How to Run a Small Business in a Rented Apartment
You don’t need to be a homeowner to launch a home-based business. You can, in fact, run a business out of an apartment, condo, or rental home. Many great entrepreneurs got their start in the garage or living room of a rental unit. Of course, there are a few things to keep in mind as you plan the launch of your home-based business. The last thing you want is to break your lease agreement or risk non-compliance with local laws, and running a business is rarely as simple as it seems. Here are some important tips to keep in mind as you plan your new venture.
Use the Right Tools
Running a one-person business is easier than ever thanks to the wealth of affordable digital tools at your disposal. For example, online resources can help you learn how to monetize your business blog and earn passive income through affiliate marketing. You can also find tools online to help you track inventory, monitor your finances, manage your customers, and build your online presence. Take advantage of all the tools that are available to you!
Relieve Stress at Home
Many first-time entrepreneurs find that running a business from home is more stressful than they anticipated. Try not to brush off chronic stress as a normal side effect of entrepreneurship. Some stress may be healthy, but facing constant high-level stress can lead to burnout. Take steps from the beginning to keep your stress under control and achieve work-life balance. For example, making small changes to your home environment—like decluttering and incorporating plants into your decor—can relieve stress and enhance your sense of wellness.
Establish a Dedicated Workspace
Working out of a dedicated office space is another great way to manage stress and improve your work-life balance. When you work from home, battling distractions can demand a lot of your mental energy. Wishup recommends setting up a dedicated workspace so you can avoid common distractions and keep your mind focused on the task at hand. Sitting in a proper office chair instead of on the couch or at the kitchen table can help keep your back healthy during those long workdays.
Consider the Legal Implications
While it’s perfectly legal to run a business from a rented apartment, you might need certain permits or licenses depending on the type of work you’re doing. You may also need your landlord’s written permission to run a business from a rented home. As long as your business won’t cause excessive property wear and tear or disrupt the neighbors, you shouldn’t have any problems. If your landlord covers your utilities, be sure to discuss how much your bills are likely to increase as a result of your business and how they are to be covered.
If you haven’t already, you should also legally structure your company with the state of Florida. In addition to offering financial advantages, you’ll open yourself up to legal protections. For example, an LLC Florida business owner’s personal assets are protected from any litigation their company faces, while an S corp filing Florida company can utilize pass-through taxation and claim losses as tax deductions.
Practice Good Time Management
Good time management practices are key to enjoying a sense of balance as a work-from-home entrepreneur. Get in the habit of scheduling your days in advance, minimizing social media distractions, and using productivity apps to keep track of your time. You might also have to set some boundaries with the other people in your household. Some other ways to achieve better work-life balance include delegating things you don’t have time for, hiring external experts for specialized tasks, and blocking off dedicated time during the day for non-work-related hobbies.
Running a business from a rented home comes with its own set of challenges, like finding a space where you can focus without being distracted by things going on around you. Once you get the OK from your landlord, set up a dedicated workspace, and get the hang of scheduling your own work hours, you’ll be able to build the home-based business of your dreams!
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