Delegate, Focus, and GROW Your Business

How to Safely Grow Your Home Business

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As an entrepreneur, you work hard to keep your business running strong. But to keep it healthy, you need to find ways to expand it safely. Keep these tips below in mind as you grow your home business.

Diversify Your Offerings

Have a look at the service or product that you are offering—is there any way to expand on this? Can you offer something that complements your primary offering? Diversify your offering with relevant products or services as a safer way of moving forward than adding something new and unrelated to your current business model.

Expand Your Target Market

Most entrepreneurs know the value of carefully selecting their target market. After all, you cannot be all things to all people and still be successful. A problem with this is that we can become too focused on our primary target market and lose out on lucrative secondary markets.

Take a look at fast food giant, McDonald’s. The release of the documentary Supersize Me caused the company to gain a reputation for serving unhealthy meals. In reaction to this, McDonald’s diversified their menu to include salads and wraps to target more health conscious clients. And, according to research by Coleman, Goa and Kim in 2009, their strategy worked. From 2004 to 2007, McDonald’s revenue increased by 27 percent.

As a small business, take a few lessons from this. McDonald’s diversified its range a little but it did not change its core business too much. Nichole Kelly of SME Digital advises that you should expand your market in this manner only if your core business model will not change more than 10 percent.

Security First

Most importantly of all, when it comes to growing your business safely, look for ways to protect yourself against fraud. The bigger the business becomes, the more tempting it is as a target for fraudsters. Securing outgoing information may not be enough—identity thieves do not even need much information to be able to open credit lines in your business’ name. Nearly everything they need is easily found online.

To ensure that you do not become a victim, stay informed about what is going on in terms of your finances. Monitor your credit history and potential applications, as well as your banking history.

A monitoring service can help identify threats and notify you of potential risks. LifeLock, for example, scans for suspicious activity on your credit report and bank accounts. They also scan the so-called black market websites that deal in the sale of private information. Should anything suspicious be detected, you will be notified immediately, allowing you to minimize the damage done.

Good Preparation

The main key in successfully growing your business is to be properly prepared. Do your research upfront, and conduct regular reviews to monitor your progress. Being well-prepared will make it easier to deal with trying issues as they occur. Because it takes some time to prepare things properly, you are also less likely to expand too quickly and over-reach yourself.

Posted on March 12th, 2015 by Rachel Braam, Office Manager

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