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Business
Growth: Upsizing Your Home
If you operate or are thinking of starting a home-based business,
is your house big enough? To run your company successfully, you need dedicated
spaces for a home office and work or storage areas. As your business expands,
the space you need will probably be larger also.
If you need to upsize your home to accommodate your business,
you have a few options to consider. Learn about them so you can decide which
choice best suits your needs.
What Does Your Business Need?
Do you provide services or sell goods? Will clients come to your home? Do you
need a large workspace? Will you need lots of equipment and enough electrical
outlets to support it? Ask yourself this type of question and really think
about your ideal home office setup. You may need:
•
Shelving to hold
inventory
•
A worktable and storage
for components or supplies
•
A desk and comfortable
chair with a background suitable for video conference calls
•
A seating area for
clients
You need to satisfy your current space needs and plan for
the future. You might need even more space soon, and you don’t want to upsize
now and need to do it again in a year.
What Are Your Options?
Any of these options might require you to store items in a
different place. Consider renting a storage unit close
to your home. If you’re not sure which option is best, compare renovation,
rental, and new home purchase costs to see what each entails. Your budget may
make a decision for you.
Convert Spaces in Your Existing Home
This might be your best option if you can’t afford a new
home. You can fully convert an unfinished space like a bonus room or garage. Another option is turning a guest
room or unused area into your home office and business space.
Make Use of External Storage Space
For many people, the garage is the first place that comes to
mind when they think about starting a small business. However, for many
families, the garage is already full of cars, bikes, and other storage items.
Self-storage can be a great solution for making room to start a small business.
A self-storage unit, such as those offered by My Extra Garage,
can provide a dedicated space to keep inventory, packaging materials, and other
business supplies. Additionally, self-storage units are typically located near
major transportation routes, making it easy to ship products to customers. And
if your business starts to grow, you can always rent a larger unit to
accommodate your needs. So if you're looking for a way to make room to start a
small business, getting self-storage through My Extra Garage may be the perfect
solution.
Buy a New Home to House Your
Business
Locating a business in a home is convenient. You have a
kitchen for your meals and space for other uses. Many people prefer this to a
more generic storefront or space in an office building, and it’s less expensive
in some cases too. Find out if you’ll need special permits and
if the home is zoned appropriately.
Move Into a Larger Home
If you can afford it, buying a new home makes sense if your
business needs significant amounts of room. You can look for a larger home with
a layout suitable for your business and family needs. If clients will visit,
try to find a property with a separate entrance. A local realtor can
help you with your research.
Coverage for Your Home and Business
Part of upsizing your home for your business may require
special insurance beyond homeowners and business insurance, so talk to your
insurance agent to determine the best fit. Don’t forget to consider a home
warranty either. This ensures you won’t be paying for large system failures out
of pocket right after you settle in. When it comes to finding a home warranty, check out reviews
online to determine which home warranty company matches up with your needs and
budget.
What Can You Do To Make Your
Business Better?
If you haven't chosen a business structure, consider a limited liability
company. An LLC has several benefits, like tax breaks, more flexibility, less
paperwork, and limited liability. You don’t have to pay a lawyer to form an
LLC; you can do it yourself or use a formation service. Be sure to check your
state’s regulations before you file.
When it comes to upsizing a home for a business, carefully
weigh your options so you make the best choice for now and the long-term. In
some cases, a simple addition or garage renovation will work, while in other
cases, a full move is the best choice. Your business growth plan can help you
decide. Whatever you choose, make sure you have plenty of insurance coverage as
well as a home warranty. You’ll need plenty of peace of mind after a big change
so that you can turn your focus to growing your business.