3 Ways to Make Space for Your Home-Based Business
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If you’re like many entrepreneurs, as your home business grows, your home office seems to shrink. What was once plenty of space to manage orders, maintain files and package products suddenly seems cramped and counter-productive. When you’re ready to revamp your home business headquarters, here are three popular routes to take.
1. Redesign Your Space
The first and easiest way to accommodate your successful business is to redesign your existing workspace. If you have a dedicated home office, for example, you may find that, as Thriving Spaces explains, simply moving furniture around can help you turn a frustrating workplace into a flourishing one. Other simple, inexpensive ways to boost your at-home productivity may involve:
● Arranging easier access to power outlets and internet hookups
● Installing better lighting
● Removing your TV
● Eliminating other distractions, especially from your desktop
● Adding motivating items like artwork, photos and houseplants
If your workspace is part of a bigger area — maybe you have a command center in the kitchen, for example — it’s helpful to clearly delineate your workspace from the rest of the room. Let the other members of your household know that your workspace is reserved solely for work and is off-limits to wayward car keys, homework or soccer cleats.
Not only does this make it easier to find what you need and focus on the task at hand when you’re at work, but Project Management Institute notes it also can improve your sense of work-life balance, which is no small feat when you run a business from home.
2. Renovate Your Space
Another way to transform your home office is to renovate it. While more labor-intensive and expensive than simply rearranging things, remodeling your space has the capacity to breathe new life into a tired and tiny-feeling room. There are a variety of ways to update your space:
● Invest in new office furniture, especially a comfortable chair.
● Use the room’s vertical space to your advantage by installing shelves.
● Give it a fresh coat of paint, using neutral tones to create a calm atmosphere.
● Install flooring that’s easy to clean and stands up to whatever you throw at it, such as the rolling wheels of your desk chair or large, moving objects.
When you’re updating your space, it’s also a good time to make sure your business records are in order. If you haven’t established a limited liability company to separate your personal finances from your business income, consider it. In addition to providing protection in the event that your business suffers a financial setback, forming an LLC offers tax advantages and flexibility for growth. Check the regulations in Arkansas first, but in most parts of the country, setting up your LLC can be completed online in a matter of a couple of hours using a formation service that can save you considerable cash on attorney and filing fees.
3. Buy a New Space
Depending on the needs of both your small business and your household, the best option may be to buy a new home. Before you contact an experienced and trustworthy agent at Rackley Realty to guide your search, make a list of your home office must-haves, such as space requirements or accessibility needs.
If you took on debt to start your business, don’t worry; a new home is still attainable. First, research the debt management options that are available to you, such as a consolidation loan, bankruptcy, a settlement or debt counseling. Once you take the steps necessary to bring your debt under control, you can boost your credit score and start saving for a down payment. Next, research the local market to determine home prices. For example, the median home price in Little Rock is $229,000, or $118 per square foot.
A thriving business is a source of huge excitement, but it can also raise new questions and concerns. If you think your small business has outgrown your workspace, consider all of the options available to you, make the choice that fits your household’s needs and look forward to the next exciting evolution of your company.