This Is Why Buying a New Home Can Help You Start a Business

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Oftentimes, one of the first things entrepreneurs run out of is space. If you are like most people, you are probably getting your startup off the ground from your primary residence. While this can save you money, it can also make space an even bigger issue.

Look around your house. Have you been thinking you need more room? If so, it may be time to relocate. Moving can be a hassle, but it might be best for your personal goals as well as your long-term business goals. Here are some important tips to remember, presented by Service Savvy, LLC.

Buy Now, Start Later

If you’re just getting your business going, it might make sense to purchase your new home prior to going too far. Not only can you reduce stress, since you aren’t juggling customers and staff, you will probably have fewer hurdles with mortgage approval. If you own a business, you’re typically considered self-employed. There can be many advantages to self-employment, but simplification of home lending is not one of them.

Banks require significant documentation of income and expenses. Depending on your situation, business expenses can be problematic. Most lenders use a debt-to-income ratio to approve homebuyers, and business expenses can reduce income. For this reason, it may make sense to buy a new home before your business takes off — and enlisting some assistance with the process.

Get Some Assistance From Professionals

Establishing a new business and moving are challenging prospects, especially when trying to tackle both simultaneously. Thankfully, there are a few different professionals that can help, the first of which is your real estate agent. An experienced realtor will know what is on the market, what is becoming available and where the potential for opportunities lies, so they can help you tremendously in your house hunt, smoothing out negotiations, and navigating the closing process.

Think through what your priorities are for now and in the future, and present your agent a list. Will clients come and go, so you need a separate entrance and sufficient parking for them? Will they need a waiting area or powder room? Do you require an area for production or specialized equipment? Contemplate what your workday will look like, and let that shape your priorities.

There are other professional services that can help you through this process, too. A professional organizer can be a boon, helping with both the process of moving and with determining an efficient layout for your new business. Another great option is a full-service moving company, for obvious reasons.

And of course, there are other support services that can help you along the way; an administrative assistant can help with tasks like transferring your utilities and scheduling your move, and a cleaning service can reduce your housework and do a deep cleaning at the new home. Pet and child care services can give moms and dads the occasional break to focus on their work. Parents suggest going through online services that pre-vet candidates for your peace of mind.

A New Home Can Offer a New Perspective

When it comes to starting a business, there are heaps of decisions to make. One of the first big questions you will face is whether you want to form a sole proprietorship, limited liability company or a corporation.

At the beginning stages of a startup, some entrepreneurs choose to form a sole proprietorship because of the ease of doing so, but many business owners find that an LLC offers the best protection and flexibility.

Figuring out what kind of entity you want your startup to be is just one of the legalities you will face. According to the U.S. Small Business Administration, you will also need to ensure you are compliant with all federal, state and local laws. State and local regulations can vary, so you will need to become familiar with the specifics that apply to your location.

Consider your move into a new home a fresh start. Once you’re settled, this may be the opportune time to improve your skills so you can run your business more effectively. Fortunately, you can earn a business degree online and complete the coursework from home while you learn about business administration, accounting, and marketing.

If you’re getting an at-home startup off the ground, you may need to find more space. With these tips, you can start planning a move that will ensure your long-term success.

If you need an assistant to help with your business while you organize your move, get in touch with the virtual assistant experts at Service Savvy, LLC. Email k.norman@servicesavvyllc.com or call (470) 451-8007 to learn how we can assist you.