It is always exciting to start you own home-based business, and there will always be plenty to do to keep you busy. From start-up to a more mature business often takes time, but it can be really fun and satisfying.
However, sooner or later your business will start to plateau if you keep doing the same things over and over again without having a strategy for business growth.
How can you tell when it is time to grow your business? Here are ten suggestions.
1. You Have Regular Customers
Studies have shown that 80% of your business will come from 20% of your customers. They will need an incentive to keep buying from you. Adding new products and services regularly can help them do just that.
2. Your Customers Are Asking for Specific Items
Get feedback from your customers regularly, through surveys and by having an open communication policy in which you listen to their suggestions and consider them. If more than a couple of customers are asking for a particular new product or service, survey your whole audience. If they agree, then follow through.
3. You Have a Good Team
You wonít be able to grow if you keep trying to do everything yourself. Put together a solid team of freelancers and perhaps part-time or full-time staff to help develop your new products.
4. You Have Good Systems in Place
A lot of small business owners have never been to business school and donít always work in an organized and disciplined manner. Automate as much of your business as possible, such as email marketing. Systematize everything, such as what items will go into a new package. Make the systems so easy they will be “rinse and repeat” to help you grow steadily.
5. You Are Meeting Your Goals Consistently
If you are meeting each goal you set on a fairly regular basis, itís time to stretch yourself with even more ambitious goals.
6. You Have a Predictable Income Each Month
A lot of businesses have lean months as well as fat ones. The trick is to have a consistent, reliable income. This may mean adopting different strategies for each month or season. It can also mean strategic launches of new products and services during lean months.
It could also mean setting up a monthly membership program or coaching program in order to automate your income. Monthly webinars can be great earners too if they are promoted well.
7. You Have More Ideas Than You Know What to Do With
If you have a long list of products you would love to work on, assess which would do best with your target audience and go for it.
8. You Have Cash in Hand
It’s a clear sign that you are ready to grow your business if you are able to set aside a budget to start new initiatives.
9. You Want to Compete Equally
It might be time to grow your business if you find a number of things that your competition offers that you donít yet, which your current customers are asking for.
10. Opportunity Is Knocking
Other entrepreneurs might be contacting you with joint venture proposals or other requests to work together. This could be the ideal way to get more done without having to pay a lot of wages. Put the products together and market and split the revenue 50/50.