Guest Author: Eva Benoit
Moving while getting a business off of the ground is challenging but still doable. If your current home isn’t sufficient for your new home-based business and you want to relocate to help it grow, here’s how you can handle it.
When you’re purchasing your new house, you need to factor in what you’ll need for your home-based business. In many cases, specific features will be essential.
For example, a home office could be a necessity, or you might need extra storage for products. In some cases, having a separate entrance might be ideal, especially if you plan to host client meetings and prefer that they not have to walk through your home.
It’s also wise to think beyond what you’ll need immediately. Instead, make sure there’s room for your home-based business to expand, reducing the odds that you’ll outgrow your next home too quickly.
If you want to save a bit on your home purchase and are comfortable without any property condition-related contingencies in the deal, you could buy a house as-is. You’ll want to consult with an attorney if you choose this option. Additionally, make sure to schedule a home inspection and home appraisal, as well as run a title search and examine land records. That way, you can find any potential red flags before moving forward with the deal.
Closing on a house usually takes around 30 to 60 days. As a result, you can use that time to prepare for your move.
If you want to be able to focus on your business, consider coordinating with a full-service mover. While that option costs more, they’ll handle everything, including packing, furniture assembly and disassembly, transporting, and more.
If you have a tight budget, you can go the DIY route. Get quotes for trucks as soon as possible and begin gathering boxes. Pack up your non-essentials right away, then start with your occasional use items. Ideally, you want only to have daily essentials left to pack during the week before your move date. So, spread out the work to keep it manageable.
Many entrepreneurs don’t have a formal business background. While learning on the fly might seem reasonable, it could increase your chances of making devastating mistakes.
If you want to make sure you’re ready to start a company, head back to school and get your MBA. You’ll be able to sharpen your business acumen and learn more about business management, operations, and communications, all while boosting your leadership capabilities.
By choosing an online program, you can even tackle classes while launching your company and moving. You’ll be able to learn at your own pace, giving you all of the flexibility you might need.
Once you know where you’re headed, you can launch your home-based business. In most cases, you’ll want to choose a business structure. While sole proprietor is easier, going with an LLC can be a better choice. You’ll reduce your liability and may be eligible for tax advantages. Additionally, it’s a flexible option that doesn’t involve as much paperwork.
You can avoid attorney fees while setting up your company by either filing yourself or turning to a formation service. In either case, take the time to read local regulations about LLC formations, as the rules do vary by state. That way, you can handle everything correctly.
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