Creating a Business Space at Home

Starting a new business isn’t as simple as picking an office space to lease and setting up shop. Some owners of new companies are anxious to put the cart before the horse, but creating a suitable work environment from home is the best method for establishing greater financial stability for your business to blossom. If you have an idea, you’ll need a place to execute it. Most fledgling businesses start inside the home. Whether your office is in the spare bedroom, garage, or in the middle of your living room, it’s important to keep overhead costs low, especially when your business is idling for flight.

Once you’ve developed your product concept, you may not be fully prepared to branch out from your homestead and find office space. That requires collateral and increases costs, which could take a serious chunk from your profits. Maintaining, repairing, and upgrading your home will not only allow your business to expand, but it will keep you from the sticker shock of higher bills when you inevitably expand your company prospects.

The first home improvement project you may want to pursue is creating a “business space.” When the kids are running rampant and the television is blaring, it’s difficult to concentrate. Sure, one of the luxuries of being your own boss is setting your own hours and creating your own terms. But as a professional working from home, you must maintain a safe environment from which to run your company. If you cannot separate your work self from your personal self, productivity will wane.

Consider converting a third bedroom into your home office or, if the space is not conceivable, you may wish to add on to your home. Sure, it’s a financial burden you must assume, but consider the advantages. You’ll increase the value of your home by adding more livable space and you can build the room to suit your needs. Find the outdoors inspiring? Add a large window that overlooks a scenic view. Need a rustic fireplace? Have one installed. The possibilities are endless when you’re building your workspace from the ground up.

The initial costs for expanding your floor plan may seem out of your budget, but construction loans are available to homeowners for such projects. These loans can either be stand alone, or tied to your existing mortgage. Once you’ve cleared zoning regulations with your local municipality, consult with a reliable contractor to determine costs and need. Many contractors offer free estimates. Shop around and attain several quotes to determine what best suits your needs and at what price. Qualified construction companies will offer you suggestions on what’s most suitable for you.

Before deciding on a contractor, research reviews on the company and verify their reputation through the Better Business Bureau. Once you’ve discovered these vital bits of information and you’ve worked out conditions of the construction loan with the issuing bank, you can break ground on expansion. Soon, you’ll find you now have the space you need to keep your new business growing.

Depending on your business model, at some point in the future you may very well want to develop your company outside of the home. When the time is right, you’ll know because your business has been profitable and the four walls of your house can no longer sustain your needs.

Article contributed by Jenna Smith