Strategies for Buying a New Home and Launching a Successful Business

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Strategies for Buying a New Home and Launching a Successful Business.

If you plan to launch an at-home business, you are part of a growing trend. Recent statistics show that close to 70% of startups are being run as home-based operations. The popularity of this arrangement likely stems from the advantages it brings, including more convenience, lower costs, and increased flexibility.

But what do you do if your current home doesn't have enough space to accommodate your new company? For example, what if you don't have room for a private office or enough space to store extra inventory?

If your current home is not a good fit, consider searching for a property that can accommodate both your business and your family. The following tips can help your startup find success.

Steps for Finding the Perfect Space
Your first step in finding the perfect space is to make a list of your priorities. Ask yourself the following:

  • Do you need a separate room for an office?
  • What kind of production facilities are required?
  • Will you be meeting with clients, and if so, do you need a separate entrance?
  • Do you need storage space?
  • How many bedrooms and bathrooms do you need for your family?

Next, examine your finances and determine how much you can comfortably spend. There are online mortgage calculators that help you calculate your monthly payment by examining different loan amounts, as well as monthly expenses such as property taxes, homeowners insurance, and homeowners association fees.

Armed with this information, you are ready to start the search. Contact a real estate professional to guide you through the process. In addition to understanding the housing market, your agent can:

  • Give you a realistic idea of what to expect
  • Keep you informed of new listings
  • Help you get preapproved for a mortgage loan
  • Determine which locations could save you money
  • Negotiate with the seller
  • Handle all aspects of closing

Additionally, a real estate company can provide advice and guidance if you choose to buy an "as is" home. While this type of purchase can save you money, it's wise to take precautions. In addition to discussing the ins and outs with your agent, you may want to pay for an inspection, consult with an attorney, and check into the land records to ensure you don't overlook any legal restrictions or potential red flags.

Once you have found and purchased the home of your dreams, it's time to plan the move. As a new business owner, you may not have the time or energy to tackle the moving process yourself, so consider using full-service movers to handle the logistics for you.

Steps for Successfully Launching Your Business
While finding the right space for your business is an important first step, launching a new company requires additional strategy and planning. Consider these steps to help your company succeed:

  • Choose a company name that customers can understand and remember
  • Examine your finances and make a budget
  • Create a business plan to serve as a blueprint for future decisions
  • Protect your personal assets and reduce your taxes by registering your business as a limited liability company
  • Hire a web designer to help you build an online presence
  • Use social media as part of your marketing plan

To be a successful entrepreneur, keen assessment and long-term flexibility can help you succeed. By finding a suitable space for your company and making other strategic decisions as you start your new business, you will be well on your way to experiencing the success you desire and deserve.

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Article contributed by:

Naomi Johnson - Life-Based Business

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