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The Business of Your Business From Home


Running a business from your home can be an incredible experience when done right. There are major benefits to working down the hall from your kitchen. Yet, many of the positives of such a venture are based on having the right home and office setup. Let’s look at how to acquire the perfect live/workspace and the funding options to make that dream come true.

Buy or Renovate?

Steps to Buy A Home

The first thing is to determine what you can comfortably afford. Just because you can pay a certain amount doesn’t always mean you should. In most cases, the more expensive the house, the more expensive everything else will be, from maintenance to upkeep. Remember, you want a home that accommodates your life and your business, not a major headache. Your next best step in the process is to get preapproved for a mortgage. This helps get some of the major loan hurdles out of the way and can make you a more attractive buyer.

Once you determine a price range and are pre-approved, connect with an experienced agent like Clayton Mills. With his guidance and knowledge of the market, he can help save you thousands of dollars through professional advice and expertise, money that you can put into upgrading your at-home business workspace.

Renovating Your Current Space

For many home entrepreneurs, choosing to renovate their current home is a more cost-effective solution. This allows for minimal disruption and can be a great way to improve a home’s value. When planning renovations to improve your home office, make sure to focus your changes on useability. It’s also wise to take stock of your current space to get an idea of what you need regarding technology, as well as ways to be more efficient. These should be the cornerstones of your remodel. Now is also a good time to decide if you want that standing desk or cord-free workspace; maybe you want a mini-fridge or multiple monitors for your computer. Whatever it is, this is the time to make necessary improvements.

Small Changes Can Equal Big Improvements

The major changes always seem to be the most fun, yet there are small fixes to your current space that can drastically improve your home business, possibly eliminating the need to move house or remodel.

Consider your chair and desk since you’ll be spending most of your time using both, and look into ergonomic improvements that allow for maximum comfort in a way that enhances productivity. You can also add some life to your office with indoor plants. They look great, plus they improve your cognitive abilities! Other ways to spruce up your space include additional lighting, a new coat of paint and even thoughtful decor. These small and inexpensive changes can add up to some major benefits when it comes to staying focused.

 

Funding Options

Sometimes a lack of funds limits your ability to create a necessary home workspace. Yet, government loans like the Small Business Administration (SBA) Express Bridge Loan, which was created to help small businesses that have been affected by COVID-19, are available. Other ones include the Main Street Business Lending Program and Traditional SBA Loans, which come in many different loan types. Non-government relief options include a business line of credit, looking into crowdfunding efforts, and if all else fails, securing a merchant cash advance to help your business push through difficult financial times.

Bear in mind that if you intend to apply for any sort of business loan or line of credit, you should already have formed your business and filed with the state. If you have yet to do so, this is a quick and simple task you can handle through online services.

If you’ve outgrown your workspace with your home-based business, it’s time to make some changes. Whether you choose to buy, build, renovate or opt for minor adjustments, these transformations will go a long way in helping you stay productive and keep your business on the path to success.

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