If you’ve wanted to start a business and your home can’t accommodate your space needs, you might need to juggle a move and a launch at the same time. Thankfully, it’s completely doable and doesn’t have to be overwhelming. Once you map out your requirements, you can begin searching for homes online and setting yourself up for success. Here are some ways to strike the right balance.
Assess Your Needs
Depending on the type of business you are launching, you may have different space needs. If you plan on starting a blog or becoming a freelance writer, you might just want a private office where you can focus. However, If you plan on hiring employees or entertaining clients in your home, you may require dedicated conference space. Create a list in order of importance to have a reference when comparing properties.
Shop for Homes
Searching online is free and allows you to explore the market in your area. If you’re looking to buy a home, you’ll want to find an experienced realtor to help you through the process. They will know houses that haven’t come onto the market yet and understand which neighborhoods and deals are a good fit. If you want to save some money through this process, one option is buying a home “as is.” If you go this route, you’ll want to consult a lawyer, conduct a thorough inspection, and look at land records for the home to make sure there aren’t any major red flags.
Make a Business Plan
Creating a business plan will help you stay organized during the chaos, so you know exactly what needs to be taken care of. In fact, research shows that those who create a business plan are twice as likely to grow their business successfully. You can research your target market, decide how much funding you need to get started, and flesh out your product offerings. If you are freelancing rather than marketing a product, you will still want to put together a list of the steps you need to take to get up and running. Suppose you are offering graphic design services, for instance. In that case, you’ll want to put together a portfolio, list yourself on a site like Fiverr, and garner good reviews upfront to get the algorithm working in your favor.
Take Care of Paperwork
You will likely want to register your business with the government. To do so, make sure you have the address where your main office will be located, as well as your business name and the type of business you are registering for. If you are filing in Canada, you may want to do so as a sole proprietorship unless you plan to hire a lot of employees and expand.
Track Your Finances
Decide if you want to track your finances yourself or hire someone to help. Do some research on deductibles for your business, so you are getting full tax benefits. There are many options when it comes to tax and finance software that will help you keep everything organized. You should also keep track of any invoices and receipts.
By following the tips above, you will be well on your way to starting a business in a home that suits your needs. Be sure to take time to celebrate your new venture and your new home.