Finding a Larger Home for Your Home Business

Though it’s ultimately a positive thing, unexpected business growth can be a confusing and overwhelming development. When looking for a larger house to support your home business expansion, doing so in an organized manner will help you keep your company operational during the transition.

Assessing Your Business’s Needs

The first step in this process is determining what aspects of your business are growing, and what needs your current house is unable to meet. Perhaps you have an increasingly active managerial structure and need space for a home office. Maybe you need to build a workshop to facilitate increased demand for a craft you’re selling. Whatever your organization needs, be sure it’s at the top of your wish-list when house hunting.

Before locking into a region, you should conduct market research to make sure your business will still be viable if you move it there. A new area without a built-in clientele can kill a company quickly, so make sure you’re going where there’s demand for your services. With an area and market narrowed down, Carol Gilles can help you find the perfect home for your growing project.

Buying Your New Home

To obtain the maximum home loan, you should take steps to develop the best debt-to-income ratio you can manage. The more unspent capital you have, the greater the amount a financial institution is likely to trust you with. While it’s important to continue to pay your business’s expenses, be sure you’re setting aside considerable money for your down payment.

In addition to your down payment and mortgage, you’ll also be subject to closing fees, realtor fees, property taxes, and homeowner’s insurance. Conduct thorough research into the likely amounts of these additional expenses to avoid being surprised by the costs as they add up. Continue saving and practicing frugal living throughout the process until you’re certain the final charge has been paid.

Expanding Your Business

As your business expands, consider registering your company as an LLC for tax benefits and personal protection in the event of legal action against you. The rules governing LLCs vary depending on your state, so check your local regulations before moving forward.

Consider how your new house will be supporting your growing venture. For example, an online store selling your handmade crafts may require additional space for inventory to meet a growing demand, in which case an overhaul of the garage may be in order. If the communication and interconnectivity of your organization are expanding, a quiet home office may be necessary as you have meetings and field questions from home.

Returning to School

While expanding your home and company, you might also wish to re-enter a scholastic program. Going back to school and earning an MBA will sharpen your business skills to ensure continued success, and the accreditation will impress potential talent, clientele, and investors. Government grants and scholarships may be available to you, so research what’s available.

A new house better suited to your company’s needs can improve your home life as well as your professional life. Assess your business’s needs, purchase a new home, expand your business, and consider going back to school to sharpen your skills.

Special thanks to Alexis Hall – www.singleparent.info

Moving to a larger home?  Contact Realtor Carol Gilles, of The RealEstate Group.  Carol can help you find the right home for your expanding home business. With over 40 years experience helping buyers and sellers, let Carol & her expertise work with you.  Call Carol at 310-864-9738 or email her at Carol@CarolGilles.com.