Updated: Oct 28, 2021
Starting a business is tough, and one that requires you to work from home presents its own unique challenges. Join guest author Ed Carter as he provides input on how to maximize your home-based career.
Whether you are starting or growing a home-based business, you probably know about the benefits of operating a company out of your place of living. You also know that there are challenges that come with the territory, and this is especially true if you are living with a disability.
For example, even though you are working from home, you need the right kind of space to run your business successfully. So, if your current home is not cut out for the job, it might be time to get a larger house so your business can flourish. This, of course, requires you to do a lot of planning. If you are not sure where to start, check out these tips presented by Texas Innovators about upsizing your home for your business.
Evaluate your legal needs.
Before you get too deep into the home buying process, think about what business structure you should form. If you already have a sole proprietorship, LLC, corporation, or other entity established, re-evaluate to ensure it is serving your needs.
Another thing to consider is creating a “doing business as” (DBA) name. If you struggle to find a domain for your business or if you ever want to sell new products or services under a different name, using a DBA is an excellent option. You can also work with an online service to get a DBA quickly.
Determine what kind of home you need.
The most important factor to consider when purchasing a home for your business is that you want both your company and your lifestyle accommodated. First and foremost, you need to ensure that your home meets all of your accessibility requirements; if the home is uncomfortable to live in, it will definitely be uncomfortable as a workspace.
The specific type of home you need will depend on what kind of business you are running. If you plan on primarily doing freelance work with a computer and maybe a few other pieces of equipment, you may be able to get away with reserving a spare room or a corner of a room for your operations. But if you will be required to use larger equipment or keep inventory, think about purchasing a home with a separate building or garage that can accommodate you.
Do your research.
Once you have an idea of what you need, start researching the housing market to see what kinds of homes are out there. Along with researching homes in your desired area, look at the national housing market to see how it compares to the local market. This will allow you to assess purchase prices as well as what sellers are offering in order to attract buyers.
Start building your home office.
Finally, it is best practice to start laying out your home office before you move in. Consider your spatial needs as discussed earlier. Create an office layout that contains everything you need, whether it’s a primary workstation by the window, a brainstorming area, or a lounge area where guests can relax.
Also, plan out the lighting. Make sure you have all the equipment you need, such as a desk, an ergonomic chair, a laptop and/or desktop computer, high-quality monitors, audio equipment, etc. Spend time decorating your office using color schemes and décor that are both professional and fit your personality and accessibility needs.
To maximize the benefits of running a home-based business, you must ensure your home will accommodate your needs. Handle any legal necessities, make a list of features you need from your new home, and research the local and national housing markets so that you can know what to expect when it comes time to purchase. Lastly, hire an experienced real estate agent and carefully plan out every aspect of your office so it will suit your needs on a daily basis.
About Ed Carter
Ed is a guest author for Texas Innovators who specializes in financial literacy for adults with disabilities and parents raising children with disabilities.
Currently, Ed runs his own site called ablefutures.org which incorporates articles, blogs, resource links, and more information that is free to those with disabilities.
Over the years, I’ve worked with clients of all ages, backgrounds, and incomes. About 10 years into my career, I saw a need for financial planners who specialize in helping individuals and families living with disabilities. Regardless of their nature or how long they’ve affected someone, physical and mental limitations often cause stress and confusion when it comes to financial planning. Many people are unaware of just how many options they have when it comes to financial assistance and planning, so it’s an honor to offer my experience and change people’s lives for the better.
Now that I’m retired, I’m committed to continuing my services, even though I work on a broader scale than when I was working 9 to 5. I now spend my free time writing financial literacy articles for people to share on their blogs, collecting resource links for people to share on their websites, and collaborating with like-minded folks who want to make a difference.