The following is a guest post by Brittany Fisher of Financiallywell.info
You typically have to jump through multiple hoops to launch a business from home. Your current housing arrangement may not be up-to-par, meaning you may have to move to a more suitable home in a more business-friendly location. In this mini-guide, VR Business Brokers covers everything you need to know about finding a new house from your new business venture and how to launch successfully.
Identify the kind of house you need
Are you planning to start a service business or something that involves tangible goods? The nature of your business will determine the kind of physical space you require. Come up with a list of physical attributes and facilities you’d like in your new home and then house hunt accordingly. Here are some examples:
- Working space: You may need a specialized workshop to manufacture goods or a home office for you and your employees.
- Storage: A large garage or basement to store goods, files, and other business-related items may be needed.
- Entryway: You may need an entryway – that’s not the front door – for workers, customers, or clients.
- Accessibility: You may need a house that’s close to a transportation hub, or you may require top-tier internet services that aren’t available in your current neighborhood.
- Security: Your current home may not be safe enough to store high-value goods for your business.
Keep in mind that you may have to modify the property to make it more business-friendly – houses are rarely perfect for business as they are. This may push back your launch date.
Start house hunting
When buying a new home, be sure to research the property market and talk to a few experienced estate agents for the best deal. Forbes offers a thorough guide. Your family’s preferences, if they’re moving with you, should also be factored in. Because it is going to be your home as well as your place of work, you may want to consider additional factors like privacy offered and distraction-free nature (for living and working). Lastly, you will have to get the financial details sorted.
You can apply for loans to both buy your home and start your business. FHA loans may be perfect when you’re buying a home for the first time with a shorter-than-average credit history. They are easier to qualify for and the down payment is low. They also have a higher debt-to-income ratio, which may be favorable for new business owners.
Meet the legal requirements
Starting a business from home can be tricky in the legal sense. You not only meet the usual perquisites of starting a business, but you may also have to obtain special permission to do it from home. The main legal requirements to see are business licenses, permits for health and safety, a sign permit, professional licenses, and sales tax licenses. Consult the USA Government site when in doubt.
You will also have to talk to the homeowner’s association or similar organization to ensure businesses are allowed in the neighborhood. There are also tax and insurance obligations. Lastly, you may need a construction permit if you’re planning to make extensive modifications to the house.
Planning, foresight, and research make for a successful business. You will have to get into the entrepreneurial mindset, research the target market, test your business idea, roll out a marketing plan, and finally acquire customers or clients. HubSpot offers a guide. Make sure you decorate and equip your workspace appropriately.
Every business owner should invest time and energy in creating a business plan. This is a time-consuming endeavor, but well worth it. A business plan allows you to build a roadmap for your business to achieve its goals. It includes all the logistical, financial, and similar details to consider, and documents market conditions. Creating a business plan helps you get organized and helps you remember pertinent details.
It’s a good idea to take your time with house hunting. When you work from home, the environment becomes doubly important because you spend so much time there. You want a place that feels comfortable and allows you to focus well on work.
VR Business Brokers can help you purchase or sell established businesses in Raleigh. Reach out for the next step in your entrepreneurial journey.
Image via Unsplash