Having a home-based business is a very convenient thing. It does away with the commute altogether, saves you rent money, and is a massive time-saver overall. But not all spaces make for a good base of operations. Your current home, for instance, may be too small, not centrally located, and otherwise unsuitable for your new (or existing) business. If you’re in the market for a home that can better accommodate your business needs, you’re in luck. This article covers all the important considerations you need to make to find the right space.
Start by Jotting Down Exactly What Your Business Needs
Getting clear about what your business needs should be your first step. Some suggestions:
- Location: the proximity to public transport, ease of access, infrastructure, and nearby amenities (like WiFi and parking space), among other things.
- Separate entrance: having a private entrance may be necessary to accommodate visiting clients, employees, and service personnel.
- Storage space: you may want extra storage space for your physical goods, office files, computer servers, and similar.
- Extra rooms: you may need extra rooms for your home office, employees, housing a workshop, and more.
- Privacy: if you live with your family, you’ll need to ensure your work doesn’t intrude into their day-to-day life. You will need to consider their needs besides.
You may not be able to find a home that matches your needs perfectly; meaning you may need to pick something and make modifications afterward. As such, make sure any home you buy has enough room for modifications. Also, check how flexible the HOA is, and see if zoning permissions are readily available.
Setting Up Your Business Structure
If you haven’t already done so, you’ll need to give some careful thought to your business structure. While you have a number of options (sole proprietorship, corporation, etc), many entrepreneurs like you choose to start a limited liability company (LLC) because of the liability protection and pass through taxation. To get started, you can hire a lawyer to help you with the paperwork, or better yet, get in touch with an experienced formation service that can get you launched more cheaply while still ensuring you’re in full compliance with local regulations.
Design a Logo
Creating a logo for your business is a crucial step in establishing your brand identity. A well-designed logo communicates your business’s vision and values at a glance. Fortunately, you can design logos yourself using a free online logo maker. These tools often offer a variety of templates which can serve as a starting point for your creation. After selecting a template, you have the flexibility to personalize it by adding your own fonts, images, photos, and choosing colors that reflect your brand’s aesthetic. This DIY approach not only saves costs but also allows you to infuse your personal touch into your business’s visual representation.
Develop a Budget
Taking stock of your finances should be your next move. Buying a home is expensive, as is running a business – you need to figure out exactly how much home you can afford. This will speed up the search for your home (eliminating homes out of budget). If you’re applying for a mortgage, you will need to prepare documents and ensure you have a solid credit score.
Understanding the reality of your budget may also dictate if now is the right time for you to buy. You will likely need a home that is on the larger side to accommodate your growing business needs. So make sure that your budget can sustain what you need before you dive into a new mortgage.
Upskill with Computers
Upskilling with computer skills is a powerful way to enhance your business operations and stay competitive in today’s digital landscape. Learning key computing skills, such as coding, can significantly improve your ability to innovate and streamline processes. Take advantage of online coding resources to get a grasp of the fundamentals of coding.
These platforms offer tutorials and courses that can introduce you to various programming languages and concepts, enabling you to automate tasks, analyze data more effectively, and develop bespoke solutions for your business needs. Investing time in these skills can yield substantial returns by increasing efficiency and driving technological advancement within your company.
Allocate Time for the House-Buying Process
Buying a house can take several weeks or even several months. Assuming you’re applying for a mortgage, the typical home-buying process is setting a budget, pre-applying for a mortgage, contacting a realtor, going on house visits, finding a home, making an offer, waiting for the home inspection, negotiating, closing, and moving in.
Allocate Time for Home Modifications (if Desired)
As we mentioned earlier, you may need to make modifications to your home to accommodate your business. Cosmetic modifications can take up to three months, medium modifications up to six months, and major modifications up to a year. Your business may be affected while modifications are underway, so plan accordingly.
Consider Setting Up a Home Office
Having a home office with a seating room and classy décor, makes your business look professional. Also, having a designated office space makes it easier for you to focus and get into “work mode” and back out again, promoting a healthy work-life balance. As a business owner, you are likely wearing a lot of hats. As you set up your home-based business to grow, look for ways that you can outsource aspects of your job to someone with more time – and possibly better qualifications.
Planning and preparation are your best friends in your hunt for a new home. The earlier you begin, the smoother it all will be. After finding a new home, consider your business structure and marketing plan for a smooth transition and to have strategies in place for more growth.
We hope you found this blog post Potential Risks That Can Leave Home-Based Startups Vulnerable useful. Be sure to check out our post How to Work from Home with Maximum Benefit: Expert Tips for more great tips!
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