By: Christopher Haymon
Starting a business out of your residential rental property could be a very smart and successful venture. There have been countless freelancers and companies that got their start in bedrooms, living rooms, or garages. However, you have to make sure you do it legally. Otherwise, all of your hard work can quickly go to waste.
If you’re thinking about launching a company from your apartment or rental house, consider these tips.
Look at your lease.
No matter what kind of apartment you live in, you most likely have a lease that outlines dos and don’ts that you must abide by if you want to continue living there. Oftentimes, these leases include a general set of guidelines pertaining to the building referred to as “rules and regulations.” Just because your lease is silent doesn’t mean you can do anything you want. Consider whether or not your business could potentially become a disturbance to your neighbors; if so, it could violate certain aspects of your lease.
Moreover, condominium CCRs—which stands for covenants, codes, and restrictions—tend to be stricter on home businesses. So, if you live in a condo, you’ll need to speak with the building owner or landlord to discuss your idea.
Along with looking into your lease, you’ll need to check the coding/ordinances in your area. research the zoning laws, business licensing requirements, and home businesses ordinances for your municipality. If you think that your business could violate any codes and that you might need to request a variance, you will need to reach out to the local government.
Form an entity.
As with any type of business, you’ll need to form an entity for your home business. By establishing an LLC, you may be eligible for certain tax benefits, liability protection, and flexibility in managing the entity. Depending on where you live, this can be a complex and time-consuming process. Some entrepreneurs hire a lawyer to form an entity, but you may be able to save some money by using an online formation service. Each state has its own set of regulations for setting up an LLC. So, before moving forward, make sure you have a basic understanding of what your state requires.
Set up your workspace.
This is the fun part—getting your office set up! Much can be said about what it takes to establish a comfortable and productive workspace when you’re running a business out of your apartment. But suffice it to say that your office should be attractive, minimize distractions, ergonomic, and comfortable both for you and any visitors you may have. Your workspace should also reflect some of your personality, be equipped with any tools and equipment you need to fulfill your daily duties, and include any other elements that will help you stay productive.
Establish your schedule.
Lastly, working from home comes with tons of advantages, but it also has its drawbacks. One of the more significant challenges you are likely to face is staying on task, which is considerably harder outside of a traditional office environment.
Figure out your most productive hours of the day, as well as your personal activities, and craft a schedule that allows you to succeed at all of it. This might take time, so don’t be discouraged if you feel like you’re constantly up a river without a paddle at first. The key is to find your rhythm and structure your workday in a way that helps you to minimize distractions and stay productive day in and day out.
If you’re considering starting a home business from your apartment or other rented property, it could be the best decision you ever make for your career. But in order to make the most of your opportunity, you must approach it carefully and make smart decisions along the way. Follow the tips above, keep researching what it takes to be a successful home business entrepreneur, and maintain an open mind to any strategies that you can pick up on your journey that will help your company flourish in the long term.
Disclaimer: We are a participant in the Amazon Services LLC Associates Program, Adobe Affiliate Program, and in the Canva Affiliate Program, these are affiliate advertising programs designed to provide a means for us to earn fees by linking to Amazon.com, Canva.com and affiliated sites.