Maybe you're moving because your current living space isn't capable of supporting your business. Or perhaps your motives aren't about your new business. Either way, you need to have a plan of attack and take steps to make the transition easier. The Consulting Firm M. Alexander and Associates shows you how to move forward with this process.
Consider Your Business Needs
When you first decide to move, evaluate your business. Think about what type of business it is. Is it a babysitting service or a web development company? Are you selling products or offering a service?
Factor in how much of your time will be spent at home. If you're only using your home as your office, you won't require much extra space. However, if you'll operate from your home all or much of the time, space might be a major factor. Keep in mind, if you're shipping anything, you'll need space for storage.
Check out Regulations and Licensure Requirements
You'll need to look into your city’s and state’s regulations to determine if there are local regulations that govern how home businesses are run. You might also be subject to land use or licensing requirements.
Don't Rush Your Decision
As you're moving and starting a business, you might feel compelled to rush the process to get everything finished at once. However, home buying isn't a task you should ever hurry. It's a major decision and a huge investment. Take your time and find the right home for you.
Additionally, make sure you find a place where you want to live in a location that's suitable for you personally, as well as for your business.
If you find that you can’t strike the right balance between home ownership and entrepreneurship, pause. There is no need to settle for a home that isn’t the right fit just because you need space. Consider renting instead as a temporary solution. It may even be a better financial decision at this stage, too. You can find two and three bedroom homes for rent in the Alexandria area for around $2,000 per month. These homes would give you plenty of space to develop your business and get a sense of your profit and needs before investing into home ownership.
Understand the Home Buying Process
Before you purchase a home, especially if this is your first one, familiarize yourself with the process. It’s a good idea to get pre-approved first. Then familiarize yourself with local home prices so you have an idea of what you can afford.
As you're choosing a loan type, consider Federal Housing Association (FHA) loans, which require only a 3.5% down payment. You can qualify for FHA-backed loans even if you don't have flawless credit. It helps to work with an experienced and skilled real estate agent for this process because they understand how to get you the most favorable price.
Get a "Doing Business As" Name
Consider getting a doing business as (DBA) name to keep your personal name private if you're operating a sole proprietorship. A DBA will also make it easier if you plan to offer new services under a different name in the future. If the original name of your business is already in use, you can use your DBA as your domain name. Registering your doing business as name can be done quickly and affordably with the help of a professional business formation service.
Invest in Accounting Software
As a business owner, you understand the importance of tracking your finances and keeping accurate records. After your move, invest in an accounting system to provide a secure, centralized place to store your financial data. This software can also help you to automate many of the tasks associated with bookkeeping, such as invoicing customers and issuing payments. In addition, accounting software can provide valuable insights into your business's financial health, helping you to make informed decisions about where to invest your resources. As your business grows, accounting software can provide the tools you need to scale up your operations efficiently and effectively.
You can also choose to outsource your bookkeeping through a Consulting Firm like M. Alexander and Associates. They can provide you with experienced professionals and customize packages to suit your specific needs.
Get Your Business and Home Squared Away
You can live the dream of owning a business and home by taking the steps above to make your business run more smoothly and your home search come together. But don’t be afraid to take smaller steps, if necessary, like renting before buying a home. You are playing the long game here, and sometimes strategic moves take a little longer than expected. Not to worry, you will get there in due time and be glad for the path you chose.
Photo Credit: Tim Douglas via Pexels