According to recent data, about half of all small businesses in the United States are operated from homes, and it is easy to see why. People enjoy the flexibility and convenience of working from home. However, not all homes are equally suited to business operations. As you get your business off the ground, you may find that you need to relocate to give your business a better chance of success.
Starting a Business
There are many steps involved in starting a business. A business idea is the key first step. Once you know what you want to do, you can decide if your current home is suitable or if you need to move. After settling on a name and business structure, register your business with state and local authorities. Procure all necessary licenses, and get the business’s finances squared away. Create a budget for starting the business so that you know how much you have available to spend on supplies, advertising, and other important startup costs.
As you go through the licensing and registration steps, you may decide to get an EIN number for your business. This number allows the IRS to track payroll taxes and is required for all businesses with employees. Although not mandatory for businesses that do not have employees, an employer identification number is helpful when doing taxes and may make other financial and professional transactions go more smoothly.
Purchasing a Home
If you are buying a home as a location for a residential business, you have more on your plate than the normal financial considerations and standard home-buying steps. You can tap the Uptown 240 team for their unparalleled expertise and experience in the Lake Dillon area.
You also must consider your home office needs. Make sure reliable internet is available and that you have enough room to keep all of your work supplies. Consider the possibility that your business may grow in the future, requiring even more room. Check with the local authorities about any zoning restrictions that may be in place.
Starting a business and buying a home are both stressful tasks in their own right. Trying to do both simultaneously will be an even more daunting undertaking. Careful planning and time management can help you complete both successfully. Create a schedule and stick to it as best you can. Prioritize tasks, and keep track of deadlines.
Understand the documentation required to buy a home. For those who are self-employed, gathering up income verification is a more time-consuming chore than for those who receive a W-2 from an employer every year. Be prepared to spend a fair amount of time gathering up documents for your lender and devising an organizational system so that you can keep track of everything.
Practice stress management; take time to relax and have fun. Keeping your stress levels in check can help you avoid making rash decisions that you later regret. Do not purchase a home that does not work for your business just because you want to “get it over with.”
Understand that starting a business and buying a home at the same time will be a strain. However, doing so is not impossible if you do thorough research, organize your task list and stick to a schedule. These methods can help you manage both your time and your stress level, leading to sound decisions and a beneficial outcome on both fronts.
Start the process right by reaching out to the Uptown 240 team today!
For more insight on turning your home into a stress-free sanctuary, check out Happier Home!