How to Establish Your Business in a New Home
When you run a business from home, it’s easy to let your personal and work lives spill into each other. While some entrepreneurs have no problem juggling the two simultaneously, most people prefer some degree of separation between their business and home life. Establishing a dedicated workspace at home is a great way to accomplish this.
But what if you don’t have room for an office? Buying a new home could be your solution! Here are some workspace options to consider as well as some tips to help establish your business in a new home.
If moving makes sense for your family, consider shopping around for a new house and buying a property with a little more space. All you need for a home-based office is an extra bedroom. If, on the other hand, you’re looking for a workshop where you can build products or a studio where you can perform in-house services for your clients—like hairdressing or massage therapy—you may need a property with a standalone structure or a garage. A workspace with a separate entrance will help your clients feel more comfortable about visiting your home-based business.
Take some time to consider your business needs and make a list of home features that will accommodate your workflow. Keep in mind that you may have to tour several properties before you find the perfect solution. Just be sure to leave your dog at home while you’re viewing properties so you can avoid run-ins with other pets or people with allergies!
Additionally, make sure you get a home inspection from a professional company, like Texas Valor Inspection Services, before committing to a purchase. An inspection report will help you budget for repairs and negotiate a better sale price on your home.
Coronavirus precautions are another thing to keep in mind when house-hunting right now. According to Redfin, many buyers are opting for virtual tours and 3D walkthroughs over traditional viewings in order to limit contact with strangers. Talk to your real estate agent about your preferred methods for viewing homes during this uncertain time.
Navigating Financial Hurdles
There’s no doubt that buying a new home is a major expense, even if you’re able to use the sale proceeds from your current home to fund the purchase. Buying a home comes with several unexpected costs, including closing fees and prepaid property taxes, that you may have to pay out of pocket. Look for ways to minimize these expenses. For example, getting a home inspection can help you lower your property tax assessment!
If you still need to recoup some of those home buying expenses to get your business going again, take advantage of the various small business funding solutions that are available to you. For instance, ZenBusiness suggests applying for government funding programs like traditional SBA loans and the Main Stress Business Lending Program. Besides these government resources, you can also take advantage of grants and other forms of financial assistance set up by private companies during COVID-19.
Making it Yours
After purchasing a moving into your new home, consider buying a few pieces of furniture and decor to optimize your workspace for productivity and comfort. One of the major advantages of owning your own workspace is the ability to set it up exactly how you want! As tempting as it may be to focus all of your attention on office decorations, try to prioritize comfort over style.
Invest in high-quality furniture, consider ergonomics, pay attention to lighting, and manage clutter through organizational systems and cord-management solutions. Finally, make sure your home workspace is equipped with a reliable internet connection and a separate phone line so you can conduct your business operations without frustrating disruptions.
Running a business from home gives you so much freedom and control over your life, but it isn’t always easy. Space concerns can necessitate a move into a bigger home, and with this move comes several logistical and financial considerations. Plan your move carefully to ensure your new space will accommodate your professional and personal life equally!