While it may seem like starting a new home-based business and moving simultaneously isn’t possible, that isn’t the case. By using the right approach, you can launch your new small business while heading to a house that’ll better serve your personal and professional needs. If you aren’t sure how to make it happen, here’s what you need to know.
Buying Your Home
Preparing for a home purchase has its fair share of challenges, but it usually isn’t as hard as it first seems. If you want to get headed in the right direction, begin by addressing your budget.
Next, factor in your down payment needs. Depending on the home’s purchase price, you’ll typically need to have a down payment of somewhere between 5 and 20 percent. However, if you want to avoid mortgage insurance, then 20 percent is a must.
Once you have the figures worked out, you can start exploring mortgage companies. Ideally, you want to be pre-approved for a loan so you’ll know exactly how much home you can buy.
After that, it’s time to prep for your home search and connect with the experienced and skilled real estate professionals at Castle Brokerage. Consider what you need from your house on a personal and professional level. That way, you can identify any must-have features that can guide your efforts. Then, when you find a home, you can make an offer and start the purchase process.
Preparing to Move
Typically, first-time buyers should expect it to take 6 months to complete a home purchase. During that time, preparing for your move is wise.
If you want to reduce the cost of moving, start by decluttering. Get rid of anything you don’t want to keep, allowing you to reduce the amount of stuff you’ll move.
Once that’s done, box up the non-essentials, ensuring every box is clearly labeled and like items are together. As moving day draws closer, pack items you only use occasionally, working your way toward items you use frequently. By the time moving day arrives, only the essentials should need packing.
With the approach above, you spread out the burden, making your move fare more manageable. Plus, it gives you a chance to stay organized, ensuring unpacking will be as easy as possible, too.
Launching Your Company
As you get ready to launch your home-based small business, being concerned about money is common. Along with managing daily operating costs, you’ll have to handle a range of recurring and one-off expenses, potentially straining your budget.
One thing that can help is small business grants. While getting one takes work, it could be just what you need to give yourself some breathing room. As you prepare to search for options, focus on grants that are explicitly earmarked for your industry. Additionally, get a solid business plan written up and learn how to craft a stellar grant application, increasing the odds that you’ll stand out from other applicants.
Another thing to consider is your business structure. If you’re starting a small business and are concerned about costs, registering as a limited liability company could be ideal. LLCs offer tax benefits and can protect your assets in case of litigation.
You’ll also need to create a plan to market your products or services to potential customers. This should involve researching your target market, developing your brand, and choosing which channels you’ll market your business through. To make sure you keep track of all the important steps involved, you can utilize a go-to-market strategy template. This will help you align your team as you work toward the same goals.
Moving while starting a new business can be a stressful and time-consuming process. With the tips above, you’ll be able to find the ideal home so your business can thrive!
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