If Your Home Business is Growing, Consider a Larger Residence
So, your small business is expanding and doing well. Congratulations! However, when a business starts outgrowing a home, this can induce stress and impede efficiency. It’s important to have the space and the facilities you need to keep up with the demands of business ownership, which is why you may want to consider purchasing a larger residence that can better accommodate the needs of both your personal life and your work.
Not just more space – the right kind of space
If upsizing is right for you and your business, you will want to think not only about acquiring more space but also about the kind of space you need, depending on the nature of your business. Consider whether you need outdoor as well as indoor space, or whether you can sacrifice some lawn area for the sake of interior square footage. Additionally, assess whether you need more room to spread out with an open floor plan, or whether a house with several smaller rooms is better suited to your needs. Other considerations include storage and parking.
Think about the interior infrastructure
If your business can be run with a minimum of tools and personnel, you probably don’t need to worry much about wiring or other infrastructure, other than making sure everything is safe and up to code. If, however, you are setting up a woodworking shop or expanding a catering business, and anticipate utilizing high-powered equipment, you need to be sure the existing wiring can support this. Look at the house’s ventilation and its heating and cooling systems, especially if you anticipate having employees or customers occupying your indoor space on a regular basis.
Keep an eye on the aesthetic
Aesthetic considerations may not be pressing for some businesses. If you plan to use your increased home space to manufacture and store products, and ship to customers, keeping your work area appealing is less of a priority. Nevertheless, you are looking for a home as well as a business property, so it’s important that your own quality of life not suffer. Remember, too, that the comfort and appearance of your surroundings affect your own mood and productivity, so don’t subject yourself to an unpleasant or inconvenient interior: it may be cheaper up front, but it will be deleterious in the long run.
If you are expecting to have employees or customers in your home, don’t forget to consider how home design can protect privacy. Think about different exits and entrances, how to minimize noise, and whether you will have to create boundaries between living and work areas.
Be aware of rules and regulations
It’s easy to get excited about the possibilities of expanding your business in a new home, and forget to check on zoning laws and safety regulations, both federally and locally. It may be a buzzkill, looking at the small print before you take the plunge, but you don’t want to make your purchase and discover afterward that you are in violation of codes. Remember: homes in less upscale neighborhoods are more affordable and have less stringent regulations.
Protect your assets by forming an LLC
It is always important to protect yourself from liability issues when running your own business. This is especially crucial if your business is operated out of your residence. Those who have not yet researched creating a limited liability corporation, or LLC, should look up the rules in their state and decide whether this move is right for them. Other benefits associated with forming an LLC include decreased paperwork and certain tax advantages. If you are uneasy jumping through the legal hoops, you could hire a lawyer to help you with the set-up process. However, be advised that this could get pricey; a far less expensive option would be to file as an LLC yourself.
Yes, the prospect of upsizing can feel intimidating, on top of the demands of keeping your business running smoothly. But this may be the best option for you in the long run, and amply pay off in years to come.
If you’re looking for real estate in Metro Milwaukee and Ozaukee counties, The Luettgen Group Real Estate can help. Contact us today by visiting our website or calling 414-803-7332.
image by Pixabay
Author, Bob Shannon of Seniors Meet