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June 09, 2009

Thinking About Expanding Your Home-Based Business?

Thinking About Expanding Your Home-Based Business?

Susan L. Reid

Small Business Expert and Business Catalyst, ALKAMAE

Summary

The year is 2009. Your home business is ready to expand. But with the economy the way it is, maybe you should wait. See how things go. After

The year is 2009. Your home business is ready to expand. But with the economy the way it is, maybe you should wait. See how things go. After all, you tell yourself, you can always wait until next year to expand.

That sounds like recession mindset thinking to me. The problem with recession mindset thinking is that it's emotional and irrational. And when you start thinking that way, you often make crazy decisions.

This is not the time to make crazy, emotional, or fearful decision about the future of your business.

Instead, now is the time to carpe diem and look through the lens of opportunity with a forward thinking mind.

Therefore, if you've reached that point in your home-based business where you're bursting at the seams and tripping all over yourself trying to keep up, then you owe it to yourself to thoughtfully consider what expansion now could mean for your business in the future.

After all, the millionaires of 2012 will be the people who actually saw opportunities now and took action. So, instead of holding back and hunkering down, start looking for opportunities in these three low risk expansion ideas.

Three Low Risk Home-Based Business Expansion Ideas

Expanding at home is one of the safest, lowest-risk growth strategies for a home-based business owner to consider. If you're ready to expand and want to strengthen your product base while increasing sales, these three expansion options are worth considering:

1. License your product.

This is a low-cost expansion project that can quickly add an additional income stream to your home business. What you'll be doing is licensing your service product or branded product. Licensing minimizes your risk and is easy to do.

Before you begin, get in touch with a small business attorney who specializes in intellectual property rights and have him or her draw up a licensing agreement for you. Then, start researching individuals, businesses, and companies that provide products and services similar to yours and set-up a meeting to discuss possibilities.

2. Expand your niche market.

I know. This is just the opposite of what business experts tell you when you're just starting up a business. Then, it's narrow your niche market. Now, it's expand. Obviously, you've done a good job at targeting your current niche market.

Now it's time to look around at other markets to see where you can expand into. Look for complementary niche markets. Think of the products and services you now have and see what can be modified or redesigned to satisfy the needs of your expanded market.

Think in terms of expanding into a broader niche market as well as into a more focused target group. If women are your target market, consider expanding into the men's market. If you usually sell to larger retail stores, now focus on boutiques. If your niche market is national, go global.

3. Add a government contract.

This is one of the best ways to expand and add a steady revenue stream to your business. Having the U.S. Federal Government as a customer is a real feather in your cap. The only problem is: the paper work is extensive and it can take a long time. Don't let that stand in your way. The first contract is the hardest to get. Once you have your foot in the door, however, many other contracts will come your way.

To get started, get online go to the Business Matchmaking website. When you get there, click on the "About" tab and start reading. Or, attend one of the Business Matchmaking events held several times a year in different parts of the country. If contract work looks like something you might be interested in, then, head over to the Central Contractor Registration website and register your business.

Even though it is 2009 and we're deep into a recession, you don't have to wait until later to expand your home business. Implement these three, low risk home-based business expansion ideas now and not only will you be reducing your risk, you will be priming your business for future success.