Fundamental Tips for Starting a Home-Based Business and Moving to a New Home
You’ve decided to start a business out of your home. The only problem is your current home will not accommodate your business. Maybe the layout is not suitable, or perhaps there simply isn’t enough square footage for you to both live and work there comfortably.
Buying a home is a big investment, but if you are serious about launching a home-based business, then you will need appropriate space for it — especially if it will play a major role in supporting your family. From establishing a business structure to hiring an agency like Sterling Homes Real Estate, here is some practical advice on how to prepare for a smooth transition to your home-based business:
Launching Your Business
You don’t have to wait until you find the perfect home to start getting your business ready. The earlier you start laying the groundwork, the better. One of the first steps you want to take is to choose a legal structure for your business. If your knowledge of business structures is limited, begin by researching the process of forming an LLC. This type of structure will give you personal asset protection, tax benefits, and flexibility, among other perks. But you must understand your state regulations, as each state is different. If you think you want to form a New York LLC, consider having a formation service do the work.
You also want to register your business name and create a thorough business plan. This plan should include things like your mission statement, target audience, product/service offerings, marketing strategy, funding options, and financial projections. Once you’ve found the home you will be moving into, you’ll need to set up a workspace that accommodates your day-to-day needs.
Buying a Home
A good place to start in the home buying process is hiring a qualified real estate agent. Working with the Sterling Homes Real Estate team, for example, will make the process easier and less stressful from start to finish. Go through your budget, and determine how much you will be able to spend on a home — just make sure that you don’t take on a mortgage that will make life harder than necessary for years to come. Once you have a ballpark figure, search listings in your desired area, and comb through the options with your agent.
Keep in mind that you want your new home to accommodate a healthy work-life balance. That is, you need the right kind of space for an office that will allow you to effectively run your business, which will depend on what kind of business you’re running. And it also means that you want everyone in your household to be able to live there comfortably.
As with starting your business, it’s best to begin preparing for your move as soon as possible once you’ve closed on your new home. Handle every task you can online/over the phone, including setting up utilities, researching your new neighborhood, and finding essential establishments in the area (e.g., grocery stores, pharmacies, schools, etc.). If you’re moving locally, consider moving and unpacking your belongings a little each day to make the experience less overwhelming.
Starting a business and moving to a new home simultaneously is a lot to have on your plate. But as long as you diligently prepare, you can get through the process with flying colors. Consider the tips found here, and continue to research what it takes to launch a business, buy a home, and move. And if you ever need a little encouragement in the middle of it all, remember that you are setting up a better life for yourself and your family!
Do you need reliable assistance with buying or selling a home? See what Sterling Homes Real Estate can do for you! Call (518) 688-2211.