A Step-By-Step Guide to Upsizing for Home-Based Entrepreneurs
Experiencing business growth is a great sign for any entrepreneur. But, with expansion comes the need for additional space. This is especially the case for entrepreneurs that sell products and use their homes as the primary space for manufacturing and storage. In this article by Home Staging Warehouse, we’ll explore the step-by-step process for upsizing the right way to help entrepreneurs develop a healthy work-life balance and experience continued business growth for the long term.
Choose a Great Property
In addition to more space, your new home should have all the required amenities to meet your personal and professional needs for the long term. This can include:
- A dedicated home office that is located away from noisy spaces such as the kitchen and living room.
- Outdoor space such as a patio and backyard where you can relax after a long day of work. Additionally, this is a great feature for those with kids or pets.
- Ease of connectivity with local highways and public transport. Even if you’re running a home-based business there will be times when you’ll need to travel to meet with clients, suppliers, investors, etc.
Create a Financial Plan
As reported by Investopedia, you’ll need to pay at least 20% down payment on the property. For instance, if the property is worth $2,000,000, your down payment will be $400,000. This is in addition to paying for inspections, hiring a realtor, closing fees, and other miscellaneous expenses.
Hence, before you start making offers on properties, take the time to create a sound financial plan that covers:
- How much down payment can you afford?
- Do you have a good credit score to negotiate the best rates with mortgage lenders?
- What will be the ideal repayment period for your mortgage?
Additionally, when it comes to getting the best price for your current home, hire an experienced realtor who is an expert in staging homes. A well-staged home can fetch a higher asking price by impressing buyers, reducing your costs by hundreds, if not thousands, of dollars.
Research Good Home Warranty Policies
A home warranty is an annually renewable contract that covers the cost of repair and replacement of major appliances around the home and its main systems, such as plumbing and HVAC. As reported by Home Advisor, the cost of a home warranty varies between $222 - $1836 a year which is significantly less than having to replace appliances out-of-pocket.
Plan for Disruptions While Moving
In the week leading up to and after moving, you will need to put business responsibilities on the back burner. This is because you will need to pack your belongings, supervise movers, contact utility providers, move to the new location, unpack and settle into the new home.
During this period, you can still ensure that the business runs smoothly through the following ways:
- Hiring Freelancers: Whether it be to create a new business website, write blogs, contact leads, or do any other business activity, there are various experienced freelancers you can hire at affordable rates. The key will be to delegate responsibilities well and supervise as needed.
- Utilizing Technology: A social media management tool can be used to schedule content for the two weeks you will be busy with moving. Similarly, an email marketing tool can be used to regularly connect with customers regarding offers, products, and automated updates on their orders.
Improve Your Business Skills
A common trait all good entrepreneurs have is developing a growth mindset - i.e., always being open to learning new things. One of the best ways to develop this mindset is to further your education by pursuing a business degree. In addition to communication and management skills, a degree will help develop expertise in areas of product management, human resources, supplier relationships, and more. Hence, if you’re looking for ways to become a better entrepreneur, this may be a good option.
Managing a business while upsizing is sure to be a challenging experience. But you don't need to manage it alone. From business tasks to home-buying responsibilities, hire freelancers and realtors to do the legwork for you. Additionally, be forward-thinking about managing finances and pursuing a business degree to improve your business acumen.
- Home Staging Warehouse