Written by Simone McFarlane Image via Pexels
So you have two major life goals right now: starting a business and finding a new home. Each of these independently presents challenges, but when you plan life transitions to happen at the same time, you may find even more hurdles. Thankfully, hurdles are never insurmountable, and today, Sensible Property Group has tips on how to help you get past many of the most common problems that might arise.
Start with a Realistic Budget
Where your budget is concerned, figure out how much money you need to run your household, pay moving expenses, and get your business up and running. Once you have this number, you’ll know how much money you need to make compared to how much you currently have in savings and coming in monthly.
Form an LLC
Forming your LLC online while you’re in the midst of a move doesn’t have to be a difficult process. Today’s digital tools and services make it possible to establish a limited liability company (LLC) entirely online, often in just a few straightforward steps. Whether you’re setting up a brick-and-mortar business or an online venture, you can set up an LLC in just a few minutes. They guide you through naming your LLC, choosing a registered agent, filing formation paperwork, and drafting an operating agreement. With this online resource, you can form your LLC conveniently, even amidst the chaos of a move.
Decide Whether to Buy…
The place you call home (and, potentially, home office) will likely make up the biggest bulk of your monthly expenses. Because of this, it’s important to pay close attention to not only your mortgage but also the extra costs that go into running a household. Spend time evaluating the housing market in your intended area. You’ll want to understand the typical sale price and time on market, as well as the common home features and locale amenities.
…Or Rent
Now might be a great time to consider renting temporarily if mortgage rates are high. Although you’re not gaining equity, renting an apartment or home that’s less expensive than a mortgage will give you an extra monthly injection of cash to put toward your business. To get a realistic idea of how much rental prices are in your area, look online and then filter your choices by the type of home you want, how many rooms you need, and your ideal school zone.
Time Management
According to Entrepreneur, many startups begin as part-time endeavors. This has many pros and cons, and you have to decide if the positives outweigh the negatives for your personal situation. On one hand, you can still work your current job, meaning you have a reliable income. On the other, you’re pressed for time to market your business and refine your product and service offerings.
Even with helpful tools and software, starting a business requires exceptional time management skills so that you know how much time you can devote to your new business. If showing up on time has never been your strongest suit, there are several quick classes that can help you utilize your clock each day to best facilitate both your personal and professional goals.
Marketing
Effective marketing strategies are crucial for gaining visibility and attracting customers. One tried-and-true tactic is creating a brochure to showcase what your business has to offer. A brochure serves as a concise, visually appealing medium to communicate your services, values, and unique selling points. Instead of hiring a professional designer, you can leverage a tool to create your brochure using free online templates.
These tools offer a range of customizable options, allowing you to add your own text, images, and design elements to craft a brochure that resonates with your brand and appeals to your target audience. This approach is not only cost-effective but also gives you the flexibility to update and adapt your marketing material as your new business grows and evolves.
Home Buying With A Home Business In Mind
When it’s time to buy a home, your first priority is, obviously, your family. Look for a property that accommodates you, your spouse, your children, and anyone else that lives with you, such as an aging parent. Then, consider your office space needs.
Depending on the real estate available in your current market, it may be difficult to find a home with enough bedrooms to convert a spare space into an office. But, in most places, you can always add a freestanding outdoor space, known as an office pod, for between $3000 and $8000 for a basic model.
Regardless of your primary goals for buying, talk with your mortgage agent and your realtor to make sure you can afford your needs and that your credit report is neat and tidy so that you don’t hit any snags along the way.
Land on a Schedule that Works for You
At the end of the day, your goals for work and home are the same. These are to have a place where you can work and also have a source of income to support yourself and your family. Sometimes, this means renting, but it’s never too early to start thinking about budgeting (both time and money) and making sure you can afford the lifestyle you look forward to.
Sensible Property Group is Largo’s premier real estate solutions company, and since our inception, we have been helping homeowners along with improving communities in each and every city we work in. Visit us online to learn more about how we can help you!