Moving your business from a commercial space to your home is a huge step. It gives you an opportunity to save on overhead while enjoying a better work/life balance. But there are many considerations throughout the process. Strong Desks is pleased to present today’s post with valuable information on how to best navigate the home office conundrum, whether you choose to move to accommodate your enterprise or stay put as you expand.
Business Basics
Before making any type of relocation, make sure that all of your proverbial Is are dotted and Ts crossed. This starts by ensuring that your business is up and running legally, which is especially important if you are in the startup phase. First, choose a business name and get a PO Box. You don’t want your customer showing up at your door unannounced. Next, start filing all the necessary paperwork, such as registering for an employer identification number. This is a tax ID that helps the IRS keep tabs on your payroll taxes. You may want to enlist the help of an attorney or formation service to ensure that you have everything properly filed.
Also, when you’re relocating your business, you need to let your customers and clients know what’s going on. Consider working with a digital marketing company like PressGo to set up a new website and put together a smart email marketing campaign to announce the change.
Home Office Options
When it comes to your home office, you have a few options. The first is to buy a new home to accommodate its new usage. Your other two options are to add on to your current property or to simply redesign the space you currently work in.
When you’re buying a new house, budget will be one of your biggest concerns. If you’re looking to save, you might find it less expensive to buy a home in as-is condition. This is a property that might need some work, such as adding new shingles or new flooring. Cosmetic problems shouldn’t be that big of a deal, but steer clear of issues like mold, a leaky roof or windows, pest infestations, or significant structural problems.
If you choose to stay in your current home but need to expand to accommodate an office, start by getting multiple quotes. Brie Greenhalgh of the Bob Vila company notes that it can range anywhere from just more than $20,000 to around $72,500. However, thanks to high demand and nationwide shortages, the cost of most building materials has skyrocketed exponentially since the start of the pandemic. In early 2020, lumber averaged around $400 per thousand board feet. After topping out at almost $1700 in the spring, prices have dropped slightly but are still around four times higher than they were pre-COVID. If possible, it might make sense to wait until prices fall into decline again.
Your most economic option is to reimagine your current office. This is a smart move if you are already comfortable in your space but need a bit more flexibility. If you’re starting to feel stressed out about your home’s new purpose, simple upgrades, like new lighting or extra storage, will help you feel more relaxed. More in-depth renovations might include turning a garage or even an exterior storage building into an office. If you choose either of these, consider getting a ductless heating and cooling system, which Energy Star explains is energy-efficient and an excellent option for separate buildings.
No matter what option you choose, never forget that your space can affect your mood and your productivity. Make sure that your new workspace is comfortable and lends well to your professional endeavors.