There are all sorts of homepreneurs. You have homepreneurs that are just making a secondary income to help support the family, you have the dabblers or the hobbyists (mainly working for shopping money), then you have the people who are designing a full scale and profitable business.
I’ve built a full scale home-based business completely by design and I have absolutely zero intentions of taking this business outside my home.
I love the commute of exactly 18 steps to my office. I also love the fact that I can wear whatever I want!
On rainy days that I don’t feel like getting out of my jammies, guess what?
Home-Based Business: Time is Money
One of the largest obstacles for any homepreneur is time. When homepreneurs enroll in my coaching program this is one of the first things we talk about. Time can make or break you. First we decide how much money they want to make in their business. So for example if you want to make $100K per year that means you want to make $8333.33 per month, $2083.33 per week and $52.08 per hour. How many clients or customers does $8333.33 per month represent? How much time will it take to get them?
The idea is to decide exactly how much money you want to make in your business then design a plan that makes that come to fruition.
If you design a solid plan that’s goal oriented getting clients is actually the easy part. Where things get hard is when it comes down to scaling a business.
How to Scale a Home-Based Business
I’ve seen people experience a small amount of success and suddenly they go out and rent a loft office, hire a few employees and get the fancy car they’ve always wanted. Guess what? They come upon hard times and then they’re maxing out their credit cards just to pay the rent. If you only knew the horror I’ve witnessed first hand!
One thing I love about being the experience I’ve gained as a homepreneur is I’ve learned to scale and grow a business by design. I determine exactly how much my business grows and within what time frame I want it to happen in. Then I design a system to fit the growth. You won’t catch me running around like a crazy person and all stressed out in my business!
So when it comes to scaling my home-based business:
- I decided how many clients I wanted based on how much money I wanted to make.
- I designed a plan to attain those clients.
- I designed a system that managed them well and streamlined the workflow.
I didn’t attempt growth until the process that I designed to handle my clients started feeling like it was flexible enough to include more workflow.
When I decided it was time to let a few more clients into my practice:
- I decided how many clients based on how much of a revenue increase I wanted.
- I carefully cherry-picked the potential clients I wanted to reach out to.
- When I attained the additional clients I wanted, I then re-adjusted my system to streamline workflow.
Take special note to point three above where I mention that I re-adjusted my system. The point is, I didn’t bring in new clients to fit the old system. This is where many people screw up! They get too many clients and their system doesn’t fit anymore then they struggle and their quality of work goes down. Guess what? Yes, they end up losing those clients.
Questions to ponder -
- How much money do you want to make in your home-based business?
- How many clients/customers does that represent?
- What will your system be to manage those clients well so that you do a great job in servicing them?
- If you’re ready to grow how will you scale your system to manage the new clients that you bring in?