Image via Wikimedia Commons
If you would like to run your new business from home, but don’t have enough space in the house, the ultimate solution might be building a separate workshop or office building. You will be able to save money on rent, not to mention commuting. An office that is close to home can be great if you are a freelancer or work remotely. There are some things you will have to take care of, though, to make sure your new office will deliver everything you need to run a successful business.
Home Insurance and Business Insurance
Once you have created an outbuilding and the steel or wooden building is on your property (you can find more details on this specific), you will need to talk to your insurance provider. If your office was located in your house, you would be required to change your home insurance to cover business activities, too. As you have a separate office or workshop, you can take out a separate insurance on the business’ name, and take advantage of the lower rates, as you are always near the building.
Electricity and Heating
Image via IHA Holiday lettings
A separate building at the bottom of your garden might present several challenges, when it comes to electricity and heating. You might need to get a separate supply set up, to successfully keep track of your business use. You can get a separate meter installed in your business premises, or use one of the Guardian home generators that will provide you with electricity on demand.
The further you are from your main building the harder it will be to catch the WiFi signals. You might get a WiFi signal booster, or a separate dongle that will help you work remotely and take advantage of fast speeds. Mobile internet is another solution for people who run a business but don’t need 24/7 internet access.
When you set up your own workshop or home office in the outbuilding, other people will find out about your venture. This means that you will have to increase your security in the house and the outbuildings as well. The more security you have the lower your insurance will be. If you can keep an eye on the office from your house or through your cell phone, you can rest assured that your business is protected, and get a better deal on home and business insurance.
You will have several funding options when working from your home office and building your own business premises. You could simply lend personal money to the company, or secure government funding on the construction at a low credit rate. You are likely to get a good return on investment, and reduce your overall business running costs long term.
Building a home office or workshop to run your own business might be the perfect option for you. Check the funding options, insurance requirements, and design your own space to serve you for many years to come. You will be able to increase your independence and take advantage of flexible working hours in return.