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May 7th, 2008Working from home, either for someone else or yourself can be less stressful and provide you with much more flexibility with your schedule. Having a well-organized office space is crucial, though, to being able to focus and get things done.
Turning a good home office into a great one boils down to a few simple steps, advises veteran freelance writer and author Jeff Wuorio. He recommends the following 7 steps.
1. Keep Noise Down. Most work-at-home types identify noise as their number one enemy. If building from scratch, incorporate sound deadening features into doors and walls. Plywood and Homasote panels wrapped in fabric are less expensive options for already existing structures and those on a tighter budget.
2. Add privacy and more privacy. Aside from noise, lack of privacy can result in lost productivity. Besides a solid, lockable door, a surround wall can provide better privacy, especially in shared quarters such as a family room.
3. Light it up. Good lighting is a must, but many options available through lighting stores are quite expensive. Install a canopy and aim light at its underbelly for an inexpensive option that will also provide more privacy, suggests architect Neal Zimmerman, author of Taunton's Home Workspace Idea Book.
4. See gray, act gray. Many traditional office workers complain of dull colors and how it affects their drive. Home offices are no different. Be sure and paint walls with colors that complement your personality and boost your mood and productivity.
5. Put your wastebasket on steroids. Most offices function best when things are kept tidy. Consider investing in a larger wastebasket or have two, one for recyclables and the other for non-recyclables.
6. Plant yourself. Plants not only are very attractive and clean the air; they can provide a more personal, private environment. A shelf of ferns or spider plants can be aesthetically pleasing and provide an additional layer of privacy.
7. Be careful not to "live" in your home office. The last and maybe most important tip to making your home-office great is more of a mindset rather than an actual task. Only do tasks related to your job or business in your office. Getting out of your office to do other non-business tasks helps you make your time in your office more focused, fresher, and pleasant.
Turning your home-office into a professional and effective space can be done without spending thousands of dollars. These simple steps can help you make the most of your space without breaking the bank.April 25th, 2008At some point, every business has to consider whether they should buy or rent their office space. The decision can vary for different types of businesses. There are several points to consider when making this decision in order to maximize the bottom line.
Many of the considerations of whether to lease or purchase office space is the same for individuals looking for a home. For example, initial cash outlays are much different for each option. Renting something only requires a relative small upfront outlay while purchasing can require a large down payment and other associated closing costs.
However, leases are more subject to the whims of the market when your lease term ends. Especially with a fixed-rate loan, costs are more predictable from year to year when you own the building.
It's important to consider future growth and the need for new space. Purchasing a building that meets your needs now can be advantageous if you're able to lease the space when you move.
But, it also means you're in a second business, real estate investing. And it is entirely possible that can become a bigger hassle and financial drain than simply leasing.
Of course, taxes are a big consideration as businesses can deduct the entire amount they pay in rent while owners have some limitations. It may be better to create a separate Limited Liability Company and then rent the space to your company, according to Joseph Anthony, a Portland, Oregon tax professional.
So, should your small business buy or rent office space? Depends on your circumstances and if you are able to manage the property in addition to running and growing your business. Consult with your tax accountant and attorney to best determine the implications of owning vs. renting.
April 9th, 2008Government contracts can be fertile ground for a small business to grow but earning their business takes a little education and legwork. The first and most important step to obtaining government contracts is to do your homework.
Different government entities have varied processes and rules for bidding. For federal contracts, the Small Business Administration provides a solid overview of their policies and procedures. The National Center for Small Business Information offers courses to entrepreneurs on government work at all levels.
In order to even bid on federal government contracts, a small business must register with the Central Contractor Registry, which is an electronic system that provides automatic payment transfer when a contract is awarded. The registry requires a business to submit a brief profile summarizing capabilities, etc. so it is important this is the best it can be.
Preparation is also key to winning government contracts since the bidding period can vary. Sometimes, the open bid period is less than a month. Not streamlining your paperwork can result in you losing money if you have to "reinvent the wheel" advises Greg Brooks of West Third Group, a Plattsburg, Missouri consulting firm.
Brooks also advises that procurement and contracting officials do not necessarily accept the lowest bid and in fact, is pretty low on their list of considerations. It is more important to demonstrate experience since past performance is scrutinized much more so than price.
Networking is also a big component of not only winning government contracts but good business period. Gary Beckert of the NCBSI says that most small business get their start in government contracting by teaming with someone else. He advises, "A small business isn't going to succeed without a network of peers, economic development organizations and other contacts."
And don't expect a major windfall from government contract work. Many contracts set a 15% profit limit and some are as low as 10%, which is nothing to dismiss but not the golden egg some might expect.
Government contract work can be very beneficial for your small business if you know the basics and are prepared.
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