More and more entrepreneurs are realizing the perks of running a business out of their homes. It’s cheaper, more convenient, and allows for more flexibility in your life, among many other benefits. However, to run a successful home business, you must have a space that facilitates both your work and family life. And it can be challenging to find such a place!
If you’re thinking about purchasing a new home so that you can start your dream company, consider these tips:
Look at Your Budget
First of all, you have to make sure you don’t buy a home that you will have trouble paying on in the future. After all, it may take a little while for your business to start generating a profit. Comb through your budget to figure out how much money you have for a down payment on a house and to make monthly mortgage payments. Along with factoring in the purchase price of any home you are considering, you will need to consider other expenses as well.
For example, most homeowners are required to pay property taxes and homeowner insurance, although the exact amount will depend on where you live. You can either pay your insurance coverage and property taxes separately or through an escrow account set up through your lender.
Consider the Layout
Next, it’s time to look for a home that will accommodate your business and your family. There are many types of layouts to consider; while much of it will come down to preference, the key is to ensure that you can work productively and everyone in your family can live comfortably day in and day out. A lot of home-based entrepreneurs set up their home offices in a spare bedroom, attic, or basement. But if you want extra separation from the main living areas of your home, look for a house that comes with a garage.
Start Setting Up Your Business
After finding your new home, it’s time to hit the pedal on getting your business off the ground. Do plenty of market research to determine if your idea meets a need and can make money. Create and register your business name, establish your legal structure, and develop a brand that reflects the products or services your business will offer.
You will also need to create a website. If you have minimal experience in web design or development, it might be worth investing in professional services to ensure that you have a top-notch site to serve as your company’s digital marketing center. Once you get these foundational blocks in place, you can begin to promote your brand and look for potential team members who can help you thrive in the years to come.
Plan for a Smooth Move
Finally, it’s important to plan early so that you can have a smooth move as you transition to your new home and start a business. At least six weeks before, make arrangements with professional movers. At least a month before moving day, start decluttering your home and getting rid of any items you will not be taking with you. It’s also best to start packing for the move as early as possible.
When you arrive at your new home, you will want to unpack any items that allow you to live for a few days comfortably, which might include certain kitchen appliances, dinnerware, toiletries, bedding, etc. And though you will want to unpack the bedrooms and kitchen within the first couple of days, be sure to make time to set up anything you need to keep the momentum going for your new business.
Now is a great time to get that home business you have been dreaming about up and going. To set yourself up for success, you need a home that allows you to work productively and your family to live comfortably. Consider the information and advice above as you set the stage for the next exciting chapter in your life!
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