When you start a business, a great location is a vital factor. For many startup entrepreneurs, their garage is an easy solution. They have an extra space without needing to pay for an office space or other overheads.
There are many advantages to starting a business in your garage, starting with the savings. Business owners can build and mix, analyze, and develop their products, services, and/or concepts without raising their bills by working in a garage.
The absence of the need to commute and the possibility to choose your own hours are further plus points. However, if you want to use this practical space with its advantages for a successful business, you probably need to take a few steps to complete your garage.
By working in a garage, entrepreneurs can create and mix, revise, and improve their products, services, and/or ideas without increasing their bills.
Choose a store that fits in your garage
Not all companies will successfully run out of a garage. For example, a business lawyer would lose credibility if he had client meetings in his carport, but a car or bicycle repair shop would fit nicely in this space.
Most handicraft jobs are great for a workshop, but they’re not the only options. Many other stores can be set up in your garage to get started. Perhaps with a little makeover or upgrade by a professional garage service company, you should be ready for business from home.
Virtual assistant or social media management services, web/graphic design, online retail, computer or phone repair, online tutoring etc are also all great options.
Clean it up
The conversion of a spare room or a garage is all too often half the effort, since the office space serves as a workplace and storage room.
But it becomes too easy to further increase the mess, so commit to your conversion and be ruthless when you fix it. Enjoy the process of letting go.
Garages are known to be terribly ventilated. Therefore, your first action plan must focus on improving this. Remember: the more natural light you can let into your new office space, the better it is for your health and the lower your electricity costs.
Installing large windows and replacing the rolling gate with a sliding gate are two good options. You may also want to install air conditioning for the hot summer months: if your budget doesn’t allow it right away, plan it anyway.
Paint and renovate
Once all of the structural changes to your new office have been made, it’s time to get inspired and personalize this professional area. Choose soothing colours for the walls and design your office space so that it reflects your work and personality.
Choose the right equipment
Your home office should be equipped with comfortable and functional equipment that supports your work. That means it’s time to shop!
If you can, try to make more desk space than you think necessary and install a lot of shelves. We’ll save you time to think: you can never have enough shelves or desk space!
Finally, be ready to move on if necessary.
If your workshop business becomes a success, you will likely grow out of the room. Be ready and willing to continue when the time comes. After all, you need more space for more employees. The operating costs will be higher, but your earning potential will be higher.
Starting a business from your garage can be a great start. If you have the tools to clean up the space and apply the skills you’ve learned from starting a business, you should have no problem with being successful.
The Importance of Keeping a Rainy-Day Fund
Have you ever thought about how you’d cope financially if you were to lose your job? Do you have a nest-egg set aside to keep you afloat if you were suddenly faced with a medical emergency? If not, it sounds like you need to build an emergency fund. Also called a rainy-day fund, it’s defined as a sum of money that’s set aside for unpredictable and unplanned for expenses. The money should be liquid (meaning it should be easy to access) so it’s best to keep it in cash or in a current account. The importance of keeping this available cash shouldn’t be overlooked for the following reasons.
An Investment for Your Future
It is important to see your rainy-day fund as a potential investment, even if you are not a high-income earner. For instance, many parents look forward to putting their kids through college, but student loans can be difficult to repay, even if you end up borrowing from a program and qualifying for Parent PLUS Loan Forgiveness or deferment. These repayments can end up costing more than you anticipated and, suddenly, the savings you put aside for your children’s future can start to disappear. If you have a dedicated rainy-day fund, it can soften the blow and keep you in a position of power to reorganize your finances and provide a secure future for your family.
Helps with Unforeseen Expenditure
On a surface level, putting something aside for unexpected events may seem like a waste of funds that you might use better elsewhere in your daily life. You might have debts mounting up that you are struggling to keep on top of. But, even in these circumstances, putting something aside for the worst-case scenario can help later on. We have little power over what we cannot predict, such as medical issues that can strike at any time, at any age. If you own your own home, you’ll likely already be aware that you cannot always anticipate where your next major maintenance issue is going to come from. Even if you feel on top of your budget, there are sometimes things we overlook. Ultimately, beyond mere superstition, having money put aside can ensure you’ve got more power over the worst-case scenarios.
Business Owners Can Through Quiet Times
It is a wonderful thing to be self-employed, but such autonomy comes with a price. Even when things are going well, there is always the possibility of business slowing down. For some self-employed business owners, finances can fluctuate dramatically, and there’s nothing more demoralizing than draining the resources you’ve worked so hard to build. Having something put by for these times can offer great peace of mind and the breathing space to plan your next move. It also trains you to budget in a professional manner and re-evaluate your budgets with a growth mentality.
Your Safety Net
Having financial peace of mind is the ultimate goal and having the safety net fund is one of the best ways of ensuring that money never causes you too much stress. If you are the sole breadwinner in your house and you lose your job, your fund will give you the breathing space you need until you find a new job. If you get sick and have to take time off from work, this will get you through and allow you to keep up with your loan repayments and monthly expenses. Whatever your circumstances, it can be your lifeline you can grab hold of in those times when you need quick cash.
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