Starting a business and moving are two endeavors that may seem challenging enough on their own, let alone if you’re tackling them at the same time. However, moving into a new home that lets you better support your new business—whether because of available workspace, location, or another factor—can be a rewarding, doable process, especially if you keep the following advice from lendingwithrose.com in mind.
Selecting an Area
Before you commit to moving, make sure the home prices in your desired area fit your budget. To do that, you’ll need a budget. To create one, Bankrate suggests sticking to the 28/36% rule: Housing expenses should consume 28% or less of your gross monthly income, and total debt should consume 36% or less. Review home prices in your area to get a feel for the areas you can afford, and then reach out to a real estate agent to begin your home search.
Much of the same advice on budgeting applies to renters. Rental prices vary widely, and it’s important to research them. Rentcafe recommends putting around 30% of your income toward rent, though some people may spend as little as 20% or as much as 40%.
Along with selecting an area that fits your general budget, it’s important to focus on homes that have what you and your business need. Zoning laws are one important consideration here, per The Balance Small Business, as it may be illegal to operate certain businesses out of certain homes. Also keep in mind the nature of your business; for instance, meeting clients in your kitchen rather than a dedicated meeting space may not be ideal.
Making It Official
Devote some time to selecting what kind of entity you want to use for your business. Options include a sole proprietorship, partnership, corporation, or limited liability company (LLC). Each of these has different perks, and research will help you select the best fit for your business.
Another important step is to obtain any licenses and insurance policies your business needs to operate. Additionally, you should research your new business’s tax responsibilities. These aren’t the most exciting steps, but they’re vital to keeping your business on sound financial and legal footing. If you’ve yet to launch your business, tackle these tasks early, and if your business is already running, make sure these details have been covered.
Ensuring a Good Move
Set up your move so it causes as little disruption as possible during business hours. If your business already has customers, vendors, and employees, you’ll want to give them plenty of notice of your upcoming transition. Also, make sure utilities are up and running in your new home before you begin working from there.
Additionally, don’t skimp on packing supplies, as careful packing is critical. Label your boxes, and make sure fragile items, such as electronics, are properly protected. And if you hire movers, ensure they’re well-reviewed and insured.
Starting Your New Chapter
Moving to a new home and business location is a big step. By selecting your new location carefully, handling the details, and packing well, you’ll be on your way to settling into an ideal situation for you and your business.