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Your Expanding Business Needs Growing Room
When you are running a business and outgrowing the space you have, it can be hard to find a solution that is both cost-efficient and workable. One way to solve this problem is by upsizing your home.
You will want enough room for everyone so they can feel comfortable in their surroundings and have enough privacy when needed. You’ll want to consider what type of office setup you want in terms of layout, technology, furnishings, and the environment you want for yourself and your employees by taking things like noise levels and natural light exposure into account.
Foster Green Design Build delivers your new home to you weeks before other builders. View the gallery and floor plans here and get started designing your dream home.
Here, they offer some advice on what to consider when upsizing.
Home Cost
As a business owner, you understand how important it is to make sure that your home is big enough to accommodate your growing business since a limited space can translate to limited growth. If you're planning on staying for at least five years or so, then it might be worth spending more money on buying a nicer place that will have more resale value down the road. But, if you're only planning on staying for one or two years, then it’s probably best to save money and buy something less expensive in order to save up for your next move.
The next step is calculating what kind of mortgage rate and term length works best for your personal situation. For example, if you are planning on moving in less than five years, then a shorter term is best. If not, then go with a 30-year fixed-rate mortgage so that your monthly payments stay consistent over time and won't fluctuate as much when interest rates change.
Protect Your New Property by Forming an LLC
Think about structuring your business as an LLC since it can protect your home from liability and taxation. One of the main advantages is that it protects your home in case you're sued.
A lawsuit can affect your home in that if you lose the lawsuit, your property would be in jeopardy. If you have an LLC, then any lawsuit will only be against the assets of the company, which means that your personal assets, like your home, will not be at risk for lawsuits involving the company's activities.
LLCs are easy to form and maintain. They can be formed by filing articles of organization with the state, and they do not require annual meetings or minutes as corporations do. And LLCs provide tax benefits over corporations because they are pass-through entities, which means that profits and losses flow directly through to the owners’ personal tax returns.
Education Is Another Way to Grow Your Business
Your business can grow in many ways. It can grow by adding more employees, expanding its product line, and by opening new offices. However, the best way to grow your company is by getting an education in business. This is how you’ll learn things like how to manage your finances, how to market yourself more effectively, and how to use the tools of business that larger companies employ every day that allow them to be successful.
It’s possible to earn a degree in accounting, business, communications, or management by taking classes online at your own pace and on your own schedule. This may be a good option for you since you can even customize your Bachelor of Science in Business degree with a certificate in areas like business analytics, management, financial planning, and more.
When you are running a business and outgrowing the space you have, it can be hard to find a solution that is both cost-efficient and workable, but one way to solve this problem is by upsizing your home. This can be a far better option than leasing office space since owning property is almost always a smarter investment than leasing.
Be sure and protect your investment with an LLC business structure. Then consider getting an online degree to ensure your business continues its growth in the smartest and most efficient way.
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