Written by: Katie Conroy

 

Do you want to start a home-based business but live in a home that just isn’t suitable for business? It sounds like you need to move – and that sounds like a headache if you’re also planning to start a business. Here’s a handy guide to the basics of buying a home, starting a business, and tips to juggle them.

Buying A Home

While most of us may love to scroll through the listings on our favorite real estate site, fantasizing about a kitchen we’ll never have, none of us like the actual home-buying process. But, if you know what’s coming, it won’t be so bad (we promise). Here’s a list of steps to take you through the home-buying process:

  1. Establish Your Budget
  2. Save For Down Payment and Closing Costs
  3. Get Pre-approved for a Mortgage
  4. Find a Real Estate Agent
  5. Pick Your Home
  6. Make an Offer
  7. Get the Home Inspected and Appraised
  8. Ask for Credits and/or Repairs
  9.  Do a Final Walk-through
  10.  Sign and Close
Benefits of Remodeling A Home

Instead of purchasing a new home, remodeling your current home offers the ability to consider every detail of your business needs and add it directly to your space. When you renovate a home to accommodate you and your business, consider these factors:

  • Office space – Build the office in a quiet area away from the main living areas.
  • Specialty Areas – If you have a business specialty (g., painting, woodworking), make sure to have a workspace for your craft.
  • Outlets – Ensure there are plenty of outlets for both your business and personal life.

When you’re ready to remodel your Kansas City-area home, CH Construction offers custom home remodeling services that will respect your budget and plans.

Starting A Business From Home

Launching a home-based business isn’t just a laptop, a few extension cords, and a desk. It requires detailed planning, equipment, space, and dedication. There are a few basic steps to starting your own business.

  1. Identify a Market Need and Its Solution
  2. Conduct Market Research and a Competitor Analysis
  3. Write a Detailed Business Plan
  4. Choose a Business Structure
  5. Raise Capital
  6. Set Up Systems for Accounting and Bookkeeping
  7. Market Your Business

If you’re inexperienced in running a business, an MBA program can maximize your performance and teach you skills in communication, marketing, leadership, and more. Online programs have flexible learning options, so you can complete the coursework at your own pace.

Home-based businesses typically don’t need as much capital to begin but should do just as much, if not more, market research and competitor analysis.

Benefits of Setting Up A Payroll System

If you plan on hiring employees, you should strongly consider setting up a payroll system. Automate your time-tracking, direct deposit, reports, and records all digitally. Make sure to use a payroll system that’s easy for your employees to use and that includes features like real-time financial reporting, time tracking, software integration, and mobile app compatibility. These characteristics simplify team management. By using a payroll system, you can significantly streamline the payroll process.

Communicating With Your Staff

If you are working with a team from home (AKA online), consider using a project management system like Slack. It keeps everyone up-to-date and acts as a digital workspace for everyone to collaborate and communicate.

It goes without saying that both the home-buying and business-launch processes involve a lot of work. But with these tips and a top-quality agent by your side, you’re sure to find success with both ventures!

 

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