A New Business Plus a New Home Equals Success
Life is full of the unexpected, and no one expects to move at the same time as starting a business, yet it can be done. Your current home lacks the space for your business, and you’re determined to find a new home without losing ground on the business you’re creating. It may feel insurmountable, but Theresa Donley with Cody Wyoming Real Estate breaks it down into simple tasks for you to follow, so you can move forward with your goals.
Professional movers recommend starting a moving binder, such as a physical notebook or Google Doc, to help you get organized. Since you’re also starting a new business, keeping business-related goals close to your moving checklists could help you stay more on task. Room-by-room inventory and research on moving services, furniture, and appliance measurements are just a few sheets you can add to the binder.
Your home-based business gives you an advantage; you can complete most tasks from anywhere. First, decide on an idea that uses your strengths and skills. Next, do some market research. Keep in mind that businesses require licenses and permits, so some home business ideas may not work. You may also want to get an idea of any startup costs you may have. Luckily, many home-based careers are less expensive than traditional businesses.
Now that your moving binder is ready, you can look for a suitable home. You can try to accomplish it yourself or hire a realtor instead. You may want to find an agent in the city you’re moving to, like Therea Donley. Checking your credit and how much you can afford are your next steps. You can also get pre-approved for a mortgage; then list attributes you want in your new home. Use virtual meetings to choose a listing.
Your business will need a name, entity type, and a business plan. Most home-based businesses would qualify as a single-person limited liability company (LLC) since there is no board of directors or stockholders. You could separate your business assets and your personal ones. Your personal assets are safe in case something happens to your business. Business plans can be either traditional or lean-startup and as flexible as needed.
You may find that an advanced degree will help you to be a more successful business owner. An MBA, Masters of Business Administration, can teach you important aspects of business management, leadership, and decision-making that will help you be the entrepreneur you were meant to be. The best part is that there are many online programs that allow you to complete coursework from anywhere and on your schedule.
You’re getting closer to the finish line. After going through your checklist to make sure everything is ready to go, schedule the movers, make sure everything is boxed and loaded, and contact your agent to close on your house. You may also want to schedule an inspection to ensure the previous homeowner didn’t miss anything.
Once you’ve settled into your new home, you can complete some details of your business needs. Registering your business and getting a business license, if applicable, are best completed after the hardest part of the move. Opening a business checking account and a credit card are just a few more personal touches. After opening your business financial accounts, you’ll need accounting software to effectively manage your business’s income. The best accounting solution makes organizing and storing receipts easier so you can remain compliant. Proper accounting software also has cash flow categories for a clearer idea of how your business allocates funds.
Then the fun part begins: getting your name out there! There are many great free and inexpensive ways to promote your business, such as through a personal website or social media. You can design banners online for free and use them across your digital marketing for consistency. And don’t forget to establish a digital marketing plan to keep your business in people’s minds.
Starting a business and moving to a new home is possible when you plan ahead. Choosing the best realtor is key. Contact Theresa Donley, Cody Wyoming’s very own realtor, to start you on your way to home and business ownership.