Harnessing the Entrepreneurial Spirit From Your Apartment
For many, owning and running a business is the American Dream . However, when you're living in an apartment with a minimal amount of space, that dream can seem far away. The truth is that you can still own and operate your own business in a small space with just a few additional considerations.
Consider the Requirements
There are a few steps you must take before opening your business. First, check your lease and ensure you're allowed to operate a business from your apartment . Most leases do allow this as long as you don't have a steady stream of people visiting you in person. If you're unsure, just ask your landlord.
You may also need to consult your city or state small business offices for information. Some localities have additional rules and regulations for business in residential areas. Regardless, you need to register your business and set it up as a legal entity. Many small businesses organize as limited liability companies because of the flexibility, limited personal liability, and potential tax advantages. It's easy to file the necessary paperwork using an online business formation service, which helps you navigate differing regulations in various states while saving you money on attorney's fees.
Organizing Your Workspace
Once you're ready to begin, you need to find some space to dedicate to the running of your business. You may need no more than a desk and a computer to run things. If you need to store inventory or other business equipment and don't have an entire room to dedicate to your home office, consider other storage solutions that are easy to access. Plastic totes can be stacked for easy storage. A bookshelf or custom closet organizer can be installed in any room and provide plenty of storage space for your needs. Try to keep your business necessities in the same area of your home, so you don't wander back and forth and lose precious time trying to find everything you need.
Maintaining a Work-Life Balance
It's easy to become a workaholic when you live and work in the same space. To combat this, schedule some time for self-care in your day. Getting a bit of social time outside the house is a must for all but the most introverted. Go out for dinner, watch a movie, go shopping, or meet up with friends and family. You can also spend some solo time at home exercising, taking a bath, or otherwise relaxing. Remember, time spent caring for yourself isn't wasted. It's an investment that helps you stay in top shape.
You Can Do It
Working from a small space in your apartment may present challenges, but you can easily overcome them by focusing on your business needs. Be sure your business is legal, stay organized, and make time for life outside of work. If you can do this, you can succeed.
Check out the New Biz Blog for additional information on the many challenges and rewards of becoming an entrepreneur.
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