Guest article provided by Suzie Wilson at happierhome.net
Photo via Unsplash
If you’ve outgrown your home business, it might be time to consider a new space to accommodate your growing needs. Success comes at a cost, and that could mean purchasing a new house with extra space for inventory, equipment, and other essential business needs.
Moving while growing your company may sound daunting, but by sooner planning ahead, you could be better off in the long run. Having the correct setup for a growing business is crucial for success, and a conducive professional space could help your company grow. Here are some of the steps you can take to position yourself and your new business for success.
Searching for a New Home
Many prosperous people point to property investments as critical contributors to their financial success. Here are some important steps to follow when buying a new home to accommodate your professional growth.
Budget
Unfortunately, not every aspect of home buying is fun. Planning ahead is vital so you don’t stress yourself out or overspend, so it’s essential to sit down beforehand and analyze your finances to decide how much you can afford.
Loans
Long before you call a real estate agent or drive through potential neighborhoods, it’s wise to get pre-approved for a mortgage. Pre-approval not only better prepares you to buy, seeing what you can spend helps you narrow down the properties within your budget.
Real Estate Agent
When buying a home, hiring a real estate agent to help in your search is crucial for guidance. Professional expertise extends beyond knowing what properties are available and can even help when searching for the best business or personal loans. Do your research, ask around for recommendations, and choose an agent that best suits your needs.
House Hunting Online
Searching for houses online is an efficient way of seeing what’s out there that could be used to your advantage, even if you choose to hire a real estate agent. You can scroll through dozens of houses in a short amount of time — plus, you can do homework on the state of the neighborhood. Research can include the walk score, quality of the school system, and most importantly, it helps you know where you could be living and working.
Business Considerations
Certain tasks need to be taken care of early so your new company can thrive. It’s essential to be aware of the various business classifications when you register your new company. You might look into creating a Limited Liability Company, or LLC, for your business. Each area has slightly different regulations, so be sure to research the guidelines in your state of residence.
One of the positives of an LLC is that the “limited liability” aspect means that your personal assets are protected. You can make purchases through your LLC that are tax-deductible, including a house. Additionally, unlike corporations with a set mandate regarding taxes and payroll, LLCs require less paperwork and have greater flexibility. This allows you to have more freedom to adjust your business as the market changes. You can avoid lawyer fees by filing for an LLC on your own or turning to filing services for help.
While being an entrepreneur isn’t for the faint of heart, there are many positives of owning and operating a small business from home. Starting a new business can be wildly exciting, even if that includes searching for a new space to live and run your operation. Fortunately, there are numerous resources to help and people to guide you in your search. Once you are done clearing early hurdles, you’ll be working at something you love in your new home, granting you the best of both worlds. Get in touch with Dana Lapointe to get the process started. 850-524-2404