Here is another guest post by author Tina Martin. I can certainly relate to this article, because I have a home-based business, and I know I need more space! Thank you, Tina, for your contribution.
3 Reasons Your Home-Based Business Needs a Bigger House
Being your own boss is a dream come true for many people. Launching a business can be difficult, but with a solid business plan and a market need, success is within reach. While your idea may have started off small, once you see consistent success, you may realize you need a bigger portion of your home to dedicate to your work. That’s when it’s time to start searching for homes for sale.
Moving your home and business isn’t a simple proposition. Nevertheless, sometimes it’s a must. J.D.R. Hawkins shares three of the many reasons why your home-based business needs a bigger house to call home.
1. You Need a Dedicated Office Space
Running your own business out of your house offers a number of advantages, including schedule flexibility, convenience and cost. It’s important that you have a dedicated workspace that is separate from your living space to minimize distractions. If you currently rent your home or are living in the first house you ever bought, you might not have a lot of space or the freedom to remodel it to suit your work needs. This is a clear sign that you need to purchase a bigger house.
Once you have your own home, you can make up your office space however you see fit. Make sure you also have plenty of light and a solid internet connection to help keep your workspace comfortable. Invest in a new computer if necessary, and remember that your home office—and what you invest in it—may also be tax-deductible, so keep track of the upgrades or repairs you make to it.
2. Your Business Items Are Everywhere
If you keep a lot of paper files on clients and accounts, then it’s easy to get overwhelmed with folders unless you have an efficient storage solution. You still need room for other essential, helpful equipment like tablets and computers, and you may need to invest in a newer model if your current ones aren’t operating at full capacity. If you take advantage of discounts and deals online, you can score deals on popular laptops and tablets from different manufacturers. Don’t forget to grab a comfortable chair and a desk to help keep things organized and professional.
Not enough storage space is one of the biggest frustrations many homeowners have, as Organized Interiors explains. If your home is starting to feel crowded as you organize your business essentials, it’s probably time to look for a bigger home that can grow with your company.
3. The Company Is Growing
The expansion of your business can naturally mean you need more space. You may wish to hire employees to help you. You might need a workshop in which to store materials and create products to sell. You may need a dedicated space to service your clients, as with a nail or hair salon.
When you start considering buying a larger home for your business, it’s natural to worry about liability. The formation you choose for your business can help with this, particularly if you form a limited liability company. An LLC offers tax advantages as well as limited liability, which can protect your personal assets (such as your home) in the event your business is sued. You can save on lawyer fees by using a formation service or filing as an LLC yourself, but you will need to check your state’s regulations first because every state has different requirements.
In the end, you are the one who determines when it’s time to upgrade your home to fit your business growth. Ensuring you have the workspace you need can help you focus and grow your business even more. When you are considering purchasing a new bigger home for your company, start talking to a professional real estate agent right away. The sooner you start your home search, the sooner you can establish your new home office.