How to Set Up Your At-Home Business for Success
Starting a new business from the comforts of your home is both a pleasure and a challenge. You get to share time with your family, build your dream, and forego the limitations of spending your time and ideas growing someone else’s company. At the same time, you need to juggle family space with workspace and take full responsibility for securing your future.
All of these points begin and end in your own home, and your space needs to support your efforts on all fronts. These tips from eHouse Realty can help you ensure you get started out on a path towards success.
Determine Your Needs
While your current home might be adequate when you initially launch your business, the chances are good that at some point, your organization’s needs will outstrip the available space. If this happens, one option is to purchase a new home that can fulfill both your personal and professional needs.
Before beginning the search, take some time to determine what your business requires to run smoothly. Ask important questions, such as:
- What kind of space is needed for production?
- Is there a need for a private office?
- Is storage space necessary?
- Will there be meetings with clients?
- How much space does the company need for future growth?
Each of these points leads to other details that you should work out. For example, if you’ll meet with clients at home, do you need a separate entrance for them? a waiting room? extra parking? You might be able to convert a garage or outbuilding and expand an existing driveway to tackle the whole package; identifying priorities will lead to practical solutions.
Once you have compiled your wish list, it’s helpful to rank each item. Knowing which requirements are non-negotiable and which are flexible will help direct the house hunt.
Use a Real Estate Professional
Purchasing a new house is an important decision for anyone, but if you plan to use the property for both your home and business, the decision is even more crucial. Meet with a real estate agency early in the process. A professional can give you insights into the market, keep you updated on the listing databases, spot potential issues, communicate with the seller’s agent, negotiate for you, and coordinate everything from start to finish.
Budget Wisely
While knowing what you need in a home is one important piece of the equation, your financial situation is another critical piece. You’ll need to know how much home you can afford and get a good feel for what prices are like wherever you’re looking. Just as an example, the median price for a home in the Maple Grove area is $334,900. Don’t forget to include some seed money for your new venture and savings to hire contractors for renovations. By understanding your personal budgetary limits, you can save time by focusing your home search on properties in your price range.
Choose the Right Location
Your real estate agent understands the housing market in your area and can help you zero in on neighborhoods that fit your needs and your budget. For example, because you no longer have to worry about commuting, you might snag a lower price for a larger space because you don’t have to live close to town.
When choosing a neighborhood, you also need to know whether there are laws or regulations that prohibit you from running a business from your home. Your real estate agent can help direct your search to residential areas that don’t have HOA restrictions or restrictive zoning ordinances.
Consider LLC Status
In most states, you will need to choose a business structure when you register your company. LLC status works well for home-based businesses because it separates and protects your personal assets. LLC companies also enjoy greater flexibility at tax time, plus establishing one involves fewer regulations and less paperwork than a corporation. Regulations for forming an LLC vary by state, though, so check for state-specific information.
Juggling your home and business in the same four walls is nearly impossible if you don’t have the right space for it. Look into what your business needs to succeed, and how that will fit into your budget. Then connect with eHouse Realty to find the perfect place for both your homelife and worklife to blossom!
Suzie Wilson is an interior designer with more than 20 years experience. What started as a hobby (and often, a favor to friends) turned into a passion for creating soothing spaces in homes of every size and style. Ms. Wilson’s mission with Happier Home is to offer you insight into how to turn your home into a sanctuary that you’ll not only be happy to come home to, but will actually make you feel better when you’re there.
