Tips for Upsizing as You Grow Your Business
Is upsizing the missing link? Working from home and running your own business has some obvious perks, such as zero commute, being in charge of your schedule, and being able to spend more time with your loved ones. But it also has some drawbacks, as you can get easily distracted and sidetracked, especially when you’re sharing the space with family members and pets. So when you think it’s time to upsize, follow these tips from Brian Chandler to help your business thrive.
Find the Perfect Location
If you’re thinking of upsizing to a bigger home to accommodate your growing business, don’t forget to consider the kind of neighborhood you want to move into. Do you rely on foot traffic to bring in customers, or are you a B2B operation with little or no visitors coming into your office? Do you need supplies or large equipment delivered on a regular basis? How much noise does your business generate, and could it potentially inconvenience your new neighbors? All this needs to be taken into account when deciding on where to set up shop.
And don’t forget the needs of your family as well: if you have school-aged children at home, find out in what school district the area you’re considering moving into is, and get advice and recommendations to see if it would be a good fit for them.
Buy A New Home For Upsizing
If you’ve been renting an apartment or house and you’re planning on buying your first home, consider how much space you’ll need to accommodate your small business. Will an extra bedroom be enough, or will all your equipment and supplies require you to set up shop in the attic, basement, or garage? If so, are you planning on spending time remodeling a space? Will you be able to finance renovations?
Working with an experienced real estate agent will help you find the perfect property not only by upsizing for your business but for your family as well. After evaluating your budget, get pre-approved for a home loan and contact your realtor to start looking at properties that match your criteria.
Then, you can really start looking for properties. Depending on your budget and your timelines, you can consider fixer uppers in your area. They can be substantially cheaper than moving into a ready home. But be wary of “as is” properties unless you have time and money to invest before moving.
Use a Home Management App
Once you’ve found and settled in your new home, look into a home management app to help you stay organized – especially if you have some repairs ahead of you! A home management app can provide you with a wealth of resources to help you with projects, from professional advice to how-to videos, and even video chats with experts; take a look and you’ll be amazed at what it can do!
Structure Your Business as an LLC
After upsizing to your new home and as your business grows, you’ll need to set yourself up as a real entity instead of running a sole proprietorship or partnership. Structuring your business as a limited liability company isn’t just about enjoying pass-through taxation and personal asset protection. It will also help establish yourself as a real professional and inspire greater confidence in your clients and prospects. So start an LLC to take advantage of these benefits. You can file the paperwork yourself or work with a formation service that will take care of things for you.
So pick a unique name for your business, and check the rules and regulations in the state you live in before filing the required paperwork to establish your LLC. And if you need help but don’t want to spend money on a lawyer, consider using an online formation service to get your LLC started.
Sharpen Your Business Skills
Now that you have enough space for growth, consider getting a degree in accounting, business communication, or management. This will give you the tools you need to hire people, organize teams, delegate tasks, make financial projections, and optimize your processes to increase your sales and revenue. Check out online classes for getting a Bachelor’s business degree and see if this is a good direction for you as an entrepreneur as you strive to take your company to the next level.
Find the Perfect Home By Upsizing For Your Changing Needs
Moving into a bigger home can help you grow your business while keeping you more focused and productive. So pick the right location and a floor plan that will work for you and your family. If your home needs some work, invest in a home management app to help you stay organized and get the job done right. And don’t forget to invest in yourself as well by going back to school to sharpen your entrepreneurial skills!
Brian Chandler is here to help you find your dream home. Call (720) 808-1007.
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Real estate pro Brian Chandler of RE/MAX Alliance Group is a top producer and sales trainer, with over 45 years of experience, located in the Denver Metro Colorado, area. Whether you’re buying or selling, team up with Brian today! 720.808.1007 What is it like Living In Parker Colorado? Read more articles like these Top Realtor Info Contact Brian Chandler
