Running from Home: Home-Based Business Success
By: Mary Shannon
Home-based businesses have been around for generations. In their simplest forms, the lemonade stand, yard sale organizer, and house painter were modest home-based businesses. Home-based childcare blossomed as alternatives to corporate daycare. Many garden and lawn care businesses got their start from a lone entrepreneur with the right equipment – and initiative. As technology evolved, many found success through online sales.
Throughout the evolution of home-based businesses, having or creating the right space in your home from which to operate your business is key. Depending on your current home, you may be able to make do with a simple office redesign, or more considerable renovations may be in order. For some small business owners, it’s possible that their current home simply makes no sense for running a successful business from home. In this case, it may be time to upsize your house. Whatever feels like the right approach will take some guidance, and we hope the following tips will help.
Consider your space
Evaluate your home workspace situation based on the type of business you run. If you haven’t yet started your business, factor business type into the equation; financial constraints may dictate whether you start with the business of your dreams, or perhaps seek out other temporary ways to generate revenue that require little to no cash outlay. This can help you save money to put toward your larger business vision.
In some cases, your fledgling business may have outgrown the home’s location or infrastructure. For example, a catering business requires a well-planned kitchen that accommodates significant orders. If your current kitchen can’t accommodate this, a remodel will be in order. Or if customers visit your home office, you may run into parking or zoning issues. Hiring a few employees may lead you to enlarging your current office, or adding an additional room – or, if your lot and zoning laws allow it, building a freestanding office or workspace next to your home. There’s a lot to think about.
Time to move on
If you’ve examined and discarded all options for making your current home function as your business base, it’s time to take steps toward your new home purchase. Start with a financial checkup: Do you have money for a down payment? As a small business owner, do you have your business and banking records in order for prospective lenders? And then there’s your credit: Are you current on your financial obligations? Have you been keeping up with your credit score? How much overall debt do you have? If you’ve fallen behind, you may be tempted to start paying off older debt accounts, without realizing what impact that recent activity could have, if any, on your credit score.
Rather than going down this road alone, you maximize your chances of homebuying success by seeking out a financial or debt professional that can objectively assess your situation and recommend the optimum solution. Once you have your debt under control, you can focus on saving for that down payment for your new home – and a new and improved credit score that will make your mortgage payments more affordable.
Search for the right space
When searching for a new home to accommodate your family and your home-based business, your first step is to connect with an agent from Arnold Realty Group who can help point you toward the right properties. They will understand any zoning constraints so that you can set up shop without a fuss. Gather some market insight too, such as the average sale price in your preferred neighborhood as well as information on whether your area is a buyer’s or seller’s market.
Once you make an offer, go ahead and apply for a necessary business license or permit, and if you haven’t already, establish your Kentucky LLC filing. Checking these items off your to-do list will make it easier when you move in and begin to work out of your home.
Business owners invest a lot in their small business enterprise, and sometimes your business can outgrow your plans quicker than you imagined. As your home-based business grows and you see the need to upgrade your space, it’s important to find the best home office solution for you and your business. The right renovation or move could be just what you need to keep your business on track for success.
Author: Mary Shannon
Check out Mary’s website at seniorsmeet.org