Author: Tina Martin of Ideaspired.
Creating the right environment for your home-based business might mean looking beyond the here and now. Your current home might have possibilities — such as a renovated garage or redesigned bonus room — or you may need to buy a new house entirely. Running your business from home means you need space that encourages growth and supports success. J. King Real Estate has come up with four options that can help you create the kind of home office that can take your business to a profitable future.
Sell your current home.
If you need equity to purchase new property for your home-based business, selling your home first can give you the cash needed for a high down payment on the right home. The closer your down payment is to 20 percent, the less you’ll pay in mortgage insurance and other fees.
When you can sell your home before buying a new one, you add to your equity and give your business the best financial footing possible. J. King recommends this route — business owners can get pre-approved for a better mortgage or annual percentage rate.
Buy new property.
Right now is a great time to consider buying property. Entrepreneurs looking for a new home to expand their home-based business find the culture, climate, and economy of South Carolina to be very profitable.
Running a home-based e-commerce site? Look for large, climate-controlled basements or attics that can help you store inventory. If you are forming a consulting firm, ask for a house with a separate entrance so you can meet with customers without disturbing your home. In general, though, most home business owners look at square footage, HOA requirements, and parking options.
Renovate your space.
A renovated garage, attic, basement, or spare room can be a cost-effective way to build your home office. If you can look beyond the bones of the space, you can see the potential for growth. Many entrepreneurs invest more than time, they also invest money into building their home-based businesses.
Some home-based business owners decide to form a limited liability company (LLC), giving them access to business loans and business lines of credit that can help offset the costs of some of these renovations. Each state has slightly different boxes you have to check when forming an LLC, so do your research ahead of time to make sure you are compliant.
Redesign a small room.
Your home office should be a reflection of both who you are and the kind of business you run. It’s a place to be productive and innovative, to design and build, and to meet with clients. In short, whatever your industry is, your ideal home office must be designed to support that.
Small home offices can motivate entrepreneurs by staying clutter-free and organized with a minimalist design approach. For people who produce goods or store inventory, vertical wall storage is another way to help a small area feel bigger. Entrepreneurs who need space to ideate and innovate can paint the walls white and hang window treatments close to the ceiling to give the illusion of more open space.
Whether you are setting up your home-based business in a renovated attic or are in a brand new property entirely, how you proceed now will impact your success down the road. J. King Real Estate knows how much is on the line when you begin a home-based business and can be your partner for growth, innovation, and success. Start by looking over featured properties and calling 803-386-9488 today.