How to Successfully Run a Condo-Based Business
Running a home business out of a multifamily residential building, such as a Boston luxury condo, can pose unique challenges. There are concerns related to space, customer access, and so forth, and it is important to be aware of the rules and regulations relating to operating a business in your unit. Professional real estate agency Boston Condos For Sale wants to see you succeed, so read on for important tips!
Special Considerations for Running a Business out of a Condo
If you are thinking about purchasing a condo or you already own or rent one and you intend to start a business, there are some things you need to take into account first. First up, check the zoning laws for the area where the condo is located. Some zones do not permit commercial operations.
Second, check with the condominium association to ensure the rules do not forbid commercial operations in the units. Some associations may permit home businesses that do not involve customer traffic or employees. A realtor who specializes in condominiums can provide you with valuable advice and help you locate a condominium suitable for your business needs.
Third, you must assess your storage needs. A condominium with a private garage or storage area may be preferable to one where the storage space is shared with other residents.
Finally, consider whether the type of business you intend to operate can realistically be conducted in a multifamily housing unit. If your business involves noises, smells or other activity that may annoy the neighbors, a single-family dwelling might be a better choice.
Cover Business Basics
Your physical location is important, but there are a few other critical considerations that all businesses should address. The first is to begin your venture with a business plan. A business plan identifies your business aspirations, creating concrete goals and stepstones for reaching them. It can also be useful in landing loans or grants, and for attracting investors since it includes budgetary considerations.
You should also consider how you will legally structure your venture. Forming an LLC comes with tax advantages over sole proprietorships and other types of corporations. It also shields your personal assets from business losses and liabilities and may save you on paperwork. Forbes points out that the laws that govern LLCs vary by state, so be sure to research them ahead of time. Rather than relying on an attorney, you can use a formation service to save on legal fees.
Decisions on the Gear for Your Business
In addition to finding the right space, you need to acquire the right gear. At a minimum, you need a decent office setup. A comfortable desk and chair to work at is a good place to start. The internet has made it much easier to avoid doing a lot of printing, but many businesses still need to do some, so a quality printer is a good idea. If you are shipping products, you may also want to invest in a thermal printer for shipping labels.
A small copier can also be useful. Look into an all-in-one printer that allows you to copy and scan with the same machine. A mobile phone is a must-have for most businesses, and a smartphone is even better. A good digital camera is useful for taking photographs of your products, while a shredder is valuable for disposing of documents that may contain sensitive data.
Finally, you need a reasonably powerful computer. A laptop or tablet gives you the most flexibility. Tablets are particularly useful if you may need to capture customer data while away from home because they are more powerful than smartphones and more portable than laptops. Keep an eye out for online discounts to get the best deal on a new laptop or tablet.
Condo living comes with attractive benefits but can pose challenges for aspiring entrepreneurs. If you are considering starting a business, it is important to make sure the condo you purchase is an accommodating space for your lifestyle and your business. Connect with Boston Condos For Sale for more information on setting up your condo-based business for success!