No Solopreneur ever wants to dedicate time and effort working on your business to realize that those efforts ought to have been spent elsewhere. Especially seeing that time is a Solopreneur's most precious commodity. In Part 1: The Set-Up, of this 3-part series, we learned all about Creating an Offer as being the Top Priority for a Home-Based Business. We also learned that Home-Based Businesses that had a Value-Based Structure were the best types of businesses for customers to purchase from. So today we are going to pick up where we left off and define the Top Priority in Part 2: Expand Your Business. When should you start thinking about growth and expansion, and where should you be focusing your time?
The Top Priority of a Home-Based Business Solopreneur in Part 2: Expanding Your Business Phase is Marketing and the Delivery of Your Offer. This means that you have to divide your time between delivering your Offer to those who have already purchased it and Marketing to new potential customers.
Expanding your business should always start with a benchmark or measuring level. Most often it has to do with the number of sales you are making each month. However, we are going to explore more than just sales to get a true indication of where your business is and how to squeeze out the most income possible. So if you have already completed your Offer, let's dig into the when and how to expand and grow.
Why Using Benchmarks Can Help A Home-Based Business
Before we get to what benchmark measurements to use to help you to determine when to expand your business. Let's take a brief moment and discuss why using benchmarks can help a Home-Based Business. Often times Solopreneurs are in a hurry to expand and grow your home-based business that you rush pass the important and subtle nuisances of Part 1: The Set-Up. Let's discuss why it's so important to get this right before you try to expand and grow.
- The first and most important reason is that it provides a clear goal to aim for. Without this level, you may not know when you're done or even where to start.
- The second reason is that it allows you to track your progress and manage your growth along the way. This will give you a sense of accomplishment as you see the needle move in the right direction.
- The third reason is it helps keep you accountable. Implementing Productivity Tools to analyze growth are best for you to track your progress. Having something to report back can help keep you on track and focused on the task at hand. I've made a list of my Top Productivity Tools for Home-Based Business Solopreneurs to use to track progress and growth.
- Last but not least, the fourth reason is, it also allows you to make necessary adjustments as you go along. You may find that what you thought was working isn't or that there is a better way to do something.
What Is The Benchmark & When To Expand Your Business
As I said before, I always like to begin with a benchmark or measuring level when it comes to expanding a business. One of the biggest mistakes Solopreneurs make with their Home-Based Business is not staying in the Set-Up Phase for a longer period of time. This mistake usually happens because very specific benchmark KPI's (Key Performance Indicators) have not been established prior to starting a sells campaign. These KPI's are the Top Priorities of Part 2: Expand Your Business. Let's look at a few examples of what I would consider to be KPI's benchmarks top priority for a Home-Based Business.
The first KPI's benchmark top priority is focused around The Delivery Of Your Offer:
- The number of sales you are making each month (Sales Quota) are being made
- You have made Profitable sales each month, for 8 to 12 months consistently
- You are delivering your Offer to customers with less than 1% Refund Rates
- You have a loyal Custom Base, or your Social followers are buyers
- Customer satisfaction rates are over 80%
- You customers are asking for complimentary products or services
- Your monthly sales over $3000
The second KPI's benchmark top priority is focused around Marketing:
If you have answered yes to most of the questions in each of the two top priority categories, The Delivery Of Your Offer and Marketing. Then you are ready to begin thinking about and setting up your Business Growth Plan for Expansion!
Growth Plan To Expand Your Business
Now that we know what a benchmark is and how to set up your top priorities for success. It's time to get into a Growth Plan To Expand Your Business and talk about some practical ways you can do this with your Home-Based Business.
The First Way To Start Your Growth Plan To Expand Your Home-Based Business Is By Adding a FREE Layer To Your Offer.
This can be done by turning what you are currently offering into an extra bonus or special Funnel Offering to a Cold Market. Remember by now you should have exhausted your warm market and this is an incredible Cold Market Strategy.
The Second Way To Start Your Growth Plan To Expand Your Home-Based Business Is By Adding A CONTENT Layer To Your Offer.
This can be done by creating Content that sends people to the Free Offer.
The Goal here really is to get people to take you up on the Free Offer and get to know you better through the content you are creating. The Goal of the Content is for them to come to Know, Like, and Trust You.
THE FREE OFFER SHOULD LEAD TO PAID OFFER
Make sure to ask for Name and Email Address In The FREE Offer
-The Expand Your Business Phase is all about taking what you have learned in Part 1: Set-Up Phase and turning it into a plan to grow your Home-Based Business. This will not happen over night, but if you focus on these two Top Priorities: The Delivery Of Your Offer and Marketing; and begin to establish Benchmark KPI's, you will begin to see progress which will lead to growth in your business.
-Also adding a FREE Layer by way of a Funnel or Content, allows you to expand your reach with a Cold Market.
Remember it is a Process and takes time to Expand Your Home-Based Business. Do not give up, the pay off is worth it!
I would love to hear how this works for you or if you have any questions, please reach out through the comments.