How to Upsize to Support a Home-Based Business

Starting a home-based business can be both exciting and terrifying at the same time, and any trepidation can be compounded when your new business requires you to move into a bigger home. However, with the right steps, you can make the rollout easier and find a space that will be both comfortable to live in and conducive to your business operations.
Below, the Keller Williams School of Real Estate will guide you through the process of upsizing your home to start a new home-based business.

Get to Know the Market

Before you start looking for a home, it’s important to know what’s affordable in your area. Research median house prices, average rent prices, and other factors that can affect how much you’ll be able to spend on a new home. Knowing these numbers ahead of time will help you narrow down your search and simplify the process of finding an affordable home that meets your needs.

Find a Home that Supports Your Business

When shopping for a new home, there are key features you should look for if it is intended as both a living and workspace. For example, ample natural lighting will make working from home more pleasant while still providing plenty of privacy when needed. Additionally, look for flexible spaces like finished basements or extra bedrooms that can easily transition between living space and workspace as needed without too much effort or cost. Last but not least, look into energy-efficient options like solar panels which can save you money over time on utility bills while keeping the environment in mind.  

Save on Your Home Purchase

 Purchasing a home "as is" can be a great way to save money when house hunting. Before you agree to this, it's important to ensure the property is legally sound and in good condition. Consulting a lawyer and inspecting the property are essential steps, as well as examining land records for any potential problems that may arise later.

Understand Local Business Laws

In addition to researching housing prices in your area, it’s also important to research zoning laws and restrictions before buying a new home. Make sure that the property is zoned for commercial use if this is what you intend to do with it. If not, that you have received approval from the local government for any changes or renovations you plan on making. It’s also important to consider any noise ordinances or other restrictions that may affect how much noise or disruption you can cause when running your business from home.

Set Up Your Business as an LLC

Forming an LLC is the best option to ensure you’re properly protected from any legal or financial liabilities that may arise from running your business. An LLC also serves as a great form of asset protection since it limits your personal liability in case of a lawsuit. Additionally, an LLC can provide tax benefits and help you save money over the life of your business. With all these benefits in mind, filing for an LLC should be at the top of your list when starting a home-based business.

Take Your Business Online

 Having an online presence is essential these days when starting up any kind of business, especially a home-based one. Start by creating a website using free online templates, and then add custom content such as unique infographics created using free tools. Doing so will allow potential clients access to information about what services or products are offered at any given time and even build brand awareness. Be sure to also spend time developing your social media presence since this provides a great opportunity to engage with customers and increase traffic to your website. 

Buying a bigger home to accommodate a new home-based business can be an exciting endeavor, but it is important to take the time to consider all of your options. Investing in additional space allows you to create a dedicated workspace and expand as your business grows. Ultimately, you will reap the rewards of increased efficiency and increased productivity that comes with having enough room for your business endeavors.

Article via Christopher Haymon with Adulting Digest. Image via Pinterest.