Owning a home-based business gives you several advantages – you don’t need to commute to an office, you have greater work-life balance, and you can save big on rent and other office overheads. However, you may need to upgrade and expand your existing space to make it suitable for a new, growing business. It takes careful planning and time to get this right.
Alternatively, you could always move to a new home, which may end up taking even longer. Today, Penmark shares some time-tested advice and tips on how to upsize or upgrade your home space to better suit your business.
Buying Process
Buying a home is a time-consuming process that typically takes weeks or even several months, says a Homebuyer report. You might have the option of buying your new house as-is, but that means the seller won’t be responsible for repairs, so you’ll definitely want to weigh your options first.
Next, you need to save for the down payment, make sure your credit score is good, create a personal budget, get pre-approved, talk to a real estate agent, tour homes, negotiate an offer, have the loan processed, any potential home of choice inspected, and the title searched. Allocate time accordingly.
Researching Homes and Home-Related Considerations
To find the right home for your business, you have to be clear about what you want exactly. First, research how hot the market is in your new area to find out what homes are selling for and how long they stay on the market. Some other things to think about:
- Location: Your location is important. You may want your business to be near a transportation hub or the center city. You may need some service businesses to be nearby too.
- Space and privacy: Is the house big enough, and does it have enough storage space for your servers, file cabinets, and other assorted equipment? You may also need to ensure you can work without being disturbed and, also, your work doesn’t disturb your family (if applicable).
- Entryway: You may need a separate entryway that’s large enough for transportation and to separate your office from your home.
- Cost and investment: Upsizing is expensive, needless to say. Make sure you research the current market conditions and invest only when everything aligns in your favor.
Upsizing
Expanding your existing home may also take several months, depending on the level of modifications you want to make. For instance, adding new rooms, a basement space, or an entryway are major modifications that can take months to complete. Cosmetic changes and upgrades take only a few weeks. Keep in mind that your business may be disrupted while these upgrades are happening. Furthermore, you need to find a reliable contractor to avoid work-related hiccups.
Registering Your Business in Your New State
If you’re forming a new business or moving across state lines, you will need to register (or re-register) your business. The typical formalities are signing up with the local government, acquiring an EIN, getting insurance, applying for permits, acquiring licenses, and more. Forming an LLC can protect your personal assets against lawsuits and offers other advantages like flexibility and easier paperwork besides. You can avoid paying large lawyer fees by filling out the LLC paperwork yourself or by using a professional formation service. Every state has its own rules about LLCs so be sure to check the local rules before you proceed.
Working from Home with Focus
Focusing can be harder than usual when you’re working from home, reports House Beautiful. There are many distractions that can make your life harder, like family problems, ambient noise, house chores, and more. The boundaries may also be blurred between work and home life.
Consider Extra Promotional Material like a Website for Your Business
It’s harder to publicize a home-based business than it is a run-of-the-mill office. Making a professional website with an eye-catching infographic, perhaps with a picture of your home office, can bring you extra publicity. You could hire a graphic designer to make a custom infographic, or you could save by using free templates that you can customize for your site. Once you choose a template, you can personalize it further by adding your own text, colors, background, and design elements. To find out more about how to easily create an infographic, check this out.
Conclusion
Finding the perfect home for your home-based business can take plenty of research, time, and energy. You don’t need to go it alone, fortunately. Take advantage of the resources available to you so that you can make an informed decision on the next big chapter of your life!
Penmark has all the business knowledge you need to succeed! Questions or comments? We’d love to hear from you!