With the surge in start-ups in the new pandemic economy, finding a space suitable for accommodating working from home has become a top priority for many. Starting a business is a big enough challenge for most, but throwing moving into the mix makes the process even more complicated. Find some ways to simplify the process with this quick primer on moving while starting a business.
Steps Needed to Launch a Home-Based Business
Assuming you already have a marketable, feasible business idea in your head, the next step involves writing a business plan. There are a number of ways to do this, but business plans should at minimum include a market analysis, a financial plan with projections, and a marketing/sales plan. If you’re unfamiliar with creating a business plan, one way to boost your knowledge is to go back to school and earn an MBA degree. By enrolling in an online program, you’ll learn more about business management, operations, and decision making.
Other Steps Include:
• Selecting a name and business entity structure
• Registering the business and getting a license
• Separating business finances from personal, including setting up tax accounts and tracking deductions
• Creating a website and social media pages to promote the business
If you’re planning on accepting payments for your products or services through your website or app, you’ll want to take steps to ensure you can process customer payments securely. Plaid API allows you to authenticate bank account information which will make your site and app more user friendly.
If you know you need to move or are in the process of moving, you likely don’t yet have a dedicated office space. Once you move, it’s important to set up a space to keep your work separate from your personal life. It should also give you the room to keep records organized and do the work you need, whether that’s a large table for creating products or a computer for online work. Distractions should also be minimized to help you stay focused and differentiate your business from your personal life.
Buying a Home with Dedicated Office Space
In some ways, home buying while looking for a dedicated office space can help hone and simplify the process. While looking, keep in mind that various spaces, including attics, a basement, or a small nook in another, larger room, may all fit the bill. The key is to know how much time, money, and effort it will take for a space that’s not obviously office material to become move-in ready.
If you’re looking to save on a new home, consider buying as-is. Understanding the pros and cons is very important when buying as-is, since you’re liable for any major repairs you might discover after purchasing. You need to ask yourself questions such as whether you have the money to deal with repairs, inspections, appraisals, etc. Some musts when looking at as-is homes include:
• Working with trusted real estate agent Emil Ratti
• Consulting with a lawyer
• Inspecting the property
• Examining land records for any potential red flags
• Knowing the minimum property requirements
• Considering a home warranty
Making the Moving Process Easier
Let’s face it: There’s a reason moving is listed among the top five most stressful life events. And while the process may in fact be good for you, there are still steps you can take to make it easier.
Planning is key, as is giving yourself enough time. From labeling and sorting boxes in a way that makes them easier to unpack to keeping all the documents you need in one binder, it all helps.
Be Patient with the Process
Remember that the experience of moving while starting a new business is a process that takes time, so practice patience. By having a clearer sense of the different pieces of the puzzle, you’ll be more likely to achieve both goals more easily and with less stress.
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