Upsizing to Start a Business? Here’s How to Balance Home Buying and Business Related Responsibilities

Entrepreneurs aspiring to start a home-based business need one thing the most, space – for work and storage. A home office serves as the perfect place to run a business as it provides the privacy needed to work and the storage required to safely store documents, equipment, and inventory. If space is an issue in your current home, the best option is to save up and upsize. Today, Moving & Storage of Jacksonville explores the steps entrepreneurs should take to find the right property for their businesses and family.

Home Buying Process

First, let’s look at the steps to follow to find your new home.

  • Set Accurate Financial Expectations

Upsizing typically involves paying more than what you’ll earn from the sale of the current home. But, this is not always the case, as moving to a location with lower housing prices can result in spending less on a bigger home. In addition to the purchase price, you’ll need to factor in closing costs, moving expenses, and an emergency fund. Traveling to visit properties will involve a cost as well.

Hence, before you enter the market for a new home, take the time to create an accurate budget that provides a clear idea regarding how much you can spend on a new home.

  • Apply for Mortgage Pre-approval

If your calculations denote the need for a mortgage, it’s best to apply for pre-approval. During pre-approval, your mortgage lender will ask for documents regarding salary, bank statements, tax filings, and credit scores. A reported United Financial Credit Union, based on their assessment, you’ll be given a clear mortgage amount that you qualify for. This will further help to shortlist properties and make adjustments to your financial plan.

  • Hire a Real Estate Agent

Between managing finances and starting a new business, you’ll have your plate full. Hence, opt to work with a real estate agent who will do the legwork of finding properties and scheduling showings. The same agent can also be tasked with selling the current home for the best price, managing closing proceedings, and providing suggestions for hiring movers and mortgage brokers.

Business Start-up Process

Creating a strong foundation is integral to developing a successful business. Here are the steps you’ll need to take to create one and get the business up and running:

  • Write a Business Plan: A business plan is the founding document of the company that includes comprehensive information regarding product offerings, funding requirements, pricing, target customers, competitors, market trends, and more. Here is a resource to help you get started on the business plan.
  • Establish an LLC: Moving to a new location (especially a new start) will require you to register the business locally. A Limited Liability Company (LLC) is the best business structure for home-based entrepreneurs as it protects personal assets from litigation and allows you to use business expenses as tax-write offs.
  • Create a Website: Regardless of the industry you’re in, a website is essential to make the business successful. Through the website, you’ll be able to directly connect with customers, make sales, and build a strong online presence.
  • Engage on Social Media: These days, social media makes marketing far easier, but it still takes some effort and creativity to help spread the word about your business. Infographics are a great way to connect with potential customers, and they’re much easier to generate than you think – especially if you click here and use this free tool to get started! From there, you can share your new infographic via Instagram, Facebook, and Twitter to help expand your audience.
  • Design Eye-Catching Banners: As reported by The Kraus Group, the average attention span of customers is just 8 seconds. Hence, once they land on your website, they should be greeted with an aesthetic banner prompting them to take action, whether that is to register, make a purchase, or sign up for your email list. There are plenty of free banner creators on the making that’ll provide you with a range of customization templates to choose from.

Upsizing can serve as the start of a new chapter in your professional and personal life. By working with a real estate agent you’ll significantly reduce the pressure on your shoulders to find the perfect home. The time saved can be dedicated to setting up the business by establishing an LLC, creating a website, and writing a business plan.

Moving & Storage of Jacksonville provides the best moving, logistics and relocation services at an affordable rate. Reach out today if you have any questions!

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