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There are plenty of benefits of working from home: your commute disappears, you can work in your pajamas if you want to, and the hours are far more flexible than if you were in an office building. However, one major drawback for some home-based business owners is lacking a dedicated office space. If you don’t have space in your home for an office, make it a priority so you can be more productive and successful as a business owner.
Buying a new home
If your current home has no viable space for an office, it might be time to start looking for a new one. Buying a house that can support both your business and your personal needs is important, so take your time and consider your non-negotiables.
Searching for a new home can be exciting, but take your time and follow a few important steps beforehand. First, check your credit score to see if there’s room for improvement. If your score is low, see if you can pay down some debt and bring up your credit rating before you apply for a home loan.
Next, determine what you can realistically afford. It’s likely that you’ll need a larger home with more rooms. Your mortgage will almost certainly increase with a larger home, so take time to consider how much extra you can pay above your current mortgage.
It’s important to get pre-approved for a loan before getting too deep into the home search. Once you know you can get a loan, speak to a dedicated real estate agent who can help you find homes that are within budget, and start your search online.
If you can’t buy a larger apartment or condo right now, renting a larger one might be a good option while you get your finances in order. Renting is a great choice if your business is just starting out—it’s lower-risk than buying a new house, yet it will give you the space you need to run your business more smoothly. Learn the nitty-gritty of renting in NYC so you’re well-prepared for this option.
Designing an office
Your office design will depend on what type of business you run. If you’re a writer or website designer, your office set-up will likely be fairly simple: a computer, desk, and chair could be all you need. However, if you’re a therapist, you’ll need enough space to see clients and be able to offer privacy.
First of all, determine the best place for your office. If you have an unused room, this will be your best bet because having the privacy of a separate room is ideal for running your business. However, if you don’t have the luxury of an extra bedroom for an office, consider using your own bedroom. By rearranging your furniture, you might be able to make space for your desk and achieve some semblance of privacy from the rest of the house.
Tips for running your business
Along with setting up the perfect office space, you’ll also need to ensure that you have the right business structure for your company. Many business owners opt for a limited liability company structure (LLC) because it protects personal assets. An LLC can also provide some tax advantages and typically requires less paperwork. Forming a New York LLC can be done by yourself or by working with a formation service, but check with your state’s requirements before getting too deep into the process.
Having your own business and being your own boss has its perks, but it can be challenging if you don’t have a proper workspace to do your job. If you need to buy a new home to make your home-based business viable, be sure to determine what you can realistically afford before getting carried away with real estate ads. Take some time to also determine what kind of space you need for your business, and design the right office for your business type.
Are you looking to buy or rent a new apartment or condo in New York City? Check out reviews and insight from tenants and management companies through GoHomeNY to guide you in your search for a new space.
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