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Space to Grow: Upsizing Your Home to Facilitate a Growing Business

Candice Sigmon | At Home Helper

August 18th, 2023

For a business owner working remotely, things can get complicated when your company starts to outgrow the home office. In this case, it often makes sense to upsize your property to better accommodate your personal and professional needs. Bonita Springs-Estero Realtors outlines a few tips to get you started.

Researching Properties

When you’re moving for professional reasons, it’s important to consider how your new property and living location might affect your income and ability to work productively.

  • Location: For some businesses, properties have been developed especially for this purpose. Make sure you don’t trade one problem for another.

  • Costs: When you run a business from home, personal and professional expenses can overlap, and, depending on where you move, you may find costs to scale accordingly. You can anticipate and even calculate the margin of difference with some prior research - depending on the state, it may even be possible to reduce running costs via tax breaks, business licenses, fuel, materials, and more.

Office Requirements

The office itself will likely play an important role in your decision to move. Try to identify exactly what is deficient about your current workspace and how this can be improved by upsizing.

  • Space: Additional space is always welcome when you’re looking to improve your work life. This is especially true if your business is concerned with physical stock. A spacious home office will give you more room for filing, the potential to host clients, and an improved work mentality.

  • Utilities: We rarely give much thought to basic needs in a workspace, but light exposure, temperature, electricity, plumbing, and WIFI should all factor into your decision-making. Make sure to check in advance and ensure your desired property can deliver on the main utilities.

  • Remodeling: Not every property comes pre-built with a home office. If you’re considering taking an existing space and remodeling it to facilitate your professional needs, it’s important to first understand the costs and processes involved.

Other Considerations

As you make a transition to a new property, there are other things to consider. You may find, to keep up with the local market, it’s necessary to sharpen your business acumen. Fortunately, it’s now possible to earn a business degree online. If you’re planning on implementing a master's of business administration, for example, you can do so by signing up for a program that can be completed within a year’s time. An MBA can be a game changer as you understand the latest business practices and management skills needed to advance your career. Also, if you’re moving to a new state, the regulations around your business may change. You can get ahead by researching business structures. Foundr points out that a Limited Liability Company (LLC), for example, will reduce your personal liability, provide tax advantages and help lessen paperwork.

When your business is outgrowing your home, there’s reason to celebrate, but you should also aim to be cautious with how you aim to meet its growing demands. With plenty of consideration and research, you can be sure to find a property that facilitates both your personal and professional needs. After finding a new home, make sure to choose a business structure that meets your needs.

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Bonita Springs-Estero Realtors provides its REALTOR® professionals with a wide range of services designed to empower members of the public through the opportunity to sell or purchase real property. Reach out today for more information! (239) 992-6771

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