Setting Up a Business From Home

There's plenty to consider when you set up a business from home. Some of the most important aspects are the type of business to establish and whether you'll have employees working from home or clients visiting your office. In some cases, you may even need to purchase a larger home. It’s a lot to consider, which is why Cameron Ward shares the following tips to help you along the way.

​

Establish Your Business

If you're just about to embark on launching a new business, then consider incorporating. This business structure has plenty of tax advantages and protects your personal assets should litigation be brought against your business.

Developing Your Home for Business Purposes

If you're purchasing a new home with the intention of running your business from there, here are a few things to consider before buying. 

• Parking options. If you plan to have clients visit your premises, you may want to consider a home with ample parking, or at least space to create parking. 

• Home security. If you're a medical practitioner or a barbershop or have products to sell, you may want to buy in a secure area. If you're storing valuable items in your garage or office, you consider installing extra security. 

• Separate entrance. Look for a property that has an area that can be accessed separately from the main house. 

• Large kitchen. This one applies to business owners who are in the catering industry. Make sure the kitchen has enough plug points and is ergonomic. Having convenient access to a delivery vehicle from the kitchen makes it easier to pack and carry delicate food items.

• Office position. If you have a small team or an office-based job, make sure there's an area that has good lighting and doesn't suffer from extreme temperatures. Ensure your internet connection is stable in the area where you plan to set up your business.

• Legal considerations. Find out if it's legal to operate a business from home in the area where you want to live.

Before purchasing a home, consider how much you can afford and the current housing market. Try to get pre-approved for a loan before you begin the search. You might have your eye on a few properties that you've bookmarked online, but enlist the help of a trusted realtor, who can save you time by matching a home to your needs and budget. 

If you aren't in the market for a new house, consider renovating your home to make it business-ready. Enlist the help of an architect and a designer to best utilize your current space. Get the renovation plans and permits passed by the local building department before going ahead with any construction. 

If you already have a workspace, you may just need a soft refurbishment. Repaint the walls, add indoor plants, change the lighting, and move your desk. Ensure your home office has plenty of ventilation and the environment is inviting.

Your Home Workspace

You spend a lot of time working, so make sure your workspace has good energy. There are a few ways to set up the perfect work-from-home environment. 

​

Cameron Ward is an entrepreneur and hobbyist writer. She created BizWealthBuilder to provide business budgeting and funding information. It helps business owners streamline their financial management through easy-to-implement processes and platforms so that they can stick to the business of running their business!