By guest blogger Lisa Walker Neighborhoodsprout.org
Working on your home-based business at the dinner table might be getting a bit old. After all, taking your company seriously involves a dedicated area where you can immerse yourself in work.
If you’re ready to finance home office upgrades (or a new home), contacting Destinations Credit Union is a smart step. For more ideas and resources for upgrading your home office, keep reading.
Set Up Financing for a Home-Based Headquarters
If you don’t have a room (or the equipment) you need for a work-at-home space, there are ways to reconfigure your finances. Think about these options for financing the headquarters your at-home company needs to be successful.
Home Equity Cash Out
Using a home equity line of credit (HELOC) can help you extract funds from your property to finance updates. Whether you want to buy equipment, replace flooring, or make more significant upgrades, a HELOC could be an ideal solution that doesn’t involve credit card debt or high interest rates.
Buying a new home might be ideal, given the availability of low mortgage rates and great home prices in many areas. Relocating could be the solution to making space for your office and ensuring you have room to expand. However, you’ll want to research home prices in your ideal neighborhood or city to ensure you can afford a house with enough storage and office space.
Choose a Spot for Your New Home Office
Once you’re in the house you plan to remain in while launching your home-based business, it’s time to sketch out your office space. No matter the size or floorplan of your property, you have options for carving out a work area. Consider these options when picking your office spot.
Using an existing area in your home could be ideal for a small office. If you work online or meet with clients outside your home, a corner office with a space-saving desk might be the perfect fit. From a DIY Murphy desk to a desk riser that lifts your laptop to the appropriate height, The Spruce offers plenty of inspiration for custom-tailoring a tiny office to suit your needs.
Renovating your existing garage could be an excellent use of the square footage. But moving your desk in without cleaning up properly isn’t a good idea. Hiring a professional to prep and epoxy coat the floor is one way to improve the look of your new work area. As far as renovations go, epoxy flooring is one of the least expensive ways to upgrade the space. Epoxying a concrete floor costs about $2,150, and you can avoid the potential for bubbling and buckling that may happen with a DIY job.
Improving your attic space so it’s conducive to business activities is another way to work with what you’ve got. Insulation will likely be a priority in most attic spaces, as will appropriate ventilation. Making up a modern workspace is possible in almost every home’s attic, however, and even exposed beams can be chic.
If your home truly lacks the square footage to accommodate a desk and chair combination, investing in an add-on could be the ultimate solution. Expanding your home’s footprint requires proper licensing, a professional contractor, and a bit of an up-front investment. However, expanding the square footage could boost your home’s value, making it a worthwhile project before your business opens.
Get to Work!
If you’re launching a new business, now is the time to get your paperwork in order and get to work. Before you can officially open for customers (whether digitally or otherwise), it’s wise to check out your state’s rules on business formation and licensing.
Forming an LLC may be an excellent option to help you avoid piles of paperwork and excessive fees. Using a trusted formation service or going the DIY filing route can help you cut down on expenses, too.
Working at home might be the perfect way to expand your business without leaving the house. But if you need financial support to pursue the home office of your dreams, contact Destinations Credit Union to find out your options. With the right resources and a trusted credit union backing you up, you can get to work in your new office in no time.