Your Guide to Starting a Business and Moving at the Same Time
The thought of moving while starting a business is daunting, but in some cases, it must be done. Whether you’re out of space and need to expand, need a different location, or require a specific area for your work, you need to move. But you’re also busy planning your business launch. That’s where we come in. Northwest 3D can help create beautiful and functional floor plans that accommodate both your life and business. But before all that, here’s what to expect when moving and starting a business – and some tips to help you out, presented by Realtor Alec Salameh.
The Business Startup Process
The main reason you’re here is that you’re starting a business, correct? So let’s get to the core purpose: how to launch a business. The business startup process goes like this:
- Conduct Market Research
- Compose a Business Plan
- Choose Your Official Business Name
- Choose a Legal Business Structure
- Register Your Business
- Get Federal and State Tax IDs
- Apply for Any Necessary Licenses and Permits
- Open a Business Checking Account
Conducting market research and composing a business plan (numbers 1 and 2) will most likely take you the longest, but that’s a good thing. The more information you gather for your business, the better prepared you will be when you launch. Most small businesses fail because the owners begin their business without any business knowledge, experience, or plan. Don’t make the same mistake.
Benefits of Forming an LLC
You may want to consider forming an LLC (limited liability company) if you want to start a business. LLCs allow for tax advantages, less paperwork, more flexibility, and (as the name suggests) limited personal liability. File on your own or use a formation service and avoid the considerable lawyer fees. Just remember to check the regulations in your state before proceeding, as some states have different rules. This also involves the process of designating a registered agent; click here to learn more about the rules and guidelines for the state of Florida.
The Home-Buying Process
If you’re starting your business and need to move, you want to prepare for what’s coming. The home buying process isn’t simple, but we’ve at least broken it down into a list of (somewhat) simple steps:
- Determine Your Budget
- Save For Down Payment and Closing Costs
- Get Preapproved for a Mortgage
- Connect with Realtor Alec Salameh
- Find a Home
- Make an Offer
- Get the Home Inspected and Appraised
- Ask for Credits or Repairs
- Do a Final Walk-through
- Sign and Close
Ways to Save on Buying a New Home
There are numerous ways to save money when buying a new home. Here are a few you may not have considered:
1. Buy a House “As-Is”
Buying “as-is” is a great way to save money, but there are a few things you need to do before you do this:
- Consult with a lawyer
- Have the property inspected
- Review land records to ensure there haven’t been any huge problems you should know about
2. Improve Your Credit Score
Increase your credit score before applying for a loan. Your credit rating affects lender fees and interest rates, so it’s crucial to have the best score you can get before you apply.
3. See If You Qualify for a Government Loan
You might qualify for a government loan, which requires a lower down payment and offers a lower interest rate.
4. Build a Home
Building your own home allows you to consider every detail of your business needs and gives you the ability to map it directly to your space. With custom-built homes, you avoid renovations, repairs, and workspace rentals later on.
Starting a business and moving at the same time may seem like a daunting, impossible task, but with some strategic planning and perseverance, you can make both of these life-changing transitions work — at the same time.