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Growing Your Business

Growing your home business is typically a challenge, and accomplishing this task in an extremely challenging economy can be heroic. Initially, make sure that you understand your customers and your market. The exceptional organization SCORE asks in “All Systems Grow”: Are there similar or complementary product lines that you can introduce to supplement your offerings? Similarly, can you introduce your current product into or license your current product in new markets?

In addition, utilize the internet wherever possible; create a website, or if built, focus on your site to educate the public as well as to market and promote your products. Use social networking, e.g., Facebook and Twitter, publish press releases, email your customers with quality information and offers and make sure that your website is ‘search engine friendly.’

Also, more than ever, keep close track of your finances. As funding a growth spurt is particularly demanding, experts frequently remind aspiring entrepreneurs to make sure that receivables do not impair the business’ ability to function, let alone expand. In addition, focus on the most profitable products. Cut costs where possible, and if expansion takes hold consider utilizing independent contractors rather than employees to fill any voids until you are comfortable that the business can afford additional employees.