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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:
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.