How To Get the Space You Need for Your At-Home Business
If you’re getting ready to launch a new company and run it from your own home, you’ll be joining the ranks of a growing number of entrepreneurs who understand the benefits that this arrangement can provide. Whether you have just invented a novel kitchen gadget or are trying to sell handcrafted jewelry, Forbes explains that growing your business from the comfort of your own home offers Many Advantages, including increased flexibility and reduced costs.
Are you ready to get started? The Coffey Group at Keller Williams Island Life Real Estate can help, beginning with the following tips:
Should You Remodel or Move?
Once your business is up and running, you may realize that the size or layout of your current house is too restrictive. If you are producing a product, it’s best to have a designated space or independent structure for the production process as well as storage space for your supplies and inventory. Similarly, if you are writing a novel or developing software, you need a quiet, private office with no distractions. Consider what aspects of your space will be to your biggest advantage both in the short- and long-term, so some Sketching and create a wish-list.
Once you have determined your space needs and the problems with your home’s layout, explore remodeling options to see if you can fix the deficiencies. Determine your budget and get estimates from several Contractors before making a final decision.
There are times when remodeling won’t solve your problems. If your house is barely large enough for your family, it’s probably not possible to carve out space for your business. Also, some remodeling projects are so massive that you can’t justify the cost. In these types of situations, it’s smarter to consider moving.
How Do You Find the Perfect Home?
By purchasing a new home, you can find the perfect space for both your family and business. Start by making a list of your top priorities and then determine a comfortable budget.
When picking your price range, calculate the monthly mortgage payment and estimate Additional Expenses such as Property Taxes, HOA Fees and Homeowner’s Insurance. Also, determine how much cash you’ll need for the purchase. While there can be Flexibility in the size of your down payment, keep in mind that the more you put down, the less your monthly payment will be.
While this might sound challenging, remember that the sale of your current home may provide you with some or all of the needed funds. You can easily get information on what the market in your area is like; for instance, homes in Venice typically sell for around $314,250. Get a free Home Evaluation to determine how much you might make on the sale of your own home, and go from there.
With these aspects tallied, it’s time to Contact the Coffey Group to help you with your search. A professional agent can educate you on the local housing market and offer great advice on pricing and location. For example, if you have a set budget but need a lot of space, a real estate agency can help you determine the best place to begin your search, and might have insider information on properties soon to be available.
Your agent might also suggest that you get pre-approved for a mortgage. Having pre-approval in your back pocket when you find your dream home means that you can negotiate from a more strategic position and secure a deal quickly. With your real estate professional working behind the scenes to ensure a smooth process from start to finish, you’ll be in your new home before you know it!
Should You Form an LLC?
Every new business requires a legal structure, and one of your decisions is whether you should form an LLC. Having this status can protect your personal assets and save you money on taxes. It’s also a much simpler process than creating a corporation, with less maintenance paperwork and fewer formalities.
If you decide to file for LLC status, an attorney is not needed because the process is relatively straightforward. You can do it yourself or use an Online Formation Service, but if you go the DIY route check the requirements for your area because they vary from state to state.
Launching your own business is an exciting time! By having a plan and making strategic decisions for the benefit of your company, you can find the success you desire. Connect with us today to find the perfect place to set up your home and your venture! Contact us anytime on our team line at 941.404.4737.