Starting a home-based business can be an exciting and profitable venture, but it can also be a complicated and lengthy process. This is particularly true if you are moving to a new home at the same time. Professional Realtor Marsha Bowen Washington of Coldwell Banker Realty, Livingston, NJ will walk you through the process of finding the right home for you to live and work in, while also getting your new business venture off the ground.
Plan Your Business
The type of home you need depends partly on the needs of your business, so before you start home shopping, determine your business needs. First up, figure out what kind of business you want to start, and do a market analysis to determine whether your idea will take off.
If you are on the fence about your direction, that’s okay; Business Management Degree explains there are plenty of trending options out there, like ecommerce, drone security or consulting. Think through what will fit your interests, and then come up with an original name for your new venture.
With a great idea and name prepared, you’ll want to create a business plan to help you hone in on your goals and how to reach them. A formalized plan can also help you secure loans or grants if need be.
Next, decide how you want to structure your business. Many home-based business owners operate as sole proprietors; however, it can be beneficial to form an LLC instead. The Balance explains an LLC avoids both the double taxation issue that comes with other types of corporations and the personal liability disadvantage of a sole proprietorship. LLCs also offer owners greater flexibility and take less paperwork to form than other business structures. However, because the regulations concerning LLCs vary by state, you may want to consult with an attorney or use a formation service to make sure you comply with the law.
Finally, figure out what the space needs of your business are. You need an office area that is separate from your living area and any office space being used by other family members. You also need storage space for products, supplies and equipment. Depending on the nature of your business, you may need a workshop, an area for packing and shipping, and a separate area for greeting customers and vendors.
Find the Right House To Buy
The home buying process begins with getting your finances in order. To start, save enough money to make a down payment. Next, determine how much you can afford to spend on a new home and then get pre-approved for a mortgage in that amount. Some people opt for as-is homes if money is tight, just be forewarned of the drawbacks that can go along with that, such as structural concerns or mold issues.
You may be able to save some money on repairs by requesting a home warranty from the seller. Consult with an attorney, have the home inspected and research the land records for the property. This will help you spot any potential problems that may make the home a bad purchase.
Your real estate agent can help you make a list of homes that fit your business needs and the lifestyle you want. Once you have found a home you want, make an offer, get the house inspected and make the purchase.
Move to Your New Home
You have a lot on your plate, so focus on making your move stress free. Since you’re juggling a startup and a move simultaneously, you might consider hiring a moving company, rather than trying to do it all yourself. Professional movers can tackle all the work from start to finish, or you can have them just do part of the work, depending on your needs and budget.
Starting a new business at the same time you are searching for and moving to a new home is a daunting task. However, it can be a manageable process if you follow these steps. Contact Marsha Bowen Washington of Coldwell Banker Realty, Livingston, NJ for help finding the perfect place to settle into for your personal and professional pursuits.