Have you dreamed of starting your own company so that you can work from home? You're not alone. Research indicates that 50% of U.S. businesses are home-based. That number goes above 60% when accounting for companies where the owner is the only employee.
However, your new company may require more space or different amenities than you have in your current home. If you need to move to accommodate your business, there are a few considerations.
Buying a Suitable Home
The kind of business you start affects what features your new home needs. If you intend to start some kind of arts and crafts business, for example, you may need plenty of garage space to set up a suitable workshop. On the other hand, an accounting firm may need a parking area for two or three vehicles for any employees you have and/or clients who need to visit your office, as well as a private office separate from your family's living quarters.
Once you've determined your must-haves, check the home prices and zoning laws in your target neighborhood. There may be regulations regarding signage, parking, and noise. A business lawyer can help you sort out the details.
Once you've determined the requirements in your target neighborhood, it's time to look for a suitable property. Working with a skilled and dedicated real estate agent like Michèle Flood can make this step simpler. You can also give your agent your must-have list, which may include:
- Storage for inventory or supplies
- Large work area
- Separate office
- Separate business entry
Moving Into Your New Home
Once you've found the right place, it's time to pack and move. At this stage, one of the best ways to help yourself is to purge any possessions you can. The more you can sell, donate or throw away, the less you have to pack.
Arrange for your moving service as far in advance as you can. With the advantage of time, you can compare prices and ensure a company is scheduled for the date you need. This step can also help you avoid the extra cost of last-minute arrangements.
Start packing as soon as possible. You probably have out-of-season clothing or decorations you can put in boxes now. Packing in advance can relieve the burdens of last-minute sorting as moving day gets closer.
Call the utility company to set up the service at your new home so that you can get your business up and running quickly. You and your family members don't want to be stuck without water or electricity. Make sure to have the service stopped at your previous house too so that you don't pay for energy you aren't using.
Giving Your Business a Good Start
Writing a business plan is one of the best steps you can take to begin your company. It lays a foundation for funding, marketing, budget, and analysis. Also, investors need your business plan for determining loan amounts.
Open a business banking account to keep your personal funds separate from your business. You'll probably need a tax ID number, or EIN, to open a business account. An EIN identifies your business and allows the IRS to track payroll taxes. One advantage of having an EIN is that it makes federal and state tax time easier on you, whether you file quarterly or annually. Click here to find more information on how to get this done.
Simultaneously moving and starting a business can seem daunting. However, it's possible if you plan and acquire help from real estate agents, lawyers, and other professionals. Fulfilling your entrepreneurial dream is worth the effort. Reach out to real estate professional Michèle Flood to start! 914-420-6468.
Credit to Maria Cannon.