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Running a business from home has never been so popular. The advantages are obvious: you cut down on overhead costs, time lost during a commute, and you can schedule your hours more flexibly. However, as your business grows, it may be time to upsize your home in order to accommodate your expansion. Budget Fence N Deck shares what you need to know.
Staying on the Right Side of the Law
Staying on the right side of the law is important for the success of your home-based business. Depending on the type of business you are running, you need to consider state, municipal, and county licenses. There may also be industry and federal licenses to be taken into account.
Any business needs to be registered for tax. The good news is that business taxes are extremely low in Texas, compared to other states. This makes the DFW metroplex a great place to start a home business.
How to Accommodate Your Business at Home
You can start a small business right at your kitchen table. Maybe your home has a spare room you can turn into an office space or a storage area? During the crucial first years of a business, it is important to keep costs as low as you can and reinvest as much as possible into your business.
Once your business grows, you may find that you outgrow the space available in your current home. Luckily, there is a lot of movement in the residential property market in Dallas. As a consequence, there are great opportunities for upsizing.
How To Upsize Your Home
Your new home will no longer “only” be your home but also your place of business. Before you start house-hunting in earnest, evaluate what you need in your new home. Remember the property needs to work as a home and a business.
Do you simply need an office to accommodate additional hires, or do you require a garage as a workspace? What about further expansion? And which neighborhood would suit you best?
All these questions are important to answer right at the beginning of the process. With these answered, start considering finances. The median home price for a single-family home in Houston currently sits at around $349,381, and they are looking to be set to increase further. Homes are selling faster than they did one year ago.
Consider your taxes and your financing options. This may be the perfect time to change your company structure to an LLC, which is generally more tax-friendly.
Few business owners and homeowners can purchase a larger home outright. This is especially true if you need to upsize considerably, compared to your previous home. Look for professional advice on mortgages and business loans to avoid taking on more than you can afford.
Build on Growth
With a growing business, it might be time to also grow your business acumen. Advancing your own skills and knowledge can really pay off; learn about things like marketing and growth strategies and leadership through online programs that flex to your schedule. Doing so sets the stage for better business decisions down the line as your company expands.
Take your time to set out your exact requirements before starting the search for a new home. Speak to a professional financial advisor to be sure exactly what your family and your business can afford. This way, you ensure that you find the perfect home for both your family and your company.
If you’ve recently bought a home or plan to sell in the DFW metroplex, connect with Budget Fence N Deck for lasting home improvements like new fencing, concrete walkways, decks, pergolas, roofing and more! (972) 537-7766