Written By Tina Martin
Ideaspired.com + email@example.com
Nearly half of all new businesses fail, and many fall short for the same reasons: the owners lose focus, don’t have a proper space to work or develop a business with no market need.
Real estate company Corcoran Global Living knows how challenging it can be to get set up for success. To help your home-run business not become another startup failure statistic, here are four things to ensure your current or future home has for business success.
- Home Office Space
A dedicated space in your home just for working allows you to switch to work mode and focus exclusively on your business. There are many distractions when you work from home, so setting a schedule and outlining boundaries with your family may help everyone to know when it’s time to work and when it’s time for play. Having a dedicated workspace also helps you to walk away and switch “off” outside of work hours.
A home office may be appealing for its tax benefits, but it’s also normal to worry about liability if your company were to be drawn into a lawsuit. In this case, it can be helpful to form an LLC, or limited liability company. There is less paperwork involved with an LLC, and it could potentially protect your home and other personal assets in case your business were to be sued. If you’re concerned about fees, you can avoid the big lawyer fees by using a formation service in just five steps — just remember that every state has different regulations, so check yours before you start.
- Access to Great Internet Connectivity
Chances are good that if you’re working from home, at least a portion of your business is conducted online. These days, Small Business Trends points out that a great, reliable internet connection is an absolute necessity for any small business. If you are planning to buy a house to accommodate your business, you can research ahead of time the internet providers in the area, the types of internet connections, the available speeds and the reliability. Establishing a solid internet connection in the early stages will save you many headaches later.
- Lots of Storage
Even if all you’re doing is accessing the internet and completing work through emails and online documents, you need to be able to conveniently store equipment and office supplies necessary for running your business. If you deal with retail or homemade goods that you plan to sell online or elsewhere, you will require plenty of storage space as well. Consider expanding your office with extra storage space to accommodate your business needs or looking for a home with an office space large enough to manage and organize your supplies and products.
- A Prime Location
As Entrepreneur Resources explains, where your business is located is a critical component to your success. Depending on what your business is, you need access to the right market, the possibility of expanding and a cost that fits your budget. If you’re unsure whether your current location will work or if you need a bigger home in a new location, working with a reputable real estate agent can help you identify the best areas that meet your business needs. Take your time and assess the pros and cons of each location, keeping your business plan and goals at the front of your mind.
Small businesses are the lifeblood of the United States, with about 83 percent of all business owners starting their venture themselves—so you’re in good company. Make certain your home has exactly what you need for business success. If it’s not quite there yet, consider remodeling or simply upgrading to a bigger home in a better location, and let Corcoran Global Living provide you with critical insights.