Guest article by Naomi Johnson - Lifebasedbusiness.net
Are you an entrepreneur who has been trying to run your business from your living room couch or your kitchen counter? You need to think about creating a comfortable home office instead. If you know that your current home simply doesn’t have enough square footage for a workspace, house hunting might be in your future! Whether you’re getting ready to buy a new home or renovate your property, these guidelines will help you create a living space that truly supports your business.
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BUYING A BIGGER PROPERTY
Picture the future of your business: do you envision yourself needing more space to run it effectively? If so, it might be time to consider relocating. Working with a great realtor with in-depth knowledge of your area will help you find a home where your business can continue to thrive in the coming years. Sit down with your realtor for a detailed buyer consultation - this will help you get on the same page as you begin looking for a home within your budget.
RENOVATING YOUR HOME
What if you don’t think that moving is in the cards for you right now, but you know that your current home doesn’t have adequate space for a home office? It could be time to renovate part of your home or even build an addition! Even if you consider yourself handy, you’ll need to hire contractors for a major project like this. Work out your budget first by researching the average rates for contractors in your area, and then getting itemized bids from any contractors you are thinking about working with.
UPGRADE A SPARE ROOM
Perhaps you have a room in your home that you’re not really using for any particular purpose. This could be the perfect place for your office! You’ll need to invest in office furniture, like a desk and chair, as well as technology. For instance, you may need a new monitor and printer, and you’ll also want to set up a WiFi router. Don’t forget to pick up a few organizational tools, like plastic bins, floating cubbies, and shelving!
Once you’ve purchased all of the tech you will need for your office, you will need to come up with a cybersecurity plan to keep your data safe. As a business owner, you do not want to fall victim to a scam or end up dealing with identity theft while trying to run your company. Therefore, you should avoid saving your passwords online, and you should also consider investing in virus protection for your devices. All entrepreneurs should be proactive about online safety.
BUSINESS FORMATION PROCESS
You’ve established a functional workspace for your home-based business, and forming an LLC should be the next major item on your to-do list. By forming an LLC, you’ll get to enjoy several great perks - in addition to flexibility and limited liability, you’ll also have tax advantages. Furthermore, you won’t have to do much paperwork! Each state has its own unique process for forming an LLC, so spend some time looking into your local regulations before starting the process.
If you’ve ever thought of starting your own freelance career working remotely, an LLC is a good fit. And it’s an opportune time to consider picking up freelance work. Partly due to the COVID outbreak and the resulting social isolation, Forbes notes that 2 million workers joined the freelance economy in 2020, raising the percentage of American workers engaged in freelancing full time by 8 percent to a total of 36 percent. The freelance sector has grown to generate $1.2 trillion in income annually.
When you’re an entrepreneur running a business from your home, you need to make sure that you have plenty of room for storage, business operations, and more. You also need enough space to keep your personal and professional life separate! With an organized and properly laid out home office, your quality of work and productivity will undoubtedly improve.
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