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Growing Your Home-Based Business |
Q: I am a mother of three and love working from home. That said, it seems like there is a limit as to how far I can go. How can we work from home folk take it to the next level? -- Maggie
A: It is indeed a very common lament: People who work from home tend to really like it, but wonder if it limits their growth options. The truth however is that yes, you can in fact work from home and still grow your business. Here's how:
Use an executive suite. What do you do when you have a home-based business and you need to impress clients? The answer is, use a professional or executive suite. Executive suites are offices that you rent by the hour, day, week, or month. They are fully furnished, have secretaries and receptionists, high speed Internet, and offer options like conference rooms, copy machines, and even video Web conferencing. Most executive suites are in very nice buildings, and so the end result is that you are fairly well assured of impressing clients.
By utilizing an executive suite, you can put a great face on your home-based business and at a very reasonable price too.
Rent some extra space. Running a business from home does not mean that you don't have other options, you do. Many successful home based businesspeople run their business from their home and still rent out the extra space they may need to grow their business. It is not an either / or situation. You can run a home-based business and rent the extra space you need, whether that is a warehouse space, studio space, seminar rooms, offices for employees, or whatever.
I know a Yoga teacher who used to hold classes in her living room. While nice and intimate, it limited the number of people who could come to class. So, as her reputation and business grew, she decided to rent some space twice a week at a nearby dance studio. So now she still holds some smaller classes once or twice a week at home, and she continues to run her business out of her house, but she uses space outside the house to grow her business.
Get some help. When you face the enviable problem of having too much growth and not enough room, then it is probably time to hire some extra hands. The options are many: You can bring in a full or part-time employee, or hire an independent contractor, or even bring in an intern.
Sure it will cost you money, but given that hiring staff is a sign that your home based business has reached a more mature stage of development, it will be money well spent, You will get to spend less time on mundane and more time on important matters.
Bringing in help enables you to have more time to think bigger and plan better.
Go virtual. Another option, especially if space or finances are a concern, is to hire a virtual assistant (VA). Virtual assistants are independent contractors who work from their own home or office. They can do everything from answering the phone and responding to email, to shipping, collections, research, marketing, and travel planning. They can even help with your e-newsletter or with website maintenance.
According to the International Virtual Assistants Association, "A Virtual Assistant (VA) is an independent entrepreneur providing administrative, creative and/or technical services. Utilizing advanced technological modes of communication and data delivery, a professional VA assists clients in his/her area of expertise from his/her own office on a contractual basis."
And VAs are affordable - typically less than $50 an hour. As with any independent contractor, you pay only for the time you use. The bottom line is that by hiring a virtual assistant you get all the advantages of having an assistant without the associated overhead.
So no, growth and a home-based
business are not mutually exclusive.
Today's Tip: Last week I was scheduled to moderate a panel in Oakland, California with Governor Arnold Schwarzenegger and Michael Milkin, but due to unforeseen circumstances I was unable to attend the second California Conference on Small Business & Entrepreneurship.
Given the size and importance of California's economy, it was great to see a conference devoted to sharing ideas and offering practical solutions for how small business can help drive California's economy forward. As the governor said, "Small businesses make up 98 percent of all California businesses and provide over half the employment in California. This means it is vital that they have the support and resources they need to come back stronger than ever."
True indeed. Good job.
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