As an entrepreneur, you’re probably excited and motivated by the thought of having your own home-based business. But what happens when you outgrow that space? If you’ve been in the business long enough, you’ll eventually need to make room for growth. When that happens, one option is to buy a house specifically designed for your business. Today, realtor Tracy Mance shares tips for doing just that!
Do You Have an LLC?
If you haven’t already, it’s important to form an LLC (limited liability company) before purchasing a home for your business. An LLC offers certain tax benefits and helps protect your personal assets from potential liability associated with your business. Doing this will also help streamline the loan application process down the road. Use online resources to learn to start an LLC while saving time and stress along the way.
Go Back to School
If you feel like you could use an upgrade before you start a business in today’s ultra-competitive environment, going back to school for your MBA might be a good place to start. In fact, these days, earning an online MBA is easier than ever, thanks to the flexibility of learning platforms that allow you to proceed at your own pace without requiring you to take massive amounts of time away from your other responsibilities.
Succeeding in the Home-Buying Process
After establishing your LLC, it’s time to step into the home-buying process. Research different areas that could work well for your needs — location is key! Consider factors like noise levels, local traffic, access to public transport, and proximity to vendors or suppliers, who might be able to offer discounts on materials or services needed for your business.
Don’t forget about building codes. Check with local authorities regarding any restrictions on setting up shop at home. Once you find a place that fits all of these criteria, start looking into mortgages and lenders who can assist in financing the purchase.
Creating a Productive Home Office
When it comes time to actually move in, designate a specific area of the home as your office space. It should be separate from any living spaces so that there is no confusion about where work begins and ends each day. Mark these boundaries early on!
When designing the space, prioritize comfort, which means considering ergonomics (make sure all furniture is adjustable), natural light, temperature control (if possible), and audio/visual elements (e.g., speakers, whiteboards, projectors, etc.). Remember that the ultimate goal here is productivity.
Choosing a Home Warranty Provider and Plan
It’s also essential to research different home warranty providers ahead of time. That way, if anything goes wrong with any major systems or appliances in the house after moving in, you can get them repaired quickly without draining your bank account.
Make sure you understand what type of coverage each plan offers so you can choose the best one for your needs. Read through each provider’s reviews as well because it will give you peace of mind knowing that they’re reputable and reliable before you sign an agreement or contract.
Keeping Your Business Organized
The last step before moving into the new place is ensuring everything is organized properly once you’re there. This includes both physical items like furniture and documents related to running your business such as contracts or invoices, explains Agile CRM.
Take inventory of everything ahead of time so that nothing gets left behind during the move; then, create online and offline filing systems, online and offline so that all your information remains accessible and secure while being easy enough for everyone involved in running operations day-to-day to access when needed. This will help everything run smoothly even after relocating!
Make a Successful Move for You and Your Business
Purchasing a new home can be overwhelming — but when you prepare accordingly, it doesn’t have to be. Anyone can make their dream of owning their own workspace come true with careful preparation, research, and organization. Forming an LLC upfront, finding the right home, designing a stellar home office, and choosing a trustworthy warranty provider will go a long way in positioning you for a successful move. And remember to keep your business (and yourself) organized along the way!