5 Ways to Make Space for Your Business (at Home)
Working out of your home doesn’t have to be a burden. With the right strategy, you can settle in to run your company from home, no matter what your business model. Whether you’re buying or selling a home to make it happen, Real Estate Agent Emil Ratti can offer the advice you need. Here are ways you can start exploring how you can make space for your work-at-home operation today.
Shop for a New Home
Despite the receding economy, homes continue to sell like hotcakes, and mortgage rates are nearly at rock bottom. Though you’ll need to plan ahead to get the pre-approval that fits your finances, your budget may have more room for a mortgage than you think.
Navigating the homebuying process can be challenging, so you need to do your research. Knowing what you can afford, finding a reliable agent, and starting your home search online are all essential steps. But with a plan in place, you can make your dreams of homeownership – and working out of a well-equipped home office – a reality.
Free Up Your Finances
If balancing your finances is a challenge, obtaining funding for your business may be a way to free up personal income. By taking out a government (e.g., SBA loans) or non-government loan for your company, you’ll be able to afford business expenditures without dipping into your own pockets.
Plus, consider the tax advantages of dedicating an area of your home for office space. Whether you’re working at a desk or storing inventory, the IRS offers special tax breaks for at-home business owners. Not only will you save money with business loans, but you can also anticipate a bigger return (or lower tax bill) come tax season.
Renovate a Home Office
Looking at your existing home with fresh eyes could help you zero in on the perfect office space within your existing square footage. Whether you have a vacant garage that’s ripe for renovation or a spare bedroom that could become a home office hub, think outside the box when it comes to making room for your work area.
Of course, if you plan to file for the home office deduction on your taxes, you’ll need to determine whether it’s worth the expense for a lower square footage measurement. To that end, expanding into your garage or attic space could be the perfect solution for WAH.
Seek inspiration from design experts like Country Living, which showcases countless ideas for your professional space. No matter what the layout or size of your space, you can implement smart design to make it professional, comfortable, and productive.
Think Outside the Floorplan
Entrepreneurs have a reputation for their creativity, so why not put your creative chops to good use by scoping out unconventional solutions for your home office? From building a loft for storage space to setting up a yurt in your backyard, there are plenty of ways to equip your home office without encroaching on your living space.
Even setting up room dividers can help you carve out a special spot for your workstation. After all, The Muse recommends separating work and home – literally – so that you can close the door at the end of the day. It’s hard to stop working when piles of work are right in front of you, so physical separation may be essential.
Invest in Quality Equipment
It’s tempting to try and outfit your work area as affordably as possible. But if you skimp on an office chair or used laptop, you may find work more frustrating than rewarding. Finding a good deal isn’t impossible, but make sure to do your research when it comes to purchasing office equipment.
Technology changes quickly, so the newer your computer is or the faster your internet speed, the better. Consider your options carefully and extend your budget whenever possible. The better tech you choose, the longer it will serve you and your company.
Rearranging your home (and life) to make room for your business is a tall order. But there are plenty of ways to make it doable and better yet, enjoyable.
Planning to buy a home for your family and home-based business? Contact Emil Ratti of BCNJRE at 201-280-2884 for assistance. No matter where you are in the process, Emil can help!
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