Running a Home-Based Business? These Spaces Spell Success

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There are millions of home businesses across the U.S. Not only are you in good company, the sky's the limit if you play your cards right, and as your business takes off, you may quickly realize that you need a bigger house to meet your needs.

As you begin your search for a new home, be sure to work with a skilled real estate professional from Edgewater Realty LLC and let them know about the essential rooms and features you require for work-related purposes. Here are just a few key spaces that you likely need for continued growth and success.

Office

A personal office space is essential when running a business from your home. By separating personal areas from work, you can focus when it’s time to focus and relax when it’s time to relax. There should be enough room for you to meet with clients as needed, whether in-person or virtually, as well as a comfortable desk and chair.

In addition to elbow room, your office should also have a reliable internet connection so you can stay on top of your messages, appointments and orders. Since you are rethinking your workspace, now may be a good time for an upgrade.

Purchasing office equipment and maintaining internet service are all costs that may be tax-deductible. Talk to your tax preparer about how your home office setup could benefit you when it comes time to file your taxes.

Workroom

Depending on the type of business you are running out of your home, you may need a workroom in addition to an office. While a home office is suitable for administrative purposes, a workroom is a space where you can either provide a specific service to your clients (such as a hair salon or nail salon) or where you create products for a store. Per the University of Connecticut, marking out a dedicated workspace can help you to be more efficient and set boundaries to easily switch between work mode, creative mode and relaxation mode.

Storage

Even if your business is conducted entirely online, you likely need space to store office supplies or client information. A lot of client files are typically stored digitally, but there are benefits to keeping hard copies, including that you don't require an external storage drive and it preserves the information if your computer or digital storage solution fails.

As your business grows, it's likely you'll accumulate more equipment, materials or products that you need to keep on hand. Since one of the biggest complaints of homeowners has to do with insufficient storage space, you can save yourself a lot of stress early on by making sure your new home purchase includes plenty of storage.

Set Up Smart

Physical spaces are only one side of running a growing business. You also need to adjust a few metaphorical spaces. By scaling your business plan and structure, you ensure you’ll stay on the right track as you expand.

Start by addressing your business plan. If you never created one before, it’s an essential component in securing loans or grants, and can be instrumental in impressing investors. It also helps you to hone in on the steps needed for steady growth, as you identify goals and what you’ll do to reach them. If you do have an existing business plan, it’s time to adjust it in accordance with your new aspirations.

It’s also time to reconsider your business structure. Many growing businesses benefit from an LLC. It offers scalability, tax advantages, less paperwork than other structures, and limited liability. You can avoid significant attorney fees if you file it yourself. Check the rules for formation in your state first, as regulations are different. If that sounds unwieldy, check into an online formation service like Zen Business that can take care of the red tape, simply and efficiently.

Investing in a bigger home for business purposes is a big step, but it will benefit you in the long run. By purchasing a bigger home, you are able to build some equity in your property while leaving plenty of room to expand your business. You are the one who ultimately decides what kind of rooms your business requires, but having an office, workroom and storage can be beneficial for just about any company.

Need to upgrade a home for your business? Sondra Tracy can find you a home that suits both your family’s and business’s needs! Complete this form or call (904) 759-8002.

Courtesy of: Tina Martin of Ideaspired.