business advice Archives - Freelance Mompreneur

Over the last 18 months, I’ve devoted major energy and focus on finding ways to make money without having to do a ton of work. While I love writing for my clients, it’s time that I invest as much effort into my business as I’ve been doing for others.

While I still make money as a freelance writer with several regular customers under my primary business Sara Trimble Freelancing, I’ve also decided to branch out by establishing several new niche sites.

If you’re a regular here, you already know that my primary business is being a niche expert in freelance, small business, working from home, mompreneuring, and writing. And that I’ve also built brands in:

Dogs (my niche site is Adventures with Canines)
music (my niche site is Musicjunkie85)
parenting (I post about my life as a mom of 8 on Medium)
self care
pyschology
relationships
crafts (my niche site is Sarandipity’s)
ecommerce (I sell my goods on Koji)
Etsy
printables
planners
schedules
checklists
downloads
graphic design.

With so many areas of niche expertise, it makes sense that I would expand my brand to encompass new money making opportunities. A ton of businesses are seeing large success rates with the use of digital products. So, I’ve decided to give it a shot as a simple way to expand my small business.

How to Expand Your Small Business

Growing your business can be a rewarding experience. Here are some steps to help you expand your small business without a lot of work, experience, time, or money invested.

Secure funding: Depending on the type of expansion you’re planning, you may need to secure funding to support your growth. This could include seeking out investors, applying for a business loan, or crowdfunding.

Hire additional staff: As your business grows, you may need to hire additional staff to help you manage your increased workload. This could include hiring employees, freelancers, or contractors to handle marketing, sales, or customer support tasks.

Invest in technology: To support your growth, you may also need to invest in new technology or software tools to help you manage your business more efficiently. This could include tools for managing your finances, tracking your inventory, or automating your marketing efforts.

Measure and adjust: As you implement your growth strategy, it’s important to measure your progress and adjust your plans as needed regularly. This could involve analyzing your sales data, soliciting customer feedback, or seeking advice from other business owners or industry experts.

Expanding your small business can be challenging, but by taking a strategic approach and being open to new opportunities, you can position your business for long-term success.

Launch New Products or Services – Identify Your Target Market

Before you can expand your business, you need to know your ideal customers. Take some time to conduct market research to identify your target customers and find out their needs and pain points.

This will help you create new products or services that meet their needs and attract new customers to your business. And it ensures that your new products or services are differentiated from your competitors.

Identify gaps in the market and create new offerings that meet the needs of your target customers. For example, if you run a blog, you could expand your business to include ecommerce, digital goods, affiliate marketing, or being a virtual assistant.

You might also need to invest time and resources in developing and launching your new offerings, such as hiring additional staff, creating marketing materials, and training your team.

Expand into New Geographic Markets – Develop a Growth Strategy

Once you’ve identified your target market, you need to develop a growth strategy that outlines how you plan to expand your business. This could include launching new products or services, expanding into new geographic markets, or partnering with other businesses to offer complementary services.

If you’ve saturated your local market, consider expanding into new areas. This could involve opening a new physical location or selling your products or services online to reach customers in different regions.

Partner with Other Businesses

Seek out complementary businesses that you can partner with to offer bundled services or cross-promote each other. For example, a yoga studio could partner with a massage therapist to offer a wellness package.

Diversify Your Revenue Streams

Don’t rely on one source of income. Consider adding additional revenue streams, such as selling products online, offering consulting services, or hosting events.

Acquire Other Businesses

If you have the financial resources, consider acquiring other businesses that complement your own. This could help you expand your customer base, access new markets, and gain valuable expertise.

There are plenty of websites that have already been set up and marketed with a steady client base and income stream available for purchase.

Make Your Business Better By Expanding

In today’s world when the cost of everything is going up dramatically, including the price of running a business, it’s crucial that you have multiple revenue streams. It’s no longer enough to only target one area of the market. You want to try getting visible in multiple areas to get the most amount of customers and sells.

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Are you sick and tired of being a corporate drone? Get ready to embark on the exciting adventure of turning your passions into a moneymaking machine!

No more working for the man, my friend. It’s time to make bank doing what you love! Thanks to the glorious wonders of the internet, technology, and the ever-changing workplace, anyone with a burning desire can turn their hobbies into a cold, hard cash flow.

Imagine getting paid to do the things you adore! You can either enjoy a little side hustle to spice up your boring nine-to-five grind or go all in and make it your full-time gig. The choice is yours, my entrepreneurial friend!

So, dust off those hobbies and prepare to cha-ching your way to financial freedom!

1. Identify Your Passions

Start by finding what you really love doing. What activity brings you the most joy? What are you skilled at? Is there something you can do all day without feeling tired? If you’re unsure, ask people who know you well for their opinion.

Once you have a good idea, you can start thinking about how to turn this passion into a way to make money. Discovering your passions is an important first step in creating a satisfying life. Whether it’s a hobby or a talent, pinpointing what makes you happy can lead to success and happiness.

Now that you know your passions, focus on developing your skills and finding opportunities to turn them into a profitable venture.

Engaging in activities that align with your passions will bring you great satisfaction and the potential to earn money.

Once you clearly understand your passions and skills, start exploring ways to make money from them. This could involve starting a business, freelancing, establishing an online presence, or even teaching others through workshops or courses.

2. Research the Market

To earn from your passion, you’ll need to find out if there is a market for it. Are people paying money for knowledge, products, or services related to your idea?

There are many ways you can research the market. Use search terms to find websites and social media accounts related to your passion. Look and see if any products are selling in this niche.

Additionally, you can use online forums and groups dedicated to your area of interest to gather more insights into the market demand.

Another effective strategy is reaching out and conversing

with potential customers to understand their needs and preferences. Investing time and effort in market research will provide you with valuable information to make informed decisions and increase your chances of success in monetizing your passion.

Amazon and affiliate marketplaces like ClickBank and Amazon Associates are good places to do this. If you see people buying products, you know you have a potential income stream.

3. Create Success Routines

You will likely be working on your own, and you’ll need a framework to do that. You’ll use this routine to build the business, whether it’s a side hustle or a whole new career.

Think of all the things that you’ll need to do each day. Create a tentative schedule for doing each, which you can later refine. Start with a morning routine that will get you started most effectively.

When creating your daily routine, remember to maintain a healthy work-life balance. Additionally, it is essential to prioritize self-care and ensure you take breaks throughout the day to relax and recharge. Consider incorporating regular exercise, mindfulness practices, and hobbies into your routine to maintain a healthy balance between work and personal life.

Remember, a well-balanced routine is key to long-term success and fulfillment. Grab this 120-page minimalistic daily planner for easier organization and planning.

4. Establish Your Online Presence

No matter what monetization strategy you use, you need to have an online presence. You’ll use it to grow your market and provide helpful content to your target audience.

Having a strong online presence is essential in today’s digital age. To establish a substantial online presence, it is crucial to have a well-designed website that represents your brand and showcases your products or services.

A website serves as a central hub where potential customers can learn more about your offerings and make purchases.

Along with having a website, engaging with your audience on various social media platforms is equally important. Consider creating accounts on major platforms such as Facebook, Instagram, and LinkedIn. These platforms allow you to connect with your target audience and provide valuable insights into their preferences and behaviors.

Don’t underestimate the power of video content. Consider starting a YouTube channel where you can share informative and engaging videos related to your niche. Videos are highly effective in capturing your audience’s attention and can significantly contribute to the growth of your online business.

Remember, building a strong online presence takes time and consistent effort. By leveraging the potential of a website, social media platforms, and video content, you can expand your online reach, enhance brand awareness, and ultimately achieve success in your online endeavors.

5. Focus on Offering Value

How do you cultivate and expand an audience centered on your passion?

The fundamental strategy is delivering immense value by supplying individuals with precisely what they desire and require. By continuously increasing the value you offer to the marketplace, you will witness a significant improvement in your efforts.

When your products and services effectively address the challenges faced by your target audience and facilitate positive transformations in their lives, you will observe a distinct rise in their loyalty towards you.

They will continue to engage with your content actively, increasingly follow your journey, and ultimately convert into steadfast and devoted customers.

6. Get Goal-Oriented

You can only create a viable business with a solid plan, and at the core of any business plan is a set of goals.

Goals give you milestones to work toward. Measuring your progress helps you monitor and make necessary changes.
The best goals are specific. For example, you might choose the number of new followers or the earnings you want to achieve by a particular time. Being as detailed as possible not only makes it easier to monitor progress but it also provides a clear direction for your efforts.

Setting specific goals allows you to break down your objectives into smaller, manageable tasks, which can further enhance the efficiency and effectiveness of your business operations and strategies.

Remember, goals serve as an invaluable compass that guides you toward success, helping you stay focused and determined as you navigate the dynamic world of entrepreneurship.

7. Diversify Income Streams

The way to build a passion-based business is to create one income stream at a time. This approach allows you to focus on developing and nurturing each stream, ensuring its success while also minimizing the risk associated with a single income source.

Should a sudden change in the market occur, know that your other streams will continue to provide stability and opportunity for profits. It is crucial to prioritize and dedicate your efforts to building each stream individually, ensuring that you allocate the time, resources, and attention for its growth.

Once you have achieved your goal with one income stream, seize the momentum and establish the next one promptly. Adopting this incremental approach allows you to gradually expand your business and diversify your income, ultimately forging a robust and sustainable entrepreneurial journey.

Stay Motivated and Stay on Track

It takes time and effort to turn what you love into your livelihood, but ask any successful entrepreneur, and they’ll tell you it’s well worth it.

You won’t see dramatic results immediately, but you’ll enjoy the process. And once you start seeing results, you’re motivation will continue to increase.

As a solo entrepreneur, you must keep growing. Always look for ways to expand your knowledge and take advantage of new trends to serve your clients better. This is how you will attain your business goals.

Want to learn more about how you can turn your passion into a business? Sign up for my email list! Join today and get a free summer activity pack instantly downloaded.

Tag: business advice

5 Ways to Expand Your Small Business