Enjoy this guest post from Megan Cooper with Real Life Home.
For many entrepreneurs, running a business is the key to self-fulfillment and financial freedom. Starting your own venture can also imply freedom in where you choose to work. If you decide to build a home-based business, you can have full control over your work environment, determine your own schedule, and retain flexibility in caring for your family or other obligations. However, your ambitions might be limited by the amount of space in your current house. In order to flourish as a home-based entrepreneur, you should follow certain steps in upsizing to a home that can facilitate your efforts to run a business successfully.
1. Understand Your Local Housing Market
Buying a larger home is not a simple matter of finding your dream house and writing a check. Any home purchase is a large financial commitment for which you need to prepare adequately. Start by researching home prices in your area and discerning which neighborhoods might be more affordable.
You should also know what your current property is worth so that you can make a better-informed budget. Consult with DW Slater Company appraisers to get an accurate valuation for your home.
2. Consider Your Home Office Needs
During the house hunting process, be mindful of your need for a home office from which to run your business. This will typically come in the form of an extra bedroom with sufficient natural lighting to encourage productivity.
When it comes time to furnish your home office, try to use items that reduce stress and help you focus. Research shows that indoor plants can stave off feelings of anxiety or depression. While you should surround yourself with decorations that help you feel comfortable during your workday, be aware that clutter can be a detriment to your mental and practical efficiency.
3. Register Your Business
Registering with the state is an essential step when you are first launching your business. You might decide to file as a sole proprietorship, though opting to form an LLC comes with a variety of unique benefits as well. Keep in mind that even if your business is already well underway, you will have to re-register if you end up moving across state lines during your upsizing process.
If you do need to form an LLC in a new state, consider using a formation service so as to avoid hefty lawyer fees. It is worth noting that your new state may have different rules around forming an LLC, so check the local rules before proceeding.
4. Redouble Your Marketing Efforts
Whether you are starting a fresh business or going through an expansion, now is the time to look at your future marketing strategies. You might already know that your business needs a website, but there may be more you can do with your online presence to increase brand awareness. As one example, try using an online tool to design banners online for free and create eye-catching imagery that you can display at the top of your website. Within the tool, you can browse through banner templates until you find one that you want to customize with a variety of text, colors, and fonts.
There are some home-based business endeavors that you can run from your kitchen table in a pinch, but upsizing is the way to go if you require a dedicated home office and a space where you can focus solely on work. As your business grows and expands, you will see how the investment in a larger home is truly worthwhile.
Guest Post by Megan Cooper
Megan Cooper thinks there’s nothing more satisfying than a well-executed DIY project. For her, it all started a few years ago when she built a bookshelf out of reclaimed wood. She hasn’t looked back since. Today, she regularly tackles home decor DIY projects big and small. She created reallifehome.net to share all of the tips, advice, and resources that she has found most useful as she’s learned the ins and outs of DIY.
- DW Slater Company provides residential and commercial real estate appraisals, appraisal reviews, valuations, inspections, and construction draw inspections for North Texas. Reach out today to find out more! 214-543-1653 or 940-597-3533