27 Dec How to Get the Perfect Home-Based Business Setup
While there are many perks to establishing a home-based business, you’ll find that there are unique challenges in deciding to work at home. Whether you’re buying or building a new space to work from, there are a few strategies that can help you achieve the perfect setup.
Save Big on Your Business Investment
Unlike renting space or purchasing a commercial plot, buying a new home affords you many home-based business opportunities. First, you can save up front by purchasing a bank-owned or foreclosed home. By saving on the most significant investment — your property — you can set aside cash for making business improvements. Of course, purchasing a foreclosed home requires some strategic planning. You’ll need adequate inspections on any bank-owned property, a solid pre-approval, and an agent who knows their way around foreclosures.
Be Strategic About Office Space
You might be working out of a corner of your living room or at the kitchen table, but designating an office space in your home can help you be more productive and provide financial benefits. Sure, you might lose square footage for your hobbies or storage, but freeing up space for work — and work only — is beneficial to your creative process and your business equipment.
Keep in mind that home business tax breaks also apply to home offices. In general, the IRS allows you to claim a home office deduction if your home office is a space exclusive to your work responsibilities. Therefore, your existing office space likely qualifies for the write-off.
Carefully Consider Expansion
If you’re not in the market for a new home for both you and your business, you might consider expanding your existing square footage. Whether you’re thinking about a garage conversion or an extra room add-on, take note of the potential costs. For example, adding another room to your property could cost over $20,000. But you may also be able to deduct repairs and other expenses. You can get a tax benefit the cost of home repairs or upgrades that directly benefit your home office. You may also be able to deduce improvements like room renovations, though those will be depreciated over time.
Don’t Discount Productivity Hacks
While working from home isn’t always easy, there are ways to enhance your productivity. Inc recommends boosting productivity by painting your office a relaxing color, ensuring you work near a window (or at least have one in the room), and allowing yourself regular breaks. By prioritizing purposeful tasks, rather than spending time fussing with décor or piles of paperwork, you can get things done and move on to the next project.
Keep Work Separate from Life
Although it’s not always possible to separate professional responsibilities from personal life, Entrepreneur.com recommends that you try. By separating your workspace from living areas, you’ll maintain a better life balance and compartmentalize your day and routine. Therefore, you should keep items like your TV out of your office. Also, consider investing in upgraded equipment so you can remain efficient during your designated working hours. Reports show that people who work from home are generally more efficient than people in business offices. But to remain so, you need to match or exceed the technical capabilities of traditional workspaces.
Zero in On Ergonomics
Ergonomics are also a concern, especially if your work requires you to sit at a desk for extended periods. But you don’t necessarily need to invest in a standing desk, as Harvard Health notes — studies are still needed to confirm the supposed benefits of sitting versus standing.
In general, sitting at the right height, maintaining good posture, and keeping your equipment the appropriate distance away can increase your comfort level even while working extra hours. And for most people, sitting is a suitable way to work and preferable in some instances.
However you work, having the right environment is vital for your comfort and success. Starting with the place you work, it’s important to be intentional about your space and the things you put in it. With the right setting, you may find you’re more productive and happier overall.