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Expanding Home-Based Businesses: Tips for Upsizing Your House

By, Marjorie Jones

Entrepreneurship rates have seen growth in the past few years. Many people have chosen to operate new small businesses out of their homes. As these companies expand, the available space in your home for your business can become too small.

Whether you need a more private office space or a larger area to store inventory, you might need to buy a new home to accommodate your growing business requirements. Purchasing the right home means doing some research first. Check out these tips, and then contact 207 Prime Properties to begin your search!

What Kind of Business Do You Own?

Space requirements for different types of businesses can vary significantly. Any business might need a private meeting area for clients who visit. For example, you’ll probably need a desk, file storage area, and not much else if you do mainly virtual meetings and IT work.

However, companies that sell products need shelving or other storage for their inventory. Growing businesses might expand their product lines or need more on-hand inventory due to increased demand. You might also need a larger staging area for packaging and processing orders.

If you’re considering buying a new house to have more space for your business, determine what areas you’ll need before you start house shopping. You might want a home with a bonus room or a detached building to store inventory, or you may look for a house with a secondary entrance to make client visits more convenient.

Another area of business expansion that you should consider are offerings specializing in BPO. Business process outsourcing firms can help take your business to the next level by performing business functions out-of-house. By taking advantage of their services, you can free up time and energy to focus on more important tasks that demand your attention.

How Should You Choose Your New Home?

After you’ve determined what types of spaces you’ll need for your business, it’s time to look for a house. You’ll be living in it with your family, so think about your current and future personal needs.

Choose a home in a convenient location with enough suitable space. You can deduct a portion of your mortgage as a business expense but stay within a reasonable budget.

How Will You Set Up Your New Office?

Your home office layout can vary depending on your type of business and whether clients will visit. If you don’t expect your customers or vendors to come to your home, you might not include a seating area or extra chairs.

Most offices need several standard components:

• Desk and comfortable chair

• Computer and printer

• Natural or bright lighting

• Storage, such as filing cabinets for documents and shelving for supplies

• Phone

• Sufficient, well-placed electrical outlets

You’ll likely have video calls or meetings, so it’s important that the area behind where you’ll be sitting is clean and professional. Decorate your office with a personal touch, but keep it business-like. Studies have proven that adding a few plants can make you more productive.

What About Insurance?

If you don’t already have business insurance, purchasing it when making changes to your homeowner policy is a good idea. You’ll want your business equipment and inventory protected against loss and your personal assets against liability.

Do You Need to Hire a Moving Company?

Whether you’re moving across town or to a different city, you’ll likely need to hire movers. You’ll entrust them with your household and business belongings, so it’s vital that you find a trustworthy, reliable company.

Read online reviews before contacting movers for a quote. You can also find promotions if you’re concerned about expenses. Choose a few companies and invite them to your home to give you a written quote that covers your specific needs.

Are You Ready to Move?

Regardless of the reason, many small business owners need a larger home to accommodate their growing company. Evaluate your business and personal needs, and contact 207 Prime Properties when you’re ready to buy a house that meets them.