If your house is starting to split at the seams due to a growing home business, it might be time to look into some new space to accommodate your needs. The adage, “you’ve got to spend money to make money,” rings true. You can’t grow a tree in a small pot; it needs room to spread its roots. Your business needs the same.
Having the proper environment is critical to foster growth, and buying more inventory, nicer tools, or other business essentials will inevitably need space. Conducting business while moving simultaneously can be tricky, but you can do it with a bit of preparation—and you’ll undoubtedly be glad you did so in the end. Here are a few tips you can employ to get you on the right track.
Searching for Your Home Business’s New Home
Many successful entrepreneurs count property investments as significant factors to their financial growth. However, choosing a new property and forking over a large sum can feel daunting. The following advice should help boost your confidence.
Budget
Planning is critical for financial security. Overspending can leave people in ruin. Sitting down ahead of time and fleshing out your budget is not only crucial financially, but mentally. You don’t want to be in over your head before you’ve even begun.
Mortgage
Unless you’re paying cash — in which case, well done! — you’ll need to be pre-approved for a business loan or mortgage to pay for your new home business location. Additionally, this will help you with your budget and knowing which neighborhoods you can afford to consider.
Financial Coaching
Buying a house is a significant life event, so employing guidance from a professional is worth the cost. Engaging a financial coach’s expertise can help you feel more confident in your decisions and ease your worries. Further, they can help you be sure you’re not over-extending and ensure that you’re fulfilling your financial needs along your path to success.
House Hunting Online
Looking into real estate online can be efficient but work to your advantage financially, as well. You can research the neighborhood walk score and even the quality of schools before considering a house. Further, viewing homes with a realtor can sometimes lead to a viewer becoming convinced that a place is perfect when it’s not the one. Looking online allows you space to consider the purchase without pressure.
From there, working with a realtor can help you get the best deal on the home you know is right for you. After all, your home business is where you will both live and work, so make sure you’ve found what you really want!
Business Essentials
Particular critical tasks need to be addressed early in your business’s life so that there are no snags later on. For example, knowing your classification and structure is essential when you register your company.
You’ll want to determine if you’d like to create an LLC (Limited Liability Company) for financial purposes. Many people prefer to create an LLC because this essentially limits the owner’s liability — meaning if the company goes under, their personal assets are protected against creditors. Before you begin, take a look at how this works in your state of residence.
Another one of the benefits of an LLC is that you can purchase a home and it can be tax-deductible, saving you money. Larger corporations often have strong mandates around payroll and taxes. However, LLCs typically have more flexibility and demand considerably less paperwork. This gives you the ability to pivot your business structure as the market requires. To set up an LLC, you can file yourself and avoid lawyer fees, or filing services are available to assist you.
Running a growing home business is exciting and fulfilling. Being in charge of something and earning a living by doing so is something many people dream of all their lives. Get yourself set up, work with a trusted financial coach, and heed these tips. You’ll be off to a successful start in no time.
Book a free discovery session with Seth Connell today.
Guest post by Carla Lopez of Boomerbiz.org.
