According to data, about half of small businesses start as home-based businesses. Starting a business in your home can be a good way to save money, but can impose space limitations. Running out of space can put a damper on your business' growth. This guide from Miller IP Law will help you make room for your expanding home business by upsizing your home.
Set Up Your Company as a Limited Liability Company
When you run a home-based business, it can be easy for your private and business life to blend. However, it is important to maintain some separation. Before you invest more money in a larger home, make sure your assets are protected by setting up your business as an LLC.
The limited liability protection of this business structure ensures that creditors can not come after your personal assets to satisfy any debts of your business. There are also other benefits, such as reduced paperwork, increased flexibility and tax savings. If you are concerned about expensive legal fees, you can avoid them by using a formation service or filing yourself. However, if you opt for a do-it-yourself approach, make sure you know the rules of your state before you proceed.
Find the Right Home
Before you choose a neighborhood where you would like to live, make sure there are no zoning laws or other restrictions that would prevent you from running your business if you bought a home there. It may help to consult with a real estate agent or attorney. Once you locate an area that will work for your lifestyle and your business, search for a home that meets your business needs.
There are several factors to consider. Does the home you are considering have enough space to set up a dedicated office? Do you need a storage area for products and supplies? Do you need a workshop or a shipping area? Will customers or clients be coming to your home and does the home have a separate area where you can meet with them?
Sell Your Old Home
Once you have identified a property to buy, you need to get your old home ready to sell. To increase the value and appeal to potential buyers, consider making any necessary repairs and having your home professionally cleaned before you put it on the market.
Protect Your New Home
After closing on your new home, you will almost certainly have bought a homeowner’s insurance policy. You may not know that your insurance policy doesn’t usually cover common home repairs and replacements. A good home warranty does, however, and when you're looking for the best home warranty company you’ll need to balance several factors. You should search for a company that offers you the best combination of value and service for your budget. Be sure to read customer reviews as well. A good home warranty will help you from having to make large out-of-pocket outlays in the event an appliance fails or your AC unit needs to be replaced.
Set Up Your Home Office
One of the first things you should do in your new home is set up your home office. Start by identifying the best location for your office. Preferably, your office should be in a room that you can keep separate from your living area and any noises or distractions during the workday. If you will be meeting with clients, add some furniture to use as a meeting space. Purchase a high-quality desk and chair and set up an ergonomic workspace.
Prepare for Your Future
To make sure your business continues to thrive, it is a good idea to beef up your business skills. One way to do this is to return to school to get an advanced degree, such as an MBA. Online degree programs make it easy to keep running your business and taking care of your family full-time while you complete your education. There are many accredited programs with competitive tuition rates to choose from.
In some ways, having a business that has outgrown your space is a good problem to have. However, it is a problem you must solve to ensure your business keeps growing. And for legal help to support your growing business, contact Miller IP Law today!
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