By Derek Goodman
There are many benefits to starting a business from your home – you can often save on expenses, gain more independence, and profit tremendously in the process, but if your current living situation is not conducive to your operational needs, you may need to relocate to make things work. Here are a few tips for finding the right property whilst founding your own company.
As you’re looking for somewhere to act as a base of operations for your business, your property search may differ from others. Homes with enough space for an office are in high demand so it’s crucial that you keep a laser focus on the market and identify properties with space in areas that suit you & your business. The right location will give you easy access to clients/partners as well as represent a good purchase in the long term. With careful research, you may even be able to find a neighborhood that provides profit both in terms of appreciation and business opportunities.
Wherever you choose to buy, it’s important to bear in mind local ordinances. Make sure you’ve checked ahead and ensured that your desired state/city has advantageous tax and legal regulations as they pertain to your company. You should also bear in mind local amenities and how these might affect the running of your operations (for example, material providers, warehouse storage, etc.)
Once you’ve secured a property, plenty of administration and planning work is ahead of you before you can comfortably settle in your new destination. To start with, make sure you’ve backed up all of your data/critical files before setting off and signing off on any existing contracts/utilities. If your business already exists, you should also take the time to notify your business insurance that you’re moving, change your address and also notify banks, financial institutions, the IRS, and your clients.
You’ll be surprised by the variety of options when it comes to moving companies. Try to carry out your research at least a month ahead of time, ensuring that you’ve found a reliable and well-reviewed service. It might be worth reaching out for a quote and discussing any individual requirements you might have relating to who will let them in/lock up etc.
You may find this move also presents a good opportunity to purchase or switch home insurance – this will protect you financially in case of a disaster. Home insurance rates are often affected by location, the condition of the property and your credit/claims history. If you’re looking for options, consider coverage, costs, and benefits before opting for a provider.
Founding Your Business
Once you’re established in your new property, you now have the task of actually starting a business. The first step, before you invest any of your personal savings, is to write a business plan. This crucial document will be your roadmap as you progress, helping you to define the company itself, outline objectives, financial constraints & budgets, and allowing you to pitch for investment. Include market research and competitor analysis to ascertain the viability of your business before you commit resources.
One of the biggest question marks for anyone looking to start their own business is funding. It can cost thousands of dollars per month to grow a company from scratch. Unless you have the money spare, you may need to pitch to venture capitalists and angel investors, seek crowdfunding, or otherwise offer equity; a part of your company in exchange for funding. Whatever your source of capital, make sure you’ve outlined a clear budget to ensure that the money is being used efficiently.
Moving homes and starting a business simultaneously requires more time, energy and consideration than doing just one or the other. It is possible, however, to complete this strategic move with success. Just make sure you’re researching far ahead and going in with a solid plan.
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