The future is looking great for budding entrepreneurs who want to work from home. No matter what field your startup is in, advances in technology make the process of reaching your customers, receiving payment, getting your services out there and connecting with clients or colleagues over
video conference easier than ever before.
One of the most important aspects of running your business out of your home is making sure your workspace adequately meets your needs. Chances are if you bought your current home with just family and day-to-day living in mind, you may need to look for a new, bigger home when you launch your new business.
What to Look for in a New Home
To begin, ask yourself these questions:
- Where is my ideal location (in terms of town, area, and setting)?
- How many bedrooms do I need—would the average-sized bedroom work for me as a home office?
- Where in the house is the most ideal location for my office/workspace?
- What are the must-haves for running my business successfully at home?
Set Yourself Up for Success When Working From Home
As you look to launch your new venture, it’s important to focus on you, the entrepreneur, as well as on the business itself. Now is the time to plan out (or streamline) your
workflow and look at tools and resources that will help you do your job better and more efficiently. Indeed.com recommends considering your
tasks and processes and how they fit together in your day. If there is room for improvement, think about how that will look in your new space.
Improvements can be in terms of your knowledge and skills, too. U.S. News notes an advanced education is linked with
higher income, and one of the benefits of working from home is the extra time you will have. This may be the perfect opportunity to pursue a degree or certification on the side. As with your business, there will be costs upfront—including your time—but the payoff down the road makes it a worthwhile investment.
Of course, to get the most out of furthering your education, you’ll need to have a home study space that allows you to hit the books without being distracted.
Unpakt offers these tips for creating an area that will allow you to ace your studies:
- Designate an area devoted to your education. This will help your mind go to study mode every time you enter the area.
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Have all the essentials you need within easy reach. In addition to your computer, think about other materials you’ll need, such as textbooks and notecards. If your study zone is in a shared space (like a corner of the living room), consider items like noise-blocking headphones and room dividers to minimize distractions.
- Add a few pieces of decor that instill a sense of calm or focus, such as a landscape painting or a framed inspiring quote. These elements are a nice way to give your brain a break without taking your focus away from the task at hand.
As a bonus, this home study space can play double duty by also serving as your home office for your new business!
How to Navigate the Home Buying Process
Speaking of streamlining, the home buying process can
go much smoother with a little preparation and research before you start. The first thing is to determine how much you can afford. Conventional wisdom is that you should spend no more than 28% of your gross monthly income on home-related costs (monthly mortgage, HOA fees, etc.) and your debt-to-income ratio, including your new home, should be 36% or less. A
mortgage calculator can help you crunch the numbers.
Getting pre-approved for a
loan before you start searching in earnest can fast-track the process once you’ve found the house you want. You can get a head start by searching the real estate sites online for an idea of what is available, and then contact a
realtor when you’re ready to do some walk-throughs.
What You Need to Remember
Even as a solo entrepreneur working from home, it’s never a good idea to completely go it alone. Incorporating time to connect with others, whether it’s purely social or as part of a
networking group, is crucial to make the whole experience rewarding and exciting rather than draining. Besides that, you benefit from the experiences, resources, and ideas you can share with other people on a similar career path.
There also will be an adjustment for everyone else at home with you, so it's a good idea to work together to create boundaries and a new work/family balance. Fortunately, many people who have a home-based business report that the extra family time it affords is the best part of working from home.
There are so many new and exciting details to put in place before, during, and after you launch your business. Staying organized and focused on your goals helps reduce stress and make the life-changing transition to running a new business in a new home a positive experience for everyone.
