Guest post written by Elena Stewart
Many people want to launch a home-based business but may feel hindered by their current house. Maybe it doesn’t have enough space to meet your professional needs or is missing a key feature. As a result, you’ll need a new home to make your dream a reality.
If you want to move and start a home-based business all at once, you’re in luck. There are specific activities that you can tackle at the same time, allowing you to move forward with both goals. Here’s a look at what you can do simultaneously, as well as what may need to wait until after your move.
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Moving and Starting a Business: What to Do Together
Overall, it can take five to six months to shop for and ultimately buy a house, especially in today’s extremely tight housing market where demand is outpacing supply. Activities like finding the right property, submitting an offer with contingencies, and conducting a property title search, home appraisal, and buyer’s inspection all take time. Plus, there can be several rounds of negotiating along the way. That gives you a lot of time to plan a move and get your business off of the ground.
You’ll also need to shop for mortgages. If you have good credit, conventional loans offer lower interest rates and a variety of down payment options. Review the latest home mortgage interest rates to familiarize yourself with your options.
Would you prefer to rent a home first instead of buying? Rentals.com currently lists more than 4,000 homes for rent in the Phoenix area. You can visit the site and filter by price, number of bedrooms, amenities, and much more.
When it comes to the move, planning in advance and breaking the process into small steps both work in your favor. Start getting quotes from moving services or truck rental companies as soon as your first offer is accepted. Focus on ones that don’t charge fees if you need to change your moving date, allowing you to start scheduling what you need while maintaining some flexibility.
Additionally, if you want to save money, start packing on your own right away. Begin with non-essentials like out-of-season clothes or holiday decorations. Slowly work your way through lesser-used items until all that remains are personal property you use daily. That way, when your moving day arrives, nearly everything is ready to go.
As you handle the move planning, you can make certain decisions about your business. For example, you can decide if a structure like an LLC is best for you or if another option is a better fit.
Deciding on your company name is also a good idea. Once you come up with a name, you can handle even more steps. You could get an EIN for taxes, secure social media handles, and more.
The Steps That Need to Wait Until After You Move
If you’re moving and starting a business, there are a few activities that may need to wait until you officially own your new home. The biggest involves registering your business.
If your new house is in a different state, waiting to register isn’t a bad idea. Filing in your current state means you’ll either need to go through a domestication process or register as a foreign LLC once you move. If you don’t intend to operate in your old state, that’s a lot of work without any gain. By waiting, you can avoid the excess steps and paperwork.
Similarly, you may need to wait to get permits until you’ve officially moved. Permits don’t always cross state, county, or city lines, so getting them handled before you own the new house may not be an option.
Starting a business while moving can be a stressful endeavor. But with the tips above, you’ll be in good shape to get started and find success.
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