Searching for a new property is daunting enough, but marry that with starting a new business, and homebuyers can feel pretty challenged. The Parkland Power Team is ready to help! Start your journey with the following tips:
Home Businesses in the United States
Improvements in communications and operations afforded by technological advances allow for more people to start businesses from the comfort of their own home. There are an estimated 38 million home-based businesses in the United States, according to Home Business online magazine. What’s more, they are thriving, with 70 percent believed to be successful beyond their first three years—far superior to the 29 percent of their counterparts.
If you want to start your own home business, you have to have resources. What resources you need exactly have a lot to do with the type of business you want to have. For instance, if you want to start consulting, you must have the experience that makes you an expert in your particular field. You also need the money and knowledge to access any required certifications and a system for maintaining your finances. Furthermore, you’ll need to have contacts to help spur your business development.
Lastly, when you set up shop, be sure to establish a Florida LLC to protect your personal financial situation. An LLC essentially separates your personal assets from your business’s. You can go through an online formation service that simplifies the process and ensures you meet your state’s rules and regulations.
How to Upsize Your Home
Tiny homes are cute, but as Apartment Therapy explains, they are wildly impractical and leave many owners wishing they had a larger abode. Thus the term “upsizing” has blossomed in reaction to the downsizing trend. Upsizing is whenever you trade in your smaller home in favor of something larger with more room for belongings and activities. Many people choose to upsize as they decide to expand their families, while others look for a bigger space in order to house their business.
Upsizing isn’t an option for everybody. If you are barely managing your current home mortgage and maintenance costs, there is a chance upsizing will not be conducive to your budget and savings plans. However, depending on how much of your mortgage you’ve paid off and the amount your home’s value appreciated over the years, you could have a fair amount of equity available once your home sells.
If you do have the money to upsize, the next step is setting a budget and looking for a home that works for your home business needs. When browsing new places, you may have to look in different neighborhoods or areas of your city in order to find a larger home within your price range. You may have to sacrifice some of your living space in order to make room for your office. To help come up with a better idea regarding what kind of home you will need and where to find it, ask yourself the following:
- How much space do I really need?
- Will the space in a house I’m considering house my office comfortably?
- Is my office client-facing? Will people visit my home office?
- Are there local businesses nearby that facilitate my business needs?
- Does the proximity of my home office to a particular part of town matter?
- Does the location offer quality of life spaces, like hiking and nature walks?
- What takes precedence: living space or working space?
A home business needs a dedicated space where the owner can organize and conduct operations. While office space is an option, for many the long-term cost outweighs the benefits. Upsizing your home for home office space requires an initial investment, but if the business is successful it can help mitigate the costs in a fraction of the time.
Connect with the Parkland Power Team to find the perfect home for your new business!