While buying a house may be the American dream, owning a successful home-based business puts the icing on the cake for many. As your home-based business grows and you end up needing more space to accommodate your work, however, you’ll often be faced with two options: leasing commercial office space or upsizing your home. And if you’re not ready to trade your work-from-home lifestyle for the 9-to-5 office life, the latter option will be the best choice you can make.
Check out these tips from MINIFIED learn how to upsize your house in order to accommodate your growing home-based business.
Research Zoning Laws, Homes & Neighborhoods
Upsizing your home to accommodate your growing business may seem like the perfect opportunity to move somewhere new: after all, working from home could mean that you’re able to work from just about anywhere in the world. It’s very important, however, to research zoning laws in your desired city, county, and neighborhood before moving a business — as some parts of the U.S. prohibit or limit the operation of home-based companies. You’ll also want to look into whether any business licenses or permits will be needed in order to move your company somewhere new.
In addition to checking the zoning laws in your desired cities and neighborhoods, make a list of your new home must-haves. Since you’ll be running your growing business from your new home, you may want to look for houses with:
- Onsite parking.
- Spare bedrooms or another private space for your home office.
- Reliable internet connection.
- A spare bathroom for business guests.
- Storage space, especially if you need to store business supplies or inventory.
Fortunately, a reliable real estate company can help you to find the perfect home for living and running your business. You already have enough on your plate as a business owner, and working with a knowledgeable real estate agent will help to make the homebuying process a lot less stressful.
Once you’ve moved into your new home, you’ll need to set up your office and change your business address so you can get back to work without much delay. The Small Business Administration (SBA) recommends updating your business address with key agencies such as the Internal Revenue Service (IRS) and your local Secretary of State (SOS), as well as any online directories and social media accounts where your business address is listed.
Now that you’ve upsized your house to accommodate your growing business, you might consider joining one or more networking groups and brushing up on your career skills to increase your chances of succeeding as a home-based entrepreneur. Many experts believe continuous learning is the key to succeeding in entrepreneurship!
As one example, you could earn your business bachelor’s degree or master’s degree to sharpen your existing skills and develop new skills in business, accounting, management, or communications. Many online degree programs are available to choose from, making it possible to learn new skills while simultaneously operating your home-based business.
Since you’re working and living in the same place, it may be wise to purchase an annual home warranty plan when moving into a previously owned property, as these renewable contracts cover the things your homeowners’ insurance policy does not (such as the repair or replacement of your home’s plumbing, electrical, appliances, and heating or cooling systems). To get the best deals on warranties and other insurance coverage for your home or business, however, it’s best to shop around and compare costs annually.
Moving is rarely a stress-free process — especially if you’re moving yourself, a family, and a growing business — but upsizing your house will allow you to enjoy the perks of home-based entrepreneurship for many years to come. With a larger home to accommodate your office space, you’ll have plenty of room to live, work, take college classes online, or play — and turn your small to midsize business into an even bigger one!
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