Operating a residence-based company in a world that has a highly accessible internet and free social media means battling a tough competition. And now the world economy is at a standstill due to COVID-19, you have the time to scale your home-based business and be ready to rock when the normalcy returns.
It’s easier to say than to do. Scaling up involves some significant changes within the system, and it is often difficult to take the first move. When you sell goods on the Facebook platform, on Twitter or other websites, then you need to undergo certain profound revisions to make ground-breaking decisions.
First of all, here are the three big steps you are taking to scale the home sector.
#1. Get registered and stay compliant
Most of the small residential business hope for success, but often struggle to take the first step properly. The issue with this business existence is that you always find yourself working in a silo and believe your small company should remain so until eternity. But that’s not how to rise. The first step towards growth is understanding your company needs a legal identity. Registering your business entity has both legal and mental benefits. You start dreaming big when you start paying for your company with a dedicated bank account. To begin with, there are several options;
-If you see a true growth opportunity like operating a franchise model, spreading to several cities, or even turning a significant business, then go with private limited company registration.
— If there are two or more partners as company owners, you can select either a partnership registration with a deed or get yourself a limited liability partnership in India. LLP is preferred when partners choose to limit liability and reduce personal harm.
— It is essential to know the difference between a private limited company and a relationship that goes beyond suffixes.
— Solo entrepreneurs can choose from business structures like One-Person Corporation, Sole Property.
#2 Go Digital and Stay Ahead
The best way to expand is to meet as many people as possible. Some claim that home-based businesses do not need a website because their target market is limited to a city or area. I say, maybe only because of this, your company deserves a website. Creating a Website does not just mean increasing your scope, it is also about-extending your access to clients.
– Connecting better with potential buyers
– Selling and accepting money online after choosing the protected payment gateway.
– Use local low-cost paid social media advertising to meet the target audience.
For the last point described above, you must create a buyer and build the content accordingly. You have unrivaled power as the competition is relatively weak on the internet. Sites struggle to gain top global and domestic search results, spend heavily on AdWords, and require intense research. Things can’t be simpler for you-just to expand your business scope and push deeper into those geographical limits.
Begin with creating a blog based around your business offerings and expertise. The key is to produce brilliant content for users to read and develop their credibility in the industry as leading thinkers.
Your structure of the business will also push you to act as a business owner. When you go online, start running your company like a brand by keeping your enforcement up to date. Since the design and branding elements roll out in a public place, you may also take a step forward with and choose to get online registration of trademark in India that enables you to use the TM mark before your company name. This symbol is an indicator of your growth orientation towards potential customers who place their trust in you.
But it is a daunting job for those who lack technical skills to create a website and set up IT. Running a website means getting the right hardware when you host it over a dedicated server, manage emails, and use business-compliant software packages. IT setup can be a difficulty, but professionals can still do it on-board without any problems.
Many small owners deal with such a niche that they “need” a website to maintain themselves, let alone expand. It is true of companies concerned with gourmet foods, rare books, organic fabric shops, etc. Any website is a mere disrespect for such a niche! You can get your website if you think your target audience is very narrow.
#3. Ensuring Sustainable Profitability
Increasing a home-based company means assessing every move before taking it. And one of the most important steps is to determine market profitability when you embark on a growth-based path. You can have great talent and skills to show. But what if people don’t care about it? You’ll have to ask difficult questions to help you gage up. You’re looking for growth, but how much progress has your company made since it started? Know if you can optimize benefits with the same or lower income growth.
You will need to answer these two questions with utmost honesty:
– Are people willing to pay me the asking price for the product or service offered?
– Can I raise my income by cutting costs or making strategic deals that promote business growth?
Most companies have trouble getting past the breakeven. And if you’ve seen the brighter side, congratulations!
You’re already halfway to production, and now the journey gets tougher than before. Because now, you need not only care for growth but also be careful not to lose momentum (making losses). Set minimum income requirements and strive for efficiency — whether marketing, product/services creation and CX. Brew ideas that enable you to quickly work on the growth opportunities.
Taking these three bold moves one after the other will improve your company much-needed. Make sure you prepare each of these strides carefully to achieve your goals, so it doesn’t turn counterproductive. Like life, anything in business that involves higher risk will earn you great rewards.
Continue to focus on developing yourself and collect insights that help make growth decisions. Being a home-based business owner also means staying motivated, especially in terms of discipline and consistency.
Can you share any home-based business stories weaved around the quarantine times of COVID-19? Let us get started within the comments section.