Original post date: 2/21/22
Written by: Carla Lopez of boomerbiz.org
Starting your own business is an exciting thing. Being your own boss and being able to spend more time at home can be a dream come true, but figuring out the logistics of running your business from home can be challenging. These tips from Burr Consulting can help you establish your business and set up the perfect home office space, so you can get down to business right away.
Establishing Your Business
One of the first steps of opening a business is deciding how you want to file. Do you want to form a corporation, be a sole proprietor, organize a partnership or something else? As you weigh your options, note that for small businesses, filing as a limited liability company, or LLC, can have many advantages. As the name implies, an LLC limits the liability you incur as a business owner. Unlike a partnership or sole proprietorship, owners of LLCs don’t risk losing personal assets to repay debts or settle lawsuits if their business gets into trouble.
Along with creating an entity for your business, you’ll need to file an annual report each year. While this isn’t a huge project, it will take some of your focus away from running your business. The filing process can be simplified by filing online.
Setting Up Your Office Space
Once you have all of the paperwork out of the way, it’s time to set up the perfect office space in your home. Your office should be a place where you feel comfortable, relaxed, happy and productive. Investing in your home office can do wonders for your job satisfaction and the success of your business. First, Architectural Digest explains you’ll need to determine how much space you need, any business-specific needs and the style that you want. Then, you can get to planning!
Some homes just don’t have enough space to accommodate an office, and a small home shouldn’t hold your business back. If you need more room, research your market and talk to a realtor about buying a new home. You can explain your price range and exactly what you want for your home office and living space, and receive personalized help finding the perfect house that fits all of your needs and your budget.
Sometimes, a house has a room that would be perfect for an office, but it needs a little bit of TLC to spruce the place up. If that’s the case for you, then consider renovating the existing space. Small changes, such as adding new lighting, replacing furniture, adding an area rug, and hanging up some wall art can go a long way in creating your dream office. These quick and easy projects will help set up an incredible office in no time, so you can get to work right away.
If you already have a home office but the area has some room for improvement, consider redesigning your office space. You can build an addition to increase your office space, remove walls to improve the layout or make cosmetic changes. These design changes will help you create a brand new office that’s perfect for you and your business.
Whatever you decide to do, be diligent about keeping and storing receipts and any necessary documentation. Purchases for your business can be included as tax deductions, while renovations can increase your home’s value and need a paper trail to back it up. Stay organized by keeping all your files digitally organized in one place. You can even combine PDFs into one file so that you’ve got everything in a single place.
There’s a lot of work that goes into running a home business, but the payoff is well worth it. Setting up your home-based business right from the beginning puts you on a strong foundation for success.
Burr Consulting can help your business solve critical HR issues. Reach out to learn how we can help your organization. 607-227-4386