Suppose you’ve decided to start your dream business from home. But you’ve realized that there’s one big problem – your current home just isn’t big enough to accommodate your new business venture. You’re probably left with two options if you want to stay at a home-based business – upsize your current living arrangements (which can end up being very expensive) or move somewhere else that’s a little bigger. If you’re leaning toward the latter, Riddick & Co Entrepreneurial Finance shares what to look for:

Ticking your must-haves off the list

Since space is your biggest issue right now, it makes sense that you’ll want to look for a property that’ll give you and your business the space you need to thrive. Keep this in mind when choosing a property to ensure that you find a place with a space that is large enough to accommodate your growing business and your family.

Inspired by the beauty of nature

When possible, try to choose a home with great views of the outdoors. Whether it’s views of the sea, the mountains, or just a lush, green landscape, views matter. Furthermore, the right view can provide the necessary inspiration to ignite the flames of creativity within.

Brand new or ‘as-is’ – which is better? 

A custom-built home offers the possibility of having every detail and nuance you want in a house. However, this can be fairly costly. If a custom-built home is out of your financial reach, there are plenty of other options.

Obviously, you can look at current homes on the market to see what fits your budget and space preferences. The catch here is when you live in an area with a highly competitive housing market. Inventory may be low, making it difficult to find the home you want.

Another option is an as-is property. While this is a great way to save money, these types of homes can be a mixed bag. Some only need minor repairs, while others need costly and extensive renovations. If you look at this type of home be careful to do the necessary research on the property beforehand, and have the property inspected thoroughly.

 Aesthetics do matter

Once you find your home and prepare to settle in, it’s important to consider your office space. With a business based from home, your environment plays a significant role in the success of your venture. Or, at the very least, plays a vital role in inspiring you every day to be the most productive. Aesthetics such as lighting, wall color, and decor will matter. Generally, the lighter the color scheme the better as this tends to open up a space much more.

Overall, natural lighting is always considered best. However, if this is not achievable or possible, then cooler lights are better for those days when you need to focus. LED lights, in particular, are great for lighting up a room efficiently and sustainably. And as far as decor goes, don’t hesitate to personalize your new office space so that you feel right at home.

How to run a successful home business

Now it’s time to get your business up and running. Of course, you’ll want to save on costs where you can, so look to affordable tools that will help with your launch. Website builders like SquareSpace and Wix offer easy-to-use website designers, and sites like Looka allow you to create your own free logo. And tools like an online monthly planner will help you carefully plot out your next steps and organize your time. Look for one that you can use on your computer and smartphone, and take advantage of features like templates and sticky notes.

In addition to using online tools, you’ll want to leverage your resources as much as possible. This might mean outsourcing certain tasks (think bookkeeping, invoicing, marketing, etc.) and doing the rest yourself. And if you want to reduce operating further, there are plenty of resources online that you can use to improve your efficiency.

A matter of preference

When it comes to upsizing your home to accommodate your new business, it mainly comes down to a matter of preference. That, and anticipating how fast your business will grow and change down the line, and what it’ll require to do so.

Are you looking for help navigating financial decisions? Riddick & Co Entrepreneurial Finance offers financial planning and analysis for entrepreneurs & executives like you! Call today so we can discuss your needs. 1-772-617-5757.

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Author – Joyce Wilson is a guest blog writer for Riddick & Co Entrepreneurial Finance and is not affiliated with the firm in any other capacity.