Minority Perspective
Pamela Murphy-Newsome
Starting a home-based business venture
Considering your job and personal life when looking into the property you buy
With gas prices on the rise, some people are deciding that the only way to get ahead is to start a home-based business. We go to school to learn how to get a job, but often we aren’t taught the skills necessary to run just any business.
With many home-based businesses, these skills can be learned quickly — or the business may not require many skills – just the right amount of space to start.
Before you purchase your property, you need to determine what type of business you plan to start up, and whether you plan to stop working or if the home-based business will be your primary income. The difference is that when you stop working a job, the job stops paying you. When you take a break from building your business, the business keeps paying you.
Questions in Determining Your Home-Based Business
- What do you enjoy doing?
- What types of people are served by the business you’re considering?
- Are those the types of people you want to work with?
- Do you have a niche and how will you leverage it?
- What tools, support or training do you need, and are they available to you?
Once you’ve determined the business, you need to decide how much room you need to run your business successfully, and if any special zoning is required.
Choosing the Property
Next, determine the location and size of the property. Some businesses work best in a two-story, others in a ranch-style home. Your business may require a basement or a back yard. Some businesses require additional bonus rooms (like a home-based portrait studio).
After you’ve made the decision to purchase a property and have a home-based business, you’ve made a double investment in yourself. Having the home-based business has many advantages and offers a great way to save money on taxes, increase household income and build essential leadership skills. For many, the biggest benefit is that you are allowed to do this with very little risk because there is no need for an office, employees, equipment or inventory.
Pamela Murphy-Newsome is broker/owner of MurphyRealty, Inc., and the winner of the Rockford Chamber’s Minority Business Owner of the Year, 2007.
The views expressed are those of Murphy-Newsome’s and do not necessarily reflect those of the Rockford Chamber of Commerce.
