Setting Up Your Small Business at Home
This Guest Blog was Written By: Katie Conroy of Advicemine.com
Establishing your own small business is an exciting prospect. There are so many things to consider including the installation of a devoted space to run the business. Many small business owners decide to establish a home office but may feel unsure about how to get started.
There are three options for developing a home office: making renovations, designing a home office in your existing space, or buying a new home if your current one is unable to accommodate your specific needs. There are pros and cons for each option, of course, and it is worth exploring which choice is best for you.
A significant benefit of renovation is the ability to create an office space for your unique business needs. When you start from scratch, you have a blank canvas to develop your ideal space. Some aspects to consider for renovating your home are foundational needs (if you are adding onto the home’s footprint), and how you will heat and cool the space throughout the year.
While the renovation of your home is a great idea, the cost may be prohibitive if you are on a limited budget. If the expense of renovations feels out of reach, perhaps using your existing space to establish an office would be a practical choice.
Designing a Home Office in an Existing Space
Often a spare bedroom or underused portion of your home can be adapted into an ideal office area for your small business. A benefit of transforming an existing space is having more resources to devote to important details such as ergonomic office furniture. According to Healthline.com, convertible desks that enable sitting or standing can be a healthy option to reduce fatigue and bodily harm from excessive sitting. It may be helpful to consider noise-reduction ideas to help keep your workspace quiet from household noise and lighting that will reduce eye strain. Using your existing space for an office is practical, but if your home doesn’t have adequate room, it may be worthwhile to consider buying a new home.
Purchasing a Home for Your Needs
If you are looking into a new home, you might consider setting up your office on a separate floor from the remainder of your living area to avoid distractions while you work. Also think about factors such as storage space, number of bedrooms and bathrooms. The pros at Jam Properties, LLC can help you locate a home that serves your business and family needs.
There are so many things to consider when you own a small business, including the impact on your personal life and family. Business ownership comes with a certain amount of risk, so it is imperative to recognize the risk potential and protect yourself.
Protecting Yourself and Your Assets
One way to protect yourself is to form a limited liability company. There are many benefits to forming an LLC, the most significant being the protection of your assets. With an LLC, your home, personal savings, and family assets are protected if something unexpected happens.
By forming an LLC and working at home, you can claim the use of your office space on your tax return. The reduced paperwork burden and flexibility of owning an LLC makes it a safe, practical option for small business owners to consider.
If you are interested in forming an LLC, you can hire a lawyer, or save money by filing the application and paperwork yourself. Another option is to use a formation service. If you elect to form an LLC, be sure to check the rules and regulations in your state, as requirements vary.
Owning a small business is an empowering endeavor. Among the many decisions a small business owner makes is how to establish a practical home office and tap into legal strategies to protect personal assets. These important decisions will shape the life of the business and offer security and stability as you pursue your self-employment dreams.
Ready to jump into the market and find that perfect property? Jam Properties, LLC can help make your dream a reality — without a lengthy, complicated process. Give us a call today at 949-438-4343 or stop by our website and fill out the contact form you see there.