Starting or running your own business can be fun, but it also can be extremely stressful and difficult to manage. With years of experience operating Turn Key Basements & Renovations, we understand the challenges and obstacles of running a business. Having your own business can quickly turn into a stressful ordeal, if you don’t have a plan to follow. An important component of a business plan that often gets the second thought is where your business will operate from.
When you are your own boss, you have the luxury to decide where you want to run your business. Launching and operating your business from your own home could be what you’ve always hoped for, depending on the space and the nature of your work. There are many reasons to work from home, which goes beyond the obvious benefit of being at the comfort of your home. The advantages to working from home can be less expensive than renting or buying commercial space, you can possibly claim tax deductions, and you will save time and money on commuting to and from work.
Whether you are starting a new business venture or have been around in business for many years, operating your business from home can be one of the smartest business decisions you could make. Business owners are always looking for new opportunities to make money or save money- and this is one that has proven to make sense! Whether you are an entrepreneur starting out or you are a business veteran, operating from home can help you get your new business venture flowing and your already operating business survive the economic downturn.
The thought of creating space in your home to operate your business, especially if you have a family at home, can be overwhelming to say the least. The answer you are looking for could be right under your nose. Look no further than the lower level of your home- the basement!
Ideally, your home office should be separate from the rest of the house. The most ideal place to have it is in the basement. The basement is an important part of the home, but you can easily detach from what is going on above by making the basement your work space. By separating the home from the business in the basement, this will cut distractions (including your kids), improve work/life balance, provide extra work space, and add flexibility for potential expansion.
As mentioned in the article Top 3 Benefits of A Finished Basement, basements can be transformed for many reasons, but the bottom line is, a basement is extra space that could bring and save you money. Every other room in your home may already be serving its purpose and may be near impossible to sacrifice its functionality for a business space.
If your basement isn’t finished and you’re hesitant about investing money into finishing your basement for your business, think long term and be assured that a finished basement or a basement renovation will give your home added value. It may not save you money in the short term, but you will be saving costs on rent and commercial space by operating from home and any home improvement costs tied to your business can be a write off against your business income (ie. costs to develop your basement into office/salon space). Plus, a portion of your regular home expenses (ie. utilities, mortgage interest, property taxes and insurance can be written off against your business income as well. Pleas confirm with your local taxation guidelines and your accountant.
It’s important to keep in mind that any home-improvement project has benefits to you and the future of your home. Better yet, if you decide to sell your home and a potential buyer happens to be a likeminded individual who runs a home-based business, then this added feature will increase its attraction.
There are many businesses that can operate from home. Feeding into the rise of home-based businesses has been the recession in Alberta. Alberta has seen the rising trend of “homepreneurs”, which has been facilitated by the recession. While this may seem to be a counterintuitive decision to make when the economy is lagging, but tough economic times can also present great money-making opportunities. You must be willing to put something in to get something out.
At Turn Key Basements & Renovations, we specialize in Calgary basement developments and have been a part of all kinds of basement development projects to fit every need. With more Calgarian Entrepreneurs turning to operate their businesses from their basements, Turn Key Basements & Renovations have had an increase in transforming basement spaces into beautiful work spaces. Our team of project coordinators, project managers, designers, skilled labor and dedicated trades have helped entrepreneurs from hair stylists to estheticians, just to name a few.
Even if you don’t want to turn your basement into your business space, we have the expertise to create functional spaces anywhere in your home. We are your stress-free Calgary Basement Developer and accomplish this by laying out our process from the start. There isn’t a project that we wouldn’t be excited to be a part of.
At the end of the day, we understand the struggle of the economic downturn and support your journey to make the most of what you already own. Starting a home business or operating your current business in your basement may seem like a shot in the dark, but not having a plan can be more frightening.
Discuss with our team of experts at Turn Key Basements & Renovations on how we can transform your home into a money-making machine that withstands the recession and all money grabbing distractions.
What home-based business ideas do you have?
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