Running a business from home is a great way to keep your startup costs low as you get your venture off the ground. While launching a home-based business is certainly cost-effective, it isn’t always easy. Space is a common issue among home-based entrepreneurs and staying focused with other family members around can feel impossible at times. To ensure your small business is a success, check out the following tips to get your business set up at home!
If your home is just too small to fit your family and your business under one roof, it may be time to consider upsizing. Buying a bigger home will provide space for your various professional and personal activities. You’ll finally get an office of your own — with a door that you can close — and you won’t have to burden the rest of your household with business supplies and paperwork piling up all over the place. Start looking for homes in your area that would better suit your needs. If you could use some guidance in the home buying process, work with a great real estate company like Butler Gore Realty Group to get the ball rolling on your house hunt.
There are many steps involved in launching a business from home and it’s easy to get overwhelmed. Create a simple checklist of tasks you need to complete before you launch. As you get established, one of the first steps to tackle is choosing a business formation. Most businesses start as sole proprietorships, but there are reasons to consider other business structures as well. Forming a limited liability company (LLC), for example, comes with significant tax advantages, greater flexibility, and less paperwork, all while protecting your personal assets from business lawsuits. If you’re planning on forming an LLC, take the time to learn about the specific regulations involved in structuring a business in your state. Online formation services can help you navigate the process!
Invest in Good Equipment
When it comes to the actual setup of your home-based business workspace, comfort and functionality are key. Furnish your space with a sturdy desk and an ergonomic chair (Wayfair has an assortment of excellent options) so you can focus during those long work hours without discomfort. Some tech equipment can also enhance your productivity when working from home. For example, if your computer is on the older side, it may be time to upgrade to a newer, faster model from a brand like Lenovo. On a tight startup budget? You can save money on your computer equipment purchases by taking advantage of this year’s Black Friday sales!
Set Some Ground Rules
Distractions are a common complaint among home-based entrepreneurs. Sometimes it’s just impossible to focus on work when you have little kids running around underfoot! Be sure to set some ground rules with the rest of your household so they know what to expect. For example, AllBusiness.com recommends establishing a work routine so your family knows when you will be unavailable. Be sure to also schedule quality family time into your busy routine. Knowing when to call it a day and shift your focus to your personal life is essential for anyone planning on working out of a home office.
Take Advantage of Tax Deductions
As you work on equipping your home office and getting your business going, remember to keep track of everything you spend. You will be able to deduct a lot of these expenses on your taxes! If you qualify for the home office deduction, you can deduct any money you spend on building your office as well as indirect expenses relating to the cost of running your business space, like utility bills and homeowners insurance. Be sure to take advantage of these deductions to keep more money in your pocket!
Running a business from home comes with its pros and cons. On the one hand, you get to save money and skip the commute. On the other hand, working from home means combating distractions and space issues. Need more room for your home-based business? If you’re thinking about upsizing, contact Butler Gore Realty Group to explore homes for sale in your area. Call 858-229-9212 for more information.