Buying a home is a major milestone, and for those who run a small business, it’s essential to find a property that supports both personal and professional goals. From setting up an effective workspace to ensuring the right insurance protection, here’s what to consider when buying a home with your small business in mind.
1. Secure Small Business Insurance
If you plan to run your business from home, think beyond standard homeowners insurance. Many homeowners policies don’t cover business-related liabilities or equipment, so it’s important to talk with an insurance agent about options that specifically protect your business. Tailored small business insurance can cover liabilities like on-site customer injuries or theft of business property. Knowing where homeowner’s coverage ends and business protection begins helps secure both your residence and your business assets.
2. Look for Natural Light to Enhance Your Work Environment
In speaking with Sebastian James of Hunter James Real Estate, he recommends this: “For businesses that require visual creativity or product display, such as interior design or photography, natural light is an invaluable asset. Ample lighting can make a huge difference in showcasing products, capturing colors accurately, and keeping a workspace comfortable and inspiring. Prioritizing homes with large windows or open floor plans can create a more productive and appealing environment for business-related photography or client presentations.”
3. Prioritize Homes with Ample Storage
Running a business from home often requires storage space for inventory, supplies, or equipment. Look for homes that offer plenty of storage options, such as built-in cabinets, a garage, or extra rooms that can be outfitted with shelves and organizational systems. For small business owners handling products, staging props, or sample materials, having adequate storage helps keep business materials organized and separate from personal items. It’s also important to discuss inventory with your insurance provider to ensure proper coverage for business property.
4. Get Creative with Workspace Solutions
Designating a productive workspace is key when working from home, but it doesn’t always have to be a dedicated office. Dining rooms, spare bedrooms, and even well-lit corners can make excellent work areas. For those in the creative industry, consider spaces that inspire and support focus, even if they aren’t traditional office spaces. This flexibility can allow you to set up a workspace that meets current business needs while preserving room for future growth.
5. Choose Manageable Home Projects
A home that needs a few updates can be perfect for a business-minded buyer looking to add personal touches, but it’s important to keep renovations manageable. Taking on too many projects can pull focus and resources from your business. When purchasing, evaluate any renovation needs based on your goals and budget, deciding whether to DIY or hire professionals. Prioritize projects that add value to your business setup—like organizing storage or enhancing work areas—while keeping long-term growth in mind.
Tips for a Smooth Transition
For small business owners, buying a home is about more than just finding a personal haven; it’s about creating a space that supports professional ambitions as well. Balancing personal comfort with practical business needs will help ensure a space that grows with you and your business. Partnering with the right real estate professional and insurance provider can simplify the process and help create a secure, inspiring environment to work and live.