It’s a lot easier to run a small business smoothly and successfully when you’re running it out of the right space. This is not something you may even think about until you’ve experienced what a nuisance it is to try to run your business in a space that is too small, lacks amenities, or is otherwise inadequate. Sometimes, a company can outgrow the space it’s housed in, too. While this is a sign that you’re doing well, it does mean you have to get creative and figure out what your best option is for a workspace upgrade. Luckily, these tips and resources are just what you need.
Home business owners might be able to expand their work area.
For those who have been operating out of their homes, the simplest option might be to see if they can expand their operations within their residence. If you’ve been working out of a small home office, is there a larger room you could move to? Maybe you could even renovate a garage or play area? You can make the most of your space if you are strategic about storage and cut down on clutter, too. If this isn’t possible, however, consider the possibility of having an addition built on.
Adding an addition to your home.
While building an addition to your home can be pricey, sometimes it is entirely worth the extra expense, given the payoff in terms of reduced stress and increased productivity. And there may be a way you can expand your space without having to spend so much. Consider whether there are any unfinished areas in your home, like a basement or garage area, that could be turned into a workspace. Or perhaps you could enclose a patio or porch, or have a room built over a garage.
Can you have a new structure built to house your business?
Some businesses may do better, and be easier to run if they have a structure all to themselves. If this is the case for you, you might want to weigh the pros and cons of having a new building constructed on your property, specifically for your business needs. You will need to have sufficient financing for every aspect of the building process, which can often be more expensive than you anticipate. You should also be sure the lot you’ve selected will suffice for your purposes. Check the zoning laws, too, and get any required permits. Also, be sure you work with a licensed, insured, and reputable contractor, so you don’t get burned.
Consider buying or renting office or commercial space.
It may actually be cheaper to purchase a commercial building than to build new, especially if you need something on the larger side. And don’t rule out the benefits of renting out a space for your business, especially if you think it may grow or change further, in the future. Renting a commercial property gives you more flexibility and doesn’t tie you down. It also means less expense in terms of maintenance and taxes. However, when you rent, you have less freedom to make changes to the building. And it means you can’t build equity in it. So, weigh your options in light of your reasonable expectations for your company’s future.
Reporting important changes.
If you do make alterations to your property, especially if you end up changing your address, don’t forget to include this when you file your annual or biennial reports. Filing annually is legally required in most states if you want to keep your company compliant. Find out what your state’s requirements are, so you can remain in good standing as your business grows, and easily file your reports using a formation service.
Whatever you decide on, the opportunity to expand your business is an exciting one! After all, it means a chance to set new goals and pursue new dreams.
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