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What to Do If Your Home Doesn’t Fit Your Home Business

Small business owners who operate in their homes sometimes find they don’t have enough space, or the right kind of space, to meet the needs of their growing enterprise. Perhaps you’ve created a product that is selling well but takes up space. Or, you’ve had to hire additional employees and purchase operating equipment. If your business is outgrowing your home, you should congratulate yourself on your success — and think about what you can do to make your space more workable. Can you simply redesign your workspace, or will it require a complete renovation? Might you even need to purchase a whole new residence? Wild Rivers Realty invites you to go over the pros and cons of each option.

Consider a workplace redesign.

A redesign is the most minimal and cost-efficient home alteration option, as it involves making changes within the existing space. These changes could involve organization and storage solutions, updates to furnishing, and improvements in lighting and décor. If you look at some of the work done by experts in the redesigning industry, then you will see that it is possible to make some impressive improvements without having to alter the actual structure or function of the space. Because this is the most affordable and time-efficient choice, see if a redesign will suffice. If no amount of organization or update is going to make your workspace suit your business needs, however, you may need to look into a renovation.

What goes into a renovation?

 

Renovating a home or space involves actual changes to the structure itself and could include removing walls, adding windows or entrances, and changing the wiring, plumbing, or HVAC. If you need a larger workspace, consider whether it would be possible to remove any non-load-bearing walls and create an open floor plan. Built-in storage such as cabinets and shelving can also help free up space. Consider whether some of the rooms in your residence that are less in use, such as guest rooms or play areas, could be turned into your office or workspace. Renovation is much more costly than a redesign and can be disruptive to both your work and your family life. However, if you love your home and location and don’t want to move, this could be a great way to accommodate your business needs.

Sometimes relocation really is the best option.

If a renovation alone won’t cut it, or the changes needed are too costly, consider relocating to a new home. This can be an excellent opportunity to shop around for a house that is perfect for you in terms of neighborhood, the tastes of your family, and the demands of your business. Do some research on the value of your home and property prices on real estate in your target neighborhood. Then make a budget and see what kind of loan you will need, to make a purchase possible. Talk to a reliable real estate agent, like the experts at Wild Rivers Realty, about what you’re looking for, how much you can afford, and what your timeline is.

Some additional tips for home-based business owners.

If you are new to the world of home business management, here are a few things you need to know about how to keep your business successful and thriving. First, make sure you have established healthy work/life boundaries, so your work won’t take up all your time and result in burnout. Second, be sure you are abiding by all zoning laws and other business regulations that could affect your enterprise. Third, make sure you have the correct insurance to cover both your home and your work. Last, for additional protection, consider registering your business as a limited liability company. A good formation service can assist you with this but be aware of your state’s laws governing LLCs before proceeding.

No matter how well you’ve planned your startup, there will always be developments you didn’t anticipate, and outgrowing your home could be one of them. With careful planning and budgeting, however, you should be able to find an affordable solution and look forward to growing your business in years to come.

Wild Rivers Realty can help you find that perfect property for your home-based business. Stop by our website and request more information.

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