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Have you been dreaming of starting a home-based business, but your current house doesn’t have enough space? If so, buying a new home might be your best bet. While it may seem like launching a company and moving at the same time isn’t practical, it isn’t as hard as you’d think. Web Design by Brandon McCloskey presents this how-to guide that can get you on your way.

Buying a New Home

Recently, mortgage rates have been inching closer to record lows once more, getting down to 3 percent in early August 2021, as Bankrate notes. That can make it a great time to buy. You’ll pay less interest over the life of your loan, bringing the total cost down. Another way to decrease your mortgage is to increase the down payment. It’s important to remember that if you’re borrowing more than 80 percent of the property’s value, lenders will require private mortgage insurance (PMI), which will add to how much you’ll be paying out.

Plus, there are mortgage options that let you go forward with a purchase with less than 20 percent down. USDA and VA loans often have no down payment, and a few others get as low as 3 percent. Those could be great options, allowing you to direct more funds toward your business.

Before you start your home search, figure out what you need in a house. Don’t just focus on your daily living requirements. Instead, factor your home business needs into the equation. Identify your must-have features, such as separate office space, storage areas for goods, and separate entrances for clients. Focus on homes that meet those requirements. Most importantly, work with a real estate professional who knows the local market intimately.

If you can’t find a house that meets your needs, you can also consider going with a custom-built home. You can craft your perfect floorplan, ensuring you have every feature you need.

Typically, the home building process – including securing permits and all of the construction – takes between 6.5 and 10.5 months. While that may seem like a long time, it could give you some breathing room. You’ll be able to focus on the fundamentals of your new business while construction is underway, making it easier to mesh both activities.

Keep in mind that it’s always possible to rent a house or apartment while you either look for the appropriate home or have one built.

Setting Up a Business

While your home search or custom build is underway, you can start working on some of the fundamental parts of launching a business. First, according to The Hartford, you’ll want to choose a business structure. For a home-based business, most people either go with a sole proprietorship or a limited liability company (LLC). While a sole proprietorship is simpler, it also involves more risk. There’s unlimited personal liability, making you liable for business-related debts, legal issues, and more.

With an LLC, you reduce the risk dramatically. Plus, it’s a flexible option that’s simple to start, and you can get some tax advantages, too. Forming an LLC is reasonably straightforward. As a result, you can usually avoid lawyer costs by handling the paperwork yourself or using an online formation service. Understand that formation rules do vary by state. As a result, you’ll want to do some research to make sure you do things correctly.

Once you’re up and running, data analytics will be part and parcel to your business’s success. Whether it’s to have a finger on the pulse of sales, tracking how well your marketing strategy is working, or staying on top of trends, analyzing the numbers and trajectory of profit and loss is of utmost importance. Many startups rely on outsourcing this work to data analytics companies to not only optimize how well the numbers are tracking but how quickly and accurately you can source the information, all to make the best business decisions.

And don’t forget about the need for a business website. Without an effective, appealing and informative website, it’s very difficult — some would say impossible — to not only present your calling card to the world, but to stand out from the crowd. Call on Web Design by Brandon McCloskey to get a high-impact site at a great price.

Tackling the Move

As your home purchase progresses, you can start planning your move. By getting quotes from full-service movers in advance or handling any truck rental comparison shopping early, you can start budgeting for the associated costs. Finding and hiring professional movers is as simple as searching online for “moving help near me” and reading up on customer reviews on to help in choosing the right company.

Additionally, you can handle activities like packing one step at a time. Begin with seasonal items you aren’t using, like out-of-season clothing or holiday décor. Then, continue to box things up based on what you don’t need every day. You could temporarily pare down to just cooking and dining basics or starting packing knick-knacks.

This slow and steady approach makes moving more manageable. Plus, you can use it as an opportunity to declutter, tossing out broken items, and donating household goods you don’t want to move.

Then, when the big day arrives, you’ll be ready. You can just get the boxes on the truck and hit the road to your new home.

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