself putting in endless hours, beyond the standard 9 to 5.
When you spend your time fretting over small details or tasks, you’re wasting time you should use on what that actually matters: selling and growth.
Revenue is the lifeblood of any business. You need to spend as much of your time as possible on making sure people are using or buying your products or services.
This is where an office assistant can step in. If you’re short on cash, start by taking someone on part-time, to take care of those time-consuming administrative tasks.
Start-out entrepreneurs are reluctant to take this approach. They don’t want to add any unnecessary expenditure to their budget. This logic is understandable, but you often have to spend to accumulate.
With more time to concentrate on the growth of your business, doors will start to open. Money can roll in faster.
Tip: if you’re still not convinced that hiring part time admin staff is for you, test the waters by taking on an online freelancer or virtual assistant for 1 – 2 hours a week.
2. Start Selling Here, There, and Everywhere
Now that your admin is taken care of, you can concentrate on increasing sales and revenue.
Getting what you’re selling in front of consumers is one of the most difficult aspects of starting out. Use every option available.
Ebay, Etsy and Gumtree are both logical places to start, especially if you don’t have a website yet. Gumtree has recently introduced PayPal as a payment option, so you can connect with buyers worldwide.
Whenever you provide your product or service, include business contact info. This should include your e-mail address, social media channels and website at a minimum (if you have them). Include an incentive to try and earn repeat customers, like a voucher or discount code.
You can also advertise your product or service on social media. This will help your business and customer base expand because you can target specific audience demographics.
Tip: when you have a website, use online analytics tools to measure where your customers are coming from and what they do on your site. If you have an ecommerce store, try and drill down to see why certain visitors do not check out.
3. Expand Your Product and Service Base
Thanks to technology, the world is evolving rapidly. What a consumer needs today might be obsolete tomorrow. It’s important to keep developing your business.
The perfect example is Apple’s iPod. The iPod was the must-have gadget in the early 2000s. In the space of just 15 years, the product went from the top of Christmas lists to the obselete.
Not every home-based business has the budget or backing of a corporate giant like Apple. Many customers do demand innovation though.
Nielsen recently released their latest Global New Product Innovation Survey, which revealed that 63% of customers like it when manufacturers offer new products.
Even at the simplest levels you can innovate and expand your product range. For example, if you sell t-shirts, do you stock different sizes? Do you offer long sleeve, pocket and other options in your product?
Ask yourself: what do my customers need that I can provide? The more you engage with your customers, the more you’ll understand their needs and requirements.
Ultimately, the greater number of quality products you can offer your customers, the greater chance you have of increasing your revenue and making your business a success.
