5 Creative Ways to Expand Your Home Business on a Tight Budget

When you set up a small home business, the goal should be to turn the business into a financial success. Most people who start a small home business wish to become financially self-sufficient. They either seek to get rid of their job altogether or eliminate the need to look for one.

Setting up your home business should be done with the minimal investment. Even then, the most well set up business may reach a point where the profits are not rolling in as easily and the owner must come up with new ways to attract new customers or generate profits. Perhaps the business is turning a profit; however it is not enough to build the business further. Realistically, in order for your business to grow it needs to turn over profits above and beyond the costs of operation. There are several creative ways to generate new income for your business in order to exponentially grow your business.

1. Collaborate with other local businesses

One of the most ingenious ways to expand your business is by collaborating with another local business, industry or institution. For instance, you could facilitate as a financial guide for the students of the State University or College. Another example – you could become the credit repair and debt management agency for the employees of a local business or industry. By entering into such joint ventures, the business becomes a visible staple in the community and grants credibility to your business. Even if you work on a minimum profit model, initially, ventures such as this often draw in enough new business that a profit is very probable.

2. Info-products are super cool tools

How much time and effort would you be willing to dedicate to put together a 50 page, high quality digital info-product on a specific aspect of credit repair- if it were able to generate a new stream of income? The time it takes can be a turning point in your business. Design and sell this report for $0.99 on Amazon or Click-bank. Doing so will build funds, grant visibility to your business and instill credibility in the market. For this to work, the 50-page e-book should be comprehensive and of the highest quality. It is important that the report be worth more than the amount charged so that consumers feel they are getting an amazing deal and in turn will not hesitate to make the purchase of your digital product.

3. Volunteer work pays back in high returns

This is one method that will give you immense satisfaction both personally and professionally. Volunteering your services will grab the attention of your target audience. Volunteer to, for example, teach younger students how to invest their money so by the time they are in college, they will not need a loan. Holding a seminar such as this would get the appreciation of the kids and draw their parents in as clients. It also allows the members of the community an opportunity to be introduced to your business in a manner that shows that you care about their needs above your bottom line. This type of selflessness can mean big profits.

4. Use any and all free ways to advertise your business

There are a million and one methods to advertise for free. Be vigilant for ways to advertise your business. On the Internet, you can write articles and post them on free article directories; you could sign up for free classified ads, etc. Use the back of your visiting cards, the sign space of your email id, and the footnote part of your business letterhead- to say something about your business that promotes it and generates leads. Remember also to post free press releases on the Internet at regular intervals. You can print fliers from home and post them at supermarkets, libraries or even on the public bulletin board of your city hall. Also, make sure to carry business cards with you at all times. If having cards printed professionally is not an option at the moment, consider printing some from home using high- quality business card sheets. A simple writing program is all you need, and there are some available for free such as “openoffice.”

5. Speak at all types of conferences, trade fairs, and business meets

Make it a point to present something at any of these functions. It is a good practice if your business organizes a few such conferences/ workshops in your area. For financial sponsorship, you could go to other local businesses. The more you are known in your locality as an expert, the faster your business will grow. It is vital to build with other businesses to generate word- of-mouth referrals.

This list is not all inclusive; there are definitely many, many other ways to generate funds for your business and to attract new clients. Have a notebook ready at all times, or use your cell phone to write a memo and immediately jot down an idea when it comes to you. Using these simple tricks it is very feasible to turn your small business into your sole source of income.

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