Are you ready to pursue success in a home-based business? If your ambitions are outgrowing your house, a larger property can be the secret to seeing your dream prosper. Keep these things in mind to craft your new career.
Develop your vision. Before researching properties, you will need to solidify what you are seeking. Your home should first meet the practical needs of your business. For instance, if you plan to run a dog grooming business, you will need areas to work with the dogs, house them until the owners pick them up, and an appropriate exit, entrance, and parking area. As The Balance explains, you may want separate parking for clients and for yourself, and you’ll need to decide how to make that work. If you will create cookie bouquets, you’ll need an appropriate kitchen and a place to package them for delivery or shipment. Do you need land for an outbuilding or to store large equipment items? Weigh all the factors that will impact how you expect your business to function.
Outside concepts. Would your business benefit from foot traffic brought in from other area businesses? For example, if you want to offer manicures and pedicures, being in close proximity to a massage spa and a hair salon could be a boon. Also look at style. A sleek, modern house with large expanses of glass and chrome might not feel comfortable housing an antiques consulting business, and a cozy, Victorian cottage may seem inappropriate for an electronics repair shop. Your clientele could find it confusing if the exterior sends a message differing in style from the services you offer, so think about what sort of look will fit.
Workspace. Most home-based businesses will require an office of some sort, so Entrepreneur recommends considering how that space will function. Will it include a meeting space for clients, meaning you’ll need room for need extra seating? Do you lead virtual meetings and need an appropriate, presentable spot for your webcam and a dry erase board? Whether you use it for occasional paperwork or you plan to spend most of the day there, you want the office to be efficient, comfortable and functional. Make some notes and ensure your next home can meet those needs.
Check legalities. Some areas require local permits to start home-based businesses. Research what state, local or federal licensing is required, and check the zoning of potential properties. There are often fees involved in meeting these requirements, and some locations have restrictions on what you can and cannot do at a home property.
Funding. You may require a small business loan to get you rolling. Some banks consider small businesses to be significant risks, but others are well-suited for them. Research which kind of small business loan is right for you, and use existing reviews of the best banks for these types of loans to learn more about which bank may be best suited for your specific needs. Be sure to make some calculations of how much you need, ensure your credit score is healthy, and tally your existing accounts and budget. When discussing your options with a lender, some professionals suggest asking if the organization works with your industry, as some lenders restrict certain businesses from receiving loans. Inquire about fees, interest rates and total costs, and your payment schedule. Also be sure to ask for references, and check them! You don’t want to do business with a place that is fly-by-night or doesn’t function professionally.
Budget. You’ll need to set a budget for your purchase. You should take into account your expected monthly outlay for other expenses, the mortgage, and any moving expenses. Depending on what the properties you are considering offer, you may need to invest in some modifications to meet your needs. Refer to your list of necessities, check off what the properties have and what you would add, and research the costs of those changes to narrow your selection.
Success awaits! When you need more elbow room to grow your dream, it’s time to upsize. Envision your perfect property, research your needs, and prepare your funds. With proper strategizing, you’ll see your home-based business succeed!
Suzie Wilson is an interior designer with more than 20 years experience. What started as a hobby (and often, a favor to friends) turned into a passion for creating soothing spaces in homes of every size and style. While her goal always includes making homes look beautiful, her true focus is on fashioning them into serene, stress-free environments that inspire tranquility in all who enter. The Ultimate Guide to Prepping Your Home for an Open House is filled with tips, tricks and other advice based on Suzie’s years of experience in interior home design that will set you up for success.