Home Startup Tips For Expansion

Home Startup Tips For Expansion

If you have recently launched your home startup from the comfort of your home office, expanding your business might be the last thing on your mind. However, if you are ambitious and want to see your venture grow into something bigger, then you need to think about how you will use your cash flow to fund expansion.

There are many ways to expand a business. If you currently have a pleasant set up in your home office and work alone, the thought of hiring staff and securing business premises can be terrifying. However, this will be necessary if you expand your product range, expand your services or head to the international market with your wares. Take a look at how you can expand your startup in three easy steps.

Home Startup Tips: Secure More Funding

Even if your business is doing ridiculously well and you are surpassing your targets every month, you will need to secure more funding to expand. Expansion is expensive. You may need to hire new staff that cost a small fortune in wages, you may need to conduct market research before switching demographic and you might need to outsource to enhance your online presence. To secure more funding you could choose to revisit your bank manager, or now might be the time to pitch to a business angel.

With your drive, enthusiasm and exceptional business plan, you can dazzle an industry expert with your facts and figures. A business angel will bring funding with them as well as a book of contacts and their industry knowledge. They are useful individuals to have onboard so investigate their input a potential impact. It may not be the right avenue for you but is certainly worth exploring.

Home Startup Tips: Skill Up

As you expand, you will need to focus on your own professional development. I cannot stress this strongly enough; your business will only grow if you do. While you will hire staff to carry out new duties, you will still need to be aware of what needs to happen to make your business more profitable. As a new employer, you will move from sole trader to boss. You need to learn to delegate and not micro-manage. This is why you need to look into leadership development qualifications for your own benefit. This will make you a better line manager and will help your employees see you as a bona fide leader as well as a manager. Being a decent employer will help to boost employee morale and will prevent absenteeism and a high turnover of staff.

Home Startup Tips: Go International

To tap the international market and go global is the stuff of dreams. Becoming a household name across the world could see you making more money than you could ever imagine. However, what works in one country may fail spectacularly in another. This is why you need to invest in international market research. If the international climate isn’t favourable to your product or service, you need to tweak it, aim for a different niche market or scrap the expansion plans altogether.

Expanding your business is nerve-wracking. However, harness your ambitions, tread with caution and walk before you can run to ensure safe and measured growth for your home startup. If I’ve learned one thing from my business, which I continue to scale up, is that the saying “Go big or go home” can be very relevant for small business owners and even freelancers.

Work Life Balance & Freelancing

Work Life Balance & Freelancing

Home life and work life can easily interfere with one another when working as a freelancer. By keeping the two separate, you can work more productively and enjoy your free time more. Here are just several ways to enjoy work life balance when, like me, working as a freelancer.

Work Life Balance Tip 1: Have a Dedicated Work Space

Having a space in your home dedicated solely for work can help you to switch to work mode (and off again). It’s important that your designated workspace is somewhere free of distractions – working from your living room whilst other family members watch TV is not ideal. If you don’t have an individual room to transform into a home office, try to at least designate a corner of a room as your office, For instance, you could consider buying some office furniture and setting up a desk in the corner of your bedroom. Alternatively, you may be able to convert unused space into an office such as an unused loft.

Work Life Balance Tip 2: Work Away From The Home

I remote work a lot. This can help you to get away from the distractions of home and give you that sense of having a separate workplace. Libraries and coffee bars are popular free places to work from. You can also try renting a desk in a co-working space to see if this helps you get into a work mindset. I run a free coworking group in Thirsk aimed at helping reduce freelancer’s isolation and boosting work life balance.

Work Life Balance Tip 3: Keep a Work Schedule

Freelancing offers the benefit of being able to work flexibly, but too much flexibility can have an impact on your ability to work. Try to keep set work hours each day if you can. Not only will you find it easier to concentrate on your work, but you can then set dedicated and uninterrupted times for doing things with other people. I’m very strict on my working and non-working times.

Work Life Balance Tip 4: Use Separate Phones

If clients contact you by phone, it could be worth considering buying a separate phone for work use. You can then turn this work phone off in your free time so that you don’t have to deal with work calls and texts. Similarly, you could turn your personal phone off during work hours – whilst you may still want to keep a few emergency personal numbers on this phone, it could allow you to distance yourself from personal social media notifications and unimportant texts that could serve as a distraction when you’re working.

Work Life Balance Tip 5: Use Separate Email Addresses

It could also be worth setting up separate email addresses. This can allow you to only receive business emails when logged into your work email and only personal emails when logged into your personal email. If you’ve got too separate phones, you may also be able to log each one into a separate account. This is more about avoiding distractions which means you should get your allotted work done in work hours and not run over into “home” time.

If you have any other work life balance top tips for freelancers feel free to comment below.

 

 

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