If the idea of starting a business and moving at the same time gives you anxiety, take a moment to plan before you make any major decisions. By putting a few measures into place now, you’ll make things easier on you both as you launch your startup and change homes to accommodate your entrepreneurship efforts.
Get to know the housing market.
No matter where you live, chances are the housing market is in a period of transition. This doesn’t mean that you can’t gain a bit of insight by looking at home prices for the last 30 days. Make sure to compare home prices in the neighborhood you’re interested in and have the amenities you’re looking for.
Start your business slowly.
As much as we hope success will come our way, we have to start slowly if we want to grow sustainably. You might begin working part-time on your future business. This is also smart if you plan to buy a home; quitting your job before closing may hinder your ability to take get financing. Another smart move is to start an LLC before you move into a growth pattern. Forming an LLC gives you some management flexibility and requires very few steps. You don’t even need an attorney, and you can save yourself some money if you research local LLC formation rules and do-it-yourself online.
Confirm codes and regulations.
Just as you have to make sure that you know the laws around LLC formation, you should also touch base with your realtor and/or the city regarding home-based business rules and regulations. You also want to talk to your homeowner association, if applicable, especially if your business will bring traffic into the neighborhood. If you plan to have more than one or two vehicles at your home at any given time, you may also need to build a parking lot – which costs a minimum of around $10,000 – and this may be prohibited by your HOA bylaws.
Get help with your business.
We can all use a helping hand sometimes, and this is never truer than when we are trying to launch a new business. Although there are many things you can do yourself, such as choosing a name, forming your business structure, and writing your business plan, you may need assistance as you launch and grow. A smart option here is to hire a freelancer, which is a specialist in a specific area that set their own pricing and only gets paid for the job they do. In other words, you are not committed to a 40-hour-per-week salary.
Take some classes on your own time.
If you want to go back to school while you’re moving house, it can be done — but it will take a little work. Going back to school online while moving is a big undertaking, but it can be very rewarding. Pursuing a degree in information technology, for example, allows you to develop valuable skills and knowledge which could open new opportunities for career advancement and growth. Online education makes it much more convenient for busy individuals who live hectic lives or have family commitments, meaning that learning can take place wherever there’s an internet connection so it won’t be disrupted by the movement from house to house. With the bachelor of science in information technology degree at your disposal, you will have the tools to go above and beyond what many people consider a “standard job.”
Other Tips To Get You Going
Is it going to be easy to buy a house, sell a house, and start a business at the same time? No. But you knew that before the idea even swirled through your brain. This doesn’t mean that you can’t relax some of the stressors that can make all three experiences less-than-positive. Remember, start by getting to know the housing market and forming your business structure, but don’t be afraid to get help at home and work so that you can focus on each when you are needed the most.
In the market for a new home or investment property? Let Franklin Investment Realty help you find exactly what you’re after. Stop by our main page and send us a message today!
– Shirley Martin