HOW TO FIND MORE SPACE FOR YOUR PROSPERING HOME BUSINESS
by: Lisa Walker (Contributing Writer) | published: December 10, 2020
You’ve worked hard to grow your home-based business. Now those efforts are beginning to pay off. But suddenly you realize that you’re running out of space to work in your home! Honestly, this isn’t the worst problem to have, especially when it means that your business is thriving! You should be proud of achieving this goal and you shouldn’t let stress take away from your success. Use these tips from Prosper Pathways to find the space you need without stress.
First, Set Up Some Protection for Your Business Do you know the difference between personal and professional assets? If you don’t, you need to familiarize yourself with the two before you continue to grow your business. That’s because even though your home and some of the items in your home workspace may be personal assets, they can be seized or sold if your business ever gets into financial hot water. To prevent this from happening, you can set up an LLC. Also known as a limited liability company, this sort of small business entity will set limits on which assets can be included in lawsuits and other financial proceedings. You are eligible for more tax breaks as an LLC, plus you can avoid paperwork and legal fees by filling out forms online. Just take some time to review LLC rules and requirements in your state before proceeding.
Then Figure Out Which Option Makes The Most Sense With your personal assets protected, you can get back to business. Or the business of deciding how to best create the additional home workspace you need. Your likely options are going to be either: move to a larger home; remodel an existing room; add onto a too-small home. In weighing the pros and cons of each choice, you should obviously think about the sort of work you need to do to help your business thrive. For instance, if you own and operate a creative business where you sell art, crafts or even furniture, you may need a studio or workshop. In which case, choosing an option that gives you an entire room will likely be best.
Next Think Potential Costs and the Scope of Your Project Each one of the options mentioned above comes with certain expenses and details you will need to take care of at some point. If you think that buying a bigger home makes the most sense, for example, some of the accompanying costs could end up surprising you. That is unless you do some homework and plan for them.
Remodeling your home to create more workspace also requires some careful planning, although there are some pretty savvy ways to build the additional office space you need without doing a number on your personal budget. For example, you could take out a home equity line of credit, which allows you to borrow against the equity you’ve built in your home and use the funds to add a home office. You could also use a 0% credit card to cover construction or equipment costs, or you could shop second hand for the project materials needed. Lastly, refinancing your mortgage could lower your payments each month, freeing up money that could be used for minor projects related to your home office or other business investments. Don’t forget that you’ll need permits for all major (and possibly even minor) home projects, so be sure to get approval from your city, county, or other local municipality before breaking ground.
Lastly, if you plan on hiring employees who will also work in your home, or if you plan on meeting with clients there, you need to think about the reasonable accommodations you’ll need to implement for those with disabilities. For example, you should have a separate entrance for your home office that includes a ramp for individuals who use wheelchairs or walkers, and you’ll need to have interior and exterior doorways widened to at least 32 inches so people using assistive devices can pass through them.
Finally, Take Care of Any Final Workspace Details or Tasks Regardless of whether you opt to build or buy more space for your home business, there are some tiny details you need to think about. If you want to maximize productivity when working from home, it’s crucial to separate your work and personal spaces. This could mean clearing out a room where you can concentrate or a corner in your living room.
You’ll also want to add some small touches that will make your new workspace more comfortable and appealing for you. After all, you’re going to be spending many hours in this new office, studio or workshop! Adding little pops of productivity-boosting colors like or green could do the trick, or you may prefer to focus on decor that allows for more organization. Finding the workspace your home-based business needs to prosper and grow can be quite simple. It just requires some thought and planning on your part. Just be sure to choose a path forward that aligns with your personal and professional goals. That helps you accomplish more! For more resources like this to help you prosper, join Prosper Pathways!