The Era of the Home Based Business

Remote work and work from home jobs are more available and accepted in the times since an unorthodox year in 2020.  Employers are reluctant to bring staff back or have found themselves to more productive with fewer onsite employees.

In the current economy, many people are deciding to start their own businesses and current local small businesses owners are seeing less value in staying in the small shopping centers or business parks in and around metropolitan areas.  Bringing your business to your home can be an appealing option for both of these groups.

The Pros of Working from Home

By working from home, you have the opportunity to make your work spaces and schedule as efficient as possible. You’ll no longer have to leave early to avoid traffic or deal with a daily commute. Even if part of your business is delivering goods, you still save time and reduce the chance other people or events will delay the start to your day.  Also, fuel prices are rising, so you’ll be saving money and wear and tear on your vehicle.

Reducing overhead is another great benefit. Rent is one of the largest expenses when it comes to running your own business. Your landlord obviously must be able to make some income as well, so they will have to continually adjust your rent to keep up with rising expenses and may not always be available to fix repairs or manage the facility. If you’re working at home, you are not beholden to a landlord and don’t have to pay him a monthly rent.  When your property values increase, your rent does not. You are responsible for fixing things that break, but you already are anyway since it is your home, so what’s the difference?

You can also set up your workspaces at home for an optimal work environment.  Being able to customize your work space in a way that helps your processes function better will improve your product or service and make your work life more enjoyable. There is a saying in Japan that can be summed up as ‘a place for everything and everything in its place.’ You can control what goes where and can adjust based off your business needs. If you have customers visiting your location, you can also design your location to make the customer experience beneficial to them.  Also, have you ever gotten home from work and wondered if you remembered to lock up?  Have you worried about what goes on after hours around your business?  When you work from home, you can feel secure knowing that you can double check everything in just a few minutes. No need for extra security measures. 

Another perk is the tax advantages of working from home. Generally, you can deduct the areas of your home or property that are dedicated to the business. To get more details, contact your tax professional.

Family time is probably the most important benefit when it comes to working from home. After all, that is why you work isn’t it? You want to make a great life for your loved ones. Saving time and expenses will allow you to spend more of both of these things on your family. Be around for more sporting events, doctor’s appointments, school plays and date nights with your spouse. Your kids also get to see you working and maybe even pitch in and learn valuable life and work lessons from an early age. What better way to instill confidence than to pitch in at the shop with some oil changes or harvest the tomatoes to take in to the farmers market. 

Considerations to Working from Home

Before you make that transition for your life and business there are some things to consider.

How much room do you need? Is it enough to have a room or computer dedicated to your business or do you need a large outbuilding that can house large equipment or store inventory?  Maybe you don’t even need a large building, but you need more land. All of these specifics can be located if you are patient and working with the right real estate professionals.

Location is the next big consideration. If you are specifically running an online business, location may not be as important. But if you will have customers that need to visit your location, you will want it easy to find and get to. Gravel roads may not be the best option if you are running a body shop, but if you are boarding livestock, somewhere off the beaten path may be more acceptable to your customers. 

Another major consideration that is also location specific is zoning laws. Not all areas will allow you to operate a business in your home, or the restrictions may be too great that it won’t be favorable to work from home. However, you can often just move a county over to live in a location that has less restrictions.  For instance, you may need special permits or fees to house and use certain materials in a more urban location, but if move out of town a bit, you can find a location that has fewer or no restrictions for your business.

Property Example for a Home Business

A great example of a property that lends itself well to operating a business is one that already houses a home business, like a 16-acre restoredfarmhouse in Bates County, Mo., that was recently listed for sale.  The current owners took an old farmstead, restored the home to raise their family and built two large outbuildings to operate a sign business from. The home was dedicated to family time, but with a short walk to the outbuildings and you’re ready to work on your clients projects. The outbuildings are climate controlled and specifically designed with office space, bathrooms and specialty rooms to effectively run their business. A property like this could easily be converted to almost any type of business.  First of all, Bates County does not have any restrictions to work around. There is plenty of room on the 16 acres to add more buildings or even raise crops or livestock. Add a barn and you would have an amazing horse boarding facility. The buildings themselves could easily be converted to operating a mechanics shop from everything from cars, large trucks or even tractors. Another ideal characteristic of this property is its easy access on a paved road close to a highway. Access to the surrounding areas, including Kansas City, is made possible by a short drive to a highway. If you want more information on this property or want assistance to locate a different property in your area, visit www.UnitedCountry.com to find a qualified agent near you.

No matter where you are or what business you’re trying to run, it is important to work with a quality real estate professional that is familiar with the locations you are looking and will understand your specific situation.

About the author:

Derek Foland is a real estate agent and land professional with United Country | Heritage Brokers and Auctioneers in Kansas City, Mo. He has a passion and appreciation for wildlife and is an avid waterfowl and deer hunter. If you’d like to learn more about Derek or view all of his available listings, visit www.BuyHeritage.com.