Guest Post by Millie Jones: January 13, 2022
According to the Los Angeles Daily News, more and more seniors are establishing businesses in retirement. And in some instances, they’re finding their existing home offices aren’t quite large enough to support their businesses effectively and may be faced with needing to move and grow the business at the same time. It’s a bit of a balancing act at first, but the rewards can be worth it.
If you’re considering a home-based business in retirement and anticipate a move, Retire Successfully hopes the following guidance will help you along the way. Here are five things you should consider:
1. Assessing Business Requirements
Some small businesses do well with a simple home office, while others need more space to accommodate seeing customers or clients on-site, housing a staffer or two, or storing equipment or product. If you’re doing specialized work that requires a specific type of space – like a commercial-grade kitchen, a design studio, or a workshop or garage – that should be a factor.
Families also ebb and flow. For example, you may go from being an empty nester one day to having adult kids or grandkids living with you the next. Your smartest move may be to find a home that is suitable to both the family, and the business, for now, and in the foreseeable future.
2. Consider Amenities
When you run a business from home, anything you can do to create boundaries between work life and home life is helpful. This might mean keeping all work activities confined to a defined section of the home, so you can shut the doors, turn out the lights, and be “done” for the workday when you enter family living spaces. You might even find it beneficial to find a home that has a separate detached casita, dual owner suites, or office space with an exterior entrance that allows it to be completely separate from the main home. This can be especially helpful if you see clients on-site.
3. Factor in Home Finances
Of course, you’ll need to think about what you can reasonably afford to spend before visiting properties. The good thing about a home-based operation is that business expenses can be deducted from your taxes, which means in theory, you can afford a larger house than you might normally buy for a single family. Use a home value estimator to determine the value of your current home, and what you have in equity that you could conceivably put toward a down payment on a larger property. A professional real estate agent will be a great resource when it comes to crunching these numbers.
4. Timing the Move
While not always possible, it’s ideal if you can move from one house to another without having to put your belongings in storage and stay in short-term housing. The goal should be to have as little disruption in your business start-up or operations. Having primary business functions planned in advance – like mapping out the details of your business plan – can help ensure you’re able to get moved, settled in, and get the business off the ground in short order. Any advance work you can do is helpful – for example, getting your business license, and having your branding and marketing strategy mapped out before the move.
5. Get Startup Funding in Order
If you’re not boot-strapping your business, you’ll want to consider applying for a small business loan or a grant. Both options require a bit of research, planning, and preparation. A fully developed business plan is necessary for both funding avenues; for a loan, look at a small business lending institution. If you’re exploring grants, stick to those that offer support within your specific industry. Pay close attention to application deadlines and funding requirements. You’ll want to ensure you address every element of the RFP, or request for proposal, to increase your odds for success.
About Millie Jones: Millie created SeniorWellness.info as a way to inspire older generations – including her own! – to embrace their wellness throughout their golden years. She hopes her site will help people of all ages feel young at heart. When she’s not playing with her grandkids, Millie can be found writing, taking photos (film or bust!), or putting those skills to use via scrapbooking.
Moving and starting a business are two big life events. Preplan as much as you can and ensure you have your finances, your operational strategy, and your home life in order before moving ahead. Visit Millie’s website and take advantage of the great information she has to offer.