If you’re starting a new home-based business, you’ve probably put a lot of thought into the business part, but what about the “home-based” part? For your new business to succeed, your house should be a good fit for your new endeavour, however there are many reasons that your current home may not be the best environment for your new business to flourish.
While the thought of moving to a new home right now might seem overwhelming, a move could be exactly what your new business needs to grow and succeed. To ensure you’re set up to prosper, check out these tips presented by Ämy Collett of bizwell.org in collaboration with Business SOS.
As Entrepreneur.com explains, your home should have a space where you can work comfortably and focus on your new business. This is especially true if other people in your house are also working or learning from home. When there’s too much going on, phone calls, virtual meetings and even just collecting your thoughts can be difficult. If you’re frequently escaping to a coffee shop or library just to get some work done, your home likely isn’t ideal for running a business.
It’s impossible to overstate the importance of having a dedicated workspace where you can focus, brainstorm and fine-tune your business plan. This space should also be conducive to learning: To give your business an edge, you’ll want to sharpen and increase your skills. This could mean taking an online course or even pursuing a degree. Earning a master’s degree in a field related to your business, such as IT or communications, may be the key to success.
If your current home doesn’t have the resources you need, it could be holding your business back. Depending on what you are doing, you may need a place to get messy or tinker, like a workshop or garage, or plenty of storage space to keep supplies and inventory organized. Slow internet or unreliable phone service is unacceptable for any new business.
Location, Location, Location
The early days of a new business are extremely taxing on your time, so you don’t want to waste valuable minutes or hours each day stuck in traffic. The distance isn’t going to change, and your time will only become more valuable. If your current home is too far away from your suppliers, customers or other key locations, moving may be a wise choice.
In formulating your business plan, you probably reviewed your debts and assets carefully. Your housing situation deserves the same attention. If you’ve got a hefty mortgage with a high interest rate, that’s money that you could be investing in your business instead.
On the other hand, if you have a lot of equity in your home, you may want to use that money to help get your business off the ground. Investing your own money is typically less expensive than incurring new debt. Maybe you just want to stretch every dollar as far as possible during this startup period. If your current home is located in an area with a high cost of living, a move might be well worth the effort. A skilled real estate professional can help you find the right home for both business and pleasure.
Don’t underestimate the impact that your home will have on your new home-based business. If your current home seems more likely to hinder than help your business, consider making a move.
Contributed by: Ämy Collett of bizwell.org