Upsizing Your Home to Support Your Growing Business

By Megan Cooper Info@Reallifehome.net

Has your home-based business outgrown the limitations of your home? At this point, you have a couple of options. You could renovate your home to add extra space for your business, build a separate structure on your property, or upsize to a larger home. For many entrepreneurs, moving into a bigger space is the only viable option. If you’re thinking about upsizing to make room for your growing business, check out the following tips from TNFlat-FeeMLS.com.

Learn Key Business Management Skills

As your business grows, make sure you’re prepared to make effective business decisions. It might be helpful to go back to school and earn a business degree. Enrolling in a business degree program will help you learn everything you need to know about business management, marketing, accounting, and everything in between. To make your life easier, consider enrolling in an online business program instead of attending school in person. If you’re looking for online degrees or certificate programs, this may help!

Consider Forming an LLC

The best time to form an LLC is before you launch your business. The second best time is when you realize your business is taking off! Forming an LLC will help you gain access to tax advantages while protecting yourself from personal liability. You can file your formation paperwork online with the help of a formation service. Since states have different rules around forming and managing LLCs, be sure to do your research before moving ahead.

Choose a Location First

When you start looking for homes, consider location first. Location is one of the biggest factors that will affect your satisfaction with your new home, especially if you’ll be welcoming clients to your house. Make sure your home is in a location that’s easy to find and access. For example, clients might not want to go out of their way to visit your home if it’s too far out of town. Remember to check out available parking around the home or the potential to add parking on the property.

You’ll also want to consider local laws and business restrictions when choosing a location for your home. For example, make sure local zoning laws allow home-based businesses to operate in the neighborhood. Different regions have different permit requirements, so remember to research this as well.

Avoid Buying Too Big

While upsizing is a great way to make room for your business, avoid buying a home that’s too big. As Moving.com explains, buying a big house isn’t always a good idea. Big homes come with higher costs for things like utilities, furniture, property taxes, and insurance. Bigger homes also mean more cleaning, maintenance work, and responsibilities. Get a home that fits your business but avoid going overboard!

Buying a Home as an Entrepreneur

If you’re relatively new to entrepreneurship, this might be the first time you buy a home as someone who is self-employed. While the process is fairly straightforward, there are a couple of things you’ll need to keep in mind. MoneyGeek.com breaks down a few steps to take to ensure you’re properly prepared. For example, to apply for a mortgage, you will need to provide your lender with business profit and loss statements, tax returns, and bank records to show your financial stability. Also, make sure your credit score and debt-to-income ratio are satisfactory before applying for a loan.

Sometimes, upsizing your home is the only way to make room for a growing home-based business. Besides looking for a bigger place to live, consider going back to school to learn new business skills and forming an LLC so you can give your business some extra credibility. After getting settled in your new home, your business will be prepared to take off!

Are you looking for a new home in Tennessee? TNFlat-FeeMLS.com can help! Find properties for sale in your desired area using the search function on our website.

Photo via Pexels

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