It's scary to think about starting a business while at home, but for many entrepreneurs, it's the only option. If you want to start a business and your current home isn't set up to comfortably house yourself and your new venture, you may need to move to a bigger space. Below, we share some things to consider before you relocate.
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Buying
In some cases, the solution is to purchase a new home with extra room to work, a new building, or a building lot. If a new home is in order, you need to check with the zoning laws in your preferred neighborhood before you start looking. Then take stock of the housing prices and current market in your area so you know what to expect. Of course, buying doesn’t have to be the only option.
Renting
These days, many entrepreneurs find success by renting commercial space in an established office park, for example, or by operating out of shared offices, such as coworking spaces.
Working From Home
A lot of entrepreneurs start their businesses at home, then move into rented offices, but that's an expensive route. It's possible, though, to get the best of both worlds. If your business is small enough, you can have your home and work life together, maximizing your efficiency.
Making a Plan
Starting a new business can be an exciting time. You might even be able to turn your passion for a hobby into a career. But be warned, your home business can result in increased overhead and a poorer overall quality of life—at least until you're on your feet. Here are a few simple tips to help you start your new business the right way:
- Carefully choose a business.
- Let your significant other in on the plan.
- Prepare a budget.
- Get some start-up money.
- Make a financial plan.
Be Persistent and Stay Motivated
Staying persistent is key to a successful business venture. Don’t give up because you’ve been rejected by customers; just remember this is a normal part of the process. Keep trying. When you begin a business, it’s easy to get discouraged, but it’s important to keep reminding yourself that your dream is worth it.
Take Risks
Business is full of risks. You don’t have to take every risk that comes your way, but you should be willing to take risks that bring you closer to your dreams.
Benefits of Incorporating
Forming a corporation is a smart choice for business owners looking to minimize their liability. When you incorporate, your personal assets are protected, because your business is separate and you typically can't be held liable for the debts or actions of your business. In addition, incorporating typically means that you’ll be taxed at a lower rate.
Make Your Dream a Reality
Starting or expanding a business while finding a new home is challenging, but it's possible to make it happen with the right planning and support. Just make sure you proceed slowly, take it one step at a time, and prepare ahead of time so nothing catches you off guard. It’s hard work, but before long, your dream business will become a reality!
