FINDING THE RIGHT PROPERTY FOR YOUR HOME-BASED BUSINESS AFTER THE DEATH OF A LOVED ONE
People choose to start their own, home-based business for many reasons. Many times, people who have lost a loved one need a fresh beginning, and feel that creating their own company is a good place to start - and, often, they create a venture that honors their loved one's memory.
Regardless of your reasons for launching one, there are a lot of details to hammer out when it comes to starting a home-based business. Fortunately, there are all kinds of tools that can help you with all of the tasks you know you need to accomplish. There are inexpensive or free business website builders. There are free tools that will help you create a catchy business name. There are even resources to find freelance, remote employees to help you get off the ground. But one often overlooked detail for home-based entrepreneurs is the actual home they'll be operating from.
When you engage in a home-based business venture, you need enough space to function well. If your current abode doesn't offer enough room to spread your wings, upsizing makes sense. Here is advice on what to look for in your next property.
When bigger is better. If you're in the process of developing a new business and your house simply won't accommodate your work, it's time to find a new property. Pursuing your dream will require appropriate space, and you need to formulate a vision for what you want. If you haven't already narrowed your focus, Home Business recommends doing so before you jump in any further. You can't meet the needs of a new and growing business when you don't yet know what they are. Once you decide on your focus, evaluate your unique requirements so you can find a specialized space. For instance, a catering business requires a commercial kitchen, an herb farm requires sufficient land, and a consulting business requires room for meeting clients and an appropriate home office. Auto mechanics, woodworkers and electricians require workshops, and dance instructors require studios. Contemplate your specific needs and envision what your ideal work area will look like.
Note details. When exploring your options, think through how your business will function. Do you need a private entrance separate from where clients will enter? How much storage will your work require? Do you need an outbuilding to house products, equipment or animals? Make some notes and be prepared when you're house-hunting. And remember, whatever property you choose should offer a professional appearance if clients or customers will be coming to you.
Think about flow. Your location is key, and your neighbors, area routes and traffic patterns can play a role in how your business functions. Get an idea of the lay of the land when you're narrowing down properties. For instance, if you're planning on housing an art studio and want to participate in an annual artists' homes tour event, you won't want to be too far from the rest of the participants' properties. Or perhaps you're going to put out a farmstand on weekends. You'll need enough drive-by traffic and other similar businesses close by to make it worthwhile, because as Entrepreneur explains, you can benefit from their established customer base. Or do you want to open a winery? A route that is difficult to travel in bad weather can mean a bite out of your business on a regular basis.
Budget for changes. Whatever property you choose may require modifications, especially if people will come to you for your work. You may need to install a second driveway or upgrade your home's facade. You may want to add an appropriate foyer or waiting area for your clientele, or a room or outbuilding designed just for your work. List the alterations potential properties will require and tally the expenses involved in each to help determine what fits with your budget.
Investigate limitations. Depending on your plans and prospective locations, some experts note there may be restrictions or limitations on your choices. For instance, some areas don't allow for certain kinds of odors or restrict your signage options. You may need a parking lot for your business, or if you handle hazardous materials, there could be restrictions on how you manage them. As The Balance notes, some areas have special zoning regarding home-based businesses. Do some research and be alert to potential issues relating to various locations, and note that your real estate agent should be able to assist you with discovering and navigating ins and outs.
Opportunity awaits! Pursue your dream of a home-based business in a property that is appropriate. Evaluate your needs and find the right place to grow. When you're ready to spread your wings, don't let a small home hold you back!