Have you ever wanted to start your own home-based business? Many of us aspire to do just that. However, space is often a concern, and our homes may not be set up to quite accommodate an area where we work and play. However, there are plenty of ways that we can make the most of our homes so that we can enjoy entrepreneurship. Today, KC’s Improvement & Construction Co. offers helpful insight on how to choose the right renovations for your home so that you can get to business.
Budgeting For Home Renovations
Before you start making changes, it’s important to evaluate what you might need, and then plan ahead so that you can afford your preferred renovations. Get to know the cost of common upgrades, and then look for ways to save money. As a business owner, one way you can do so is to create a limited liability company (LLC). An LLC enjoys certain protections that can help save you money; as an LLC, if your business is sued, you’re less likely to lose your personal assets, such as the home where you work. You may also save at tix time, which will give you more money to put into your business. A formation service, which will act as your registered agent, can also help you save cash since you won’t have to outsource the legwork to an attorney. Another way to stick to your budget and even save on expenses is using batch invoice and expensing software. QuickBooks, for one, makes expense tracking more efficient with features including automatic sorting of expenses into tax categories and linking business bank accounts with other payments portals like PayPal. You can even take photos of invoices, which are then instantly matched to existing transactions.
Planning
We’ve already mentioned that you have to budget, but, how much? That depends on what you need to make your home work at your place of business. For some people, simply clearing out an unused bedroom will work. But, if you need more than just an office, you may have to turn to the “extra” areas of your home that aren’t being used but that are large enough to accommodate a hands-on job, such as painting or building wooden furniture. Start with the garage. If possible, purge unnecessary items – there’s probably plenty of boxes tucked away in the corner – and insulate the ceiling, walls, and doors so that you can temperature regulate your work area. The Home Depot notes that the type of insulation you will need is determined by where it’s located. Once you have a spot identified, decide on the type of flooring you will need. If your workspace will see lots of foot traffic, a durable carpet or tile will work. Sticking with concrete for a workshop is also a smart choice, and it may be least expensive if you’re using an existing garage or outbuilding. Something else you want to consider upgrading is your home’s electrical panel. According to the Electric Pro blog, upgrading your electrical panel allows more electricity to flow in and out of your home. And, if you are in an older home and you’re already powering a modern refrigerator, AC unit, and laundry appliances, you may need more electricity to handle equipment, such as a welder, engraver, or servers. The largest upgrade you may encounter is adding a new room or building a garage/office. this can cost hundred thousand dollars or more, and it’s not a quick project either. It can take up to three months even for a small addition, and that’s after any paperwork and permits that have to be completed and approved before your project can begin. Ultimately, only you can decide what types of renovations – and budget – you should put into building your home-based business. But, yo can put protections in place no matter how large or small your business will be. Forming your LLC and then budgeting wisely can help you make the most of your money so that you can make more and enjoy a work/life balance as an entrepreneur.
No project is too big, small, or complicated for our professional, qualified, and friendly team at KC’s Improvement & Construction Co. For over 30 years, we’ve become the Greensboro, North Carolina area’s contractor of choice, thanks to or commitment to quality workmanship, streamlined construction processes, and dedication to ensuring the complete satisfaction of our clients from beginning to end. Contact us today! 336-288-3865.
