Maybe you’re a business owner who launched their new business this year, and didn’t expect it to take off quite so quickly. Or maybe you’re a homeowner who thought they could run their business outfit from the comfort of their home office, only to discover that this may not have been a good idea. In addition to the chaos of regular home life (especially with everyone home during a pandemic) your home office looks like a storage unit, full of your kids’ toys and your spouse’s extra jackets and accessories.
If this sounds familiar, you should know that you don’t have to undergo any home renovations in order to make space for your business. That’s a great option, sure, but you can also opt for taking out additional storage space at a place far from your kids and spouse. After all, to make a great business decision, you need to understand all of your options. With that in mind, read on to consider the pros and cons of choosing either a home renovation or a self-storage unit for your growing business.
Self-storage can be very affordable and easy.
If you’re feeling daunted about taking on the extra expense of a monthly payment on a storage unit space, you should know that storage prices can actually be very affordable. For example, storage prices in Brooklyn, New York can be very competitive. Some self-storage spaces even offer the first month free or at a very low cost. Taking advantage of these great deals might be the best way to see if you’ll benefit from adding a storage space to your business operations. It’s also a good idea to remember that you may be able to write off the cost of your monthly payment to storage space when you’re filing your business taxes in April.
Maybe this is an opportunity to boost your home’s value.
If you’re already considering an addition to your home so that you have room for products and an operational office, maybe it’s an opportunity for you as a homeowner as well. Some home renovations may boost your home’s value in a significant way, so if you’re already thinking about a home improvement project it might make sense to just bite the bullet and go all the way with fixing the roof, the gutters, the driveway, and even the chimney. Bear in mind that the best way to pay for a home renovation might be with a personal loan, not a second mortgage. While a second mortgage is more conservative, a personal loan doesn’t depend solely on your credit score (your home’s equity also comes into play with these loan options), and might land you a lower interest rate as well as the lump sum you might need to fix any cracks in the pavement of your driveway.
While you’re looking at options for home improvement, consider whether or not your home is ready for the cold weather and winter storms that are sure to arrive sooner rather than later. Even if it’s the time of year that calls for swimsuits and sunscreen, you’ll need insulation soon enough. If you’re already taking out a personal loan or a second mortgage you may as well include the top 5 things you must do to prepare your house for winter on your list of home improvement items.
Are you dressing for the job you want?
If you’re running your business out of your home, you might be working in pajamas or sweats. While this is a comfy option, it’s also a great way for no one to take you seriously–including yourself. This doesn’t mean that you have to wear a three-piece suit to work, but you can keep things business casual. By throwing on a nice sweater, a blazer, and some accessories, you can feel like the CEO of a major corporation. You’d be surprised how much more efficient and productive this makes your work. Take a look at some spring fashion tips for the workplace, and bearing mind that by taking on more storage space or taking out a new loan to finance a home improvement project, you’ll have space for those blazers and sweaters as well.
There’s no right answer when it comes to choosing to invest in a storage facility or put a lump sum into home improvement. These are both popular ways to take your business to the next level. Weigh the pros and cons of your specific situation, and make a choice that feels right.