How to expand your self employment own business
You as an entrepreneur have three ways to expand your home business:
Get more customers for your home business
This is done by marketing your current service or product to more clients or by expanding your services and products. You can ask the following questions to establish who the new clients would be and what type of services or products to offer:
- Who will benefit from my home business services or products?
- Do my home business products or services meet their requirements and wants?
- Can my products or services save them money?
- What amount do the clients spend at present on their particular needs?
- Where are these clients located, and how many of them can I reach?
- What will be the most cost-effective way to reach them?
These questions form the basis of your market research for expanding your home business. The market research not only saves you money, it also helps you to target the correct clients and customize your services or products to meet the needs of the target market. You may consider the assistance of a market research company or a broker but you don't have to make use of an expensive market research campaign. It can be as simple as calling the central statistical service in your country to find information on the demographics of your area, doing a few searches on the Internet to get ideas on product development, and asking your current clients the right questions.
Increase the regularity of salesYou can do this by creating opportunities for your clients and by simplifying the purchasing process. Make it as convenient as possible for your clients to buy your products on a regular basis or make use of your home business services. By offering incentives, ease of payment methods, and loyalty plans, you ensure repeated sales and use. You can also ensure that clients return by doing the following:
- Increase turnaround time on service delivery.
- Respond in a prompt manner to all requests, correspondence, telephone calls, and messages.
- Follow-up on client satisfaction.
- Build a contact list of your clients.
- Provide good service at all times.
- Ensure that your offers are constant and reliable.
- Timely invoicing is important.
Even though the above methods or strategies may seem obvious, many suppliers and entrepreneurs ignore them and as a result lose their businesses.
Add value to increase salesYour sales will automatically increase when you reach a larger market, get new clients, and increase regular sales. You can however also increase sales through value-adding. This means that you must provide additional benefits for buying or using your products and services. This in turn leads to better client relations. Find out how the clients perceive the value from services or products offered by your home business. The following example indicates how adding value can increase sales and return clients: A computer home business owner offered his clients one call-out free for every three call-outs and his client numbers increased by word of mouth with 30 percent in three months. When he stopped the offer, he experienced a 20 percent drop in business expansion. To make the most of these methods to expand your home business, start with what you already know about your clients, products, and services.