The year is 2010. Your home business is ready to expand into new territory. But with the economy all screwed up the way it is, maybe you should hold back for just a bit. See how everything comes together. After all, you keep telling yourself, you can wait until later to lay some new ground.

That sounds like lame mentality to me. The trouble with a lame mindset is that it's emotional and illogical. And when you begin thinking that way, you often make strange decisions.

This isn't the time nor the place to make insane, emotional, or cowardly decisions about the future of your business.

Alternatively, now is the time to carpe diem and look through the lens of opportunity with a positive thinking mind.

Thus, if you've passed that point in your home-based business where you're bursting at the seams and stumbling all over yourself trying to maintain, then you owe it to yourself to thoughtfully debate what expansion now could mean for your business in the future.

Subsequently all, the millionaires of 2012 will be those who saw opportunities now and took precise action. So, rather than holding back and scrunching up, start looking for opportunities in these three low risk ideas.

Low Risk Home-Based Business Expansion Ideas

Expanding at home is among the safest, lowest-risk development strategies for a home-based business owner to research. If you're ready to expand and would like to fortify your product base while accelerating sales, these three expansion ideas are worth studying:

License your product.

This is a low-priced expansion project that can add an additional revenue stream to your home business. What you'll be doing is licensing your branded or service product. Licensing lowers your risk and is pretty simple to do.

Prior to beginning, connect with a small business attorney who specializes in intellectual property rights and have him or her compose a licensing agreement for you. Then, begin researching individuals, businesses, and companies that provide products and services synonymous to yours and put together a meeting to talk about possibilities.

Expand your niche market.

I know. This is just the thing business experts tell you not to do when you're just starting up a business. Then, it's a small niche market. Now, it's expand. Apparently, you've done a great job at placing your current niche market.

Now it's time to research other markets to see where you can expand into. Look for reciprocal niche markets. Think of the products and/or services you now have and see what can be changed or redesigned to meet the needs of your expanded market.

Think in terms of expanding into a fuller niche market as well as into a more in focus target group. If men are your target market, look at expanding into the women's market. If you commonly sell to larger retail stores, at present focus on boutiques. If your niche market is local, go national.

Add a government contract.

This is among the safest ways to expand and add a constant income stream to your business. Having the U.S. Federal Government as a client is a tip of the hat to you. The only trouble is: the paper work is considerable and it can take weeks. Don't let that stand in your way. The first contract is always the hardest. Once you have your foot in the door, many other contracts will come your way.

To get started, go to the Business Matchmaking website. When you get there, click on the "About" tab and start reading. Or, attend one of the events held several times a year in several parts of the country. If contract work looks like something you could be see yourself doing, then, cruise on over to the Central Contractor Registration website and register.

Even though it is 2010 and we're in a recession, you don't have to wait to expand your home business. Follow through with these three, low risk home-based business expansion ideas now and not only will you be bringing down your risk, you'll be preparing your business for upcoming success.