Running your own home business is a dream come true. If you’ve gone full time you’re no longer beholden to a nine to five routine, a boss that doesn’t appreciate you or a job in which your skills and talents are wasted. If you manage your business alongside your day job you have the best of both worlds. You’re growing your enterprise and your brand in your free time and while you may not be making the money you’d like to with it at present you know that you have your day wage to keep you ticking over and the fulfilment of your business makes the quotidian frustrations of your day job tolerable.
Image by Pixabay
Yet, whether you run your business full time or alongside your day job it can be frustrating when you feel like you’ve hit a wall. Perhaps orders aren’t coming in with the frequency you’d like, maybe you’re struggling to reach new clients or maybe your business is relatively successful but you’re unsure how to grow your annual turnover to make it transition from five or six to seven figures. Whatever the case, here are some ways in which you might be able to help your home business smash the glass ceiling.
Identify the causes
If you’re seeing a sharp drop off in business or a consistent stalling of incoming revenue there’s almost always a reason why. Are you dedicating too little time to your business? Have you allocated too few resources? If you make your own product, are you unable to create the supply to meet demand? Very often there is no “one size fits all” solution to the growth challenges of your individual business. That said, identifying the cause is much easier said than done, especially when all of your time and effort is focused on the day to day operational running of your business and you don’t have time to look at your business strategically. Perhaps you need to delegate more responsibility to others so that you can focus more on using innovation to grow your business.
Secure the working capital to make judicious investments
Here’s an oldie but a goodie… It takes money to make money. Very often a business will hit a wall when it imposes a cap on its outgoings in terms of capital investments. The right capital investments like innovative production techniques, better equipment, more up to date software or better facilities can be an enormous aid to business growth but they can rarely be made without sufficient working capital. Net working capital is defined as the money that you have to invest back into the business. If you have poor cash flow that is impeding your ability to make capital investments you may benefit from a working capital loan.
Take on a fresh pair of eyes
Sometimes we’re too close to our business (both emotionally and in terms of perspective) to judge what’s best for it. In those times, taking on someone with similar experience but a different perspective can lead you to growth in ways that you’d never even considered before. Even if you’re in no position to hire new employees you may be able to get a mentor or business advisor to take a look into your operations with a fresh pair of eyes.