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How to Take Your Home-Based Business to the Next Level
As a small business owner working from home, you are probably well aware of the advantages and drawbacks of running your business out of your house. From the efficiency of your workflow to the design and layout of your home office, you want to make sure you are set up for success. To get started, here are a few types of improvements from the Sonya Francis Team that can help you take your business to the next level.
Consider Forming an LLC
An LLC, or limited liability company, is a hybrid business structure that combines the best features of a corporation, partnership and sole proprietorship. It’s a good idea because it provides personal legal protection for you in case your business is ever sued. It also has a significant tax benefit because your business income won’t be taxed before it’s distributed to you — in other words, as Intuit Turbotax explains, iit avoids double taxation. In addition, an LLC:
- Allows modifications to your operating agreement as your needs change
- Entails less paperwork than a corporation
- Doesn’t require a lawyer
You can avoid attorney fees by completing the process yourself online or by using a formation service to help you. Either option is simple and inexpensive. The rules for forming an LLC vary by state, so make sure you check your state’s regulations before moving ahead.
Assess Your Marketing Strategy
Are you utilizing the right tools to get the word out about your business? Research shows that social media marketing is a necessary part of any business’s promotion strategy. Likewise, frequent content creation on your website, blogging and search engine optimization all attract attention to the products or services you offer. You can hire a digital marketing specialist or improve your own marketing skills through free or low-cost training courses available online.
Design a More Productive Space
Your home office should be an optimal work environment for you, which can be challenging if you regularly have family at home during the day. If the size, layout or current location of your office is getting in the way of your productivity, it may make sense to consider either redesigning your work and living spaces or buying a new home that meets your needs. If you’re ready to look into buying a new home, follow a few important steps:
- Use a mortgage calculator and input your household income, debt-to-income ratio, credit score and approximate down payment to determine how much you can afford.
- Apply for mortgage pre-approval with a bank offering the best interest rate.
- Find a real estate agent who is knowledgeable about your desired area, price point and requirements as a home-based business owner.
- Search online to see what homes are available.
Develop or Expand Your Network
Networking is all about building relationships and establishing connections, and as Neil Patel points out, there are many ways to accomplish this. Even if you are a sole proprietor working from home, your business network can still be quite extensive. There are both online and in-person networking groups in which you can share experiences, give and receive referrals and even offer support. Social media communities exist for every niche you can think of, and many of these groups are tight-knit and extremely effective at helping attract loyal fans and customers. You can join an existing group or start your own. Be creative in your networking efforts!
What would it take to make your home-based business all it can be? Reexamine your vision and purpose; allow yourself to dream bigger. Everything doesn't need to happen now or all at once, but even small changes can have a big impact on the quality and success of your business.
Connect with the Sonya Francis Team for more information on how they can help you with all your real estate-related needs!