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by Tina Martin
How to Choose the Best Location for Your Home-Based Business
Whether you’re running your business from home due to the pandemic, or you’re getting ready to launch a home-based business for the first time, choosing an office location is one of the most important decisions you’ll need to make. As tempting as it may be to run your business from the kitchen table or living room couch, a dedicated home office space will help you to maintain a healthy work-life balance and stay productive and focused throughout the day. Check out these tips from REALTOR Paul Burrowes of David Lyng Real Estate to learn how to choose the best location for your home-based business!
What are your local zoning laws?
As you choose a location for your home-based business, you’ll first need to check local zoning ordinances to determine whether home-based businesses are allowed in your city or county. According to Entrepreneur, some residential areas may restrict all types of home-based businesses from operating — while others may only prohibit those that could be disruptive to neighbors. But even if home-based businesses are prohibited in your area, some cities and counties will allow you to file an appeal.
If you’re unable to run a home-based business in your current city or county, buying a new home or using a coworking space are other options to consider. However, you’ll need to keep your target audience and any local zoning ordinances in mind when buying a new home in another city or county.
How much office space do you need?
In addition to local zoning laws, your spatial preferences will also come into play when choosing a location for your home-based business. If you have an unused bedroom, walk-in closet, spare corner, or nook, for instance, these areas could be converted into a functional office space for your home-based business. If you need more space or privacy for meeting with clients, hiring employees to work out of your home, or storing any inventory, however, you may choose to build an office addition or buy a larger home altogether.
What is your budget like?
When choosing the right location for your home-based business, you’ll also need to consider your budget. Converting an unused bedroom or living space will be the cheapest option for most business owners, while building an office addition or buying a larger home will likely require some financing. According to Fixr, office remodels typically cost around $20,000 — but you’ll need to budget for other expenses such as:
- Office furniture, task lighting, decor, and artwork.
- Soundproofing if you live in a noisy household or neighborhood.
- Laptops, printers, cloud storage, and cybersecurity software.
If you need help paying for these types of home office essentials, you may qualify for government financing through the U.S. Small Business Administration (SBA). Several SBA loans include the Express Bridge Loan, Traditional SBA Loan, and Main Street Business Lending Program. However, private loans and grants are also available to qualifying recipients — including the Amber Grant (for female entrepreneurs) and the First Nations Development Institute Grants (for minority business owners).
A Final Word
Choosing a location for your home-based business is a big decision, and the space you choose should depend largely on your local zoning laws, spatial needs, and budget. Converting a bedroom, garage, or basement will be your easiest and most affordable options in many cases, while building an office addition or buying a larger home will require more time, money, and patience.
Before making a decision, be sure to list the different things you want and need in your new office space — and enlist the help of an experienced real estate agent if buying a larger home is the right move for you.
Ready to find a larger home that meets your personal and professional needs? Contact REALTOR Paul Burrowes of David Lyng Real Estate to get started! 831-295-5130 (mobile)