If you’re moving house and starting a business at the same time, proper planning is key to easing stress and making smart decisions. Bellevue, WA has a lot to offer new business owners and homeowners, so it’s a great place to start your search. If you take the time to consider your needs, this venture can be an opportunity for the best start possible rather than an additional challenge.
Buying Your New Home
If you’re starting a home-based business, there are additional concerns to take into account. To help the process go smoothly, here are some steps you should take:
- Secure a mortgage. It can be difficult for self-employed people to get home loans. If you don’t have a partner helping with expenses, you may want to keep your day job until after settlement.
- Define your needs. List any special requirements of your business, whether that’s inventory storage or a separate entrance and waiting area for clients.
- Hire a real estate agent. The right agent listens to your needs and budget and presents properties that meet those requirements.
- Consider laws and regulations. Zoning laws and HOA regulations can restrict your ability to run a business from your home. Bellevue’s zoning regulations can be found online.
By following these steps, you’ll minimize the challenges that can come up during the buying process.
Getting professional assistance for your move can be useful. Movers can pack and transport the majority of your belongings while you concentrate on your most important possessions. These important possessions include paperwork, your computer, any inventory you have, and other tools or equipment that let you do your work. It can be best to put this all in one box or bag that you move yourself so that it remains easy to access. If your new property doesn’t have space for everything, you can look at alternative storage. This can be a temporary or more permanent solution for storing inventory. In the Bellevue, WA area, 5×5 storage units start at $45.
Launching Your Business
The next step is to launch your business. The Small Business Administration has a good guide that can help you through the process, from market research to opening a business bank account. You can also look into getting a business degree to cover all the ins and outs of being a successful entrepreneur. You can choose to study online to better balance your studies with your other responsibilities.
Spend some time deciding on the structure of your business. Your options include sole proprietorship, partnership, corporation, or limited liability company. An LLC limits your personal liability, which can protect your assets, such as your new home. In Washington, you can register your LLC online. This helps you avoid legal fees.
Also, keep track of your finances. No matter what your business structure is, it’s important to keep personal and business expenses separate. Consider using business accounting software that can keep track of income, business receipts, and expenditures. Accurate records can help you at tax time, especially when it comes to the deductions you’re allowed for a home office.
The Right Help
No matter how well you plan, having the right assistance can be essential to your success. The right real estate agent can also help you make your home and business ownership dreams come true. While we might not be able to help you start a business, we are prepared to take the weight of home buying off your shoulders. Contact Kari Haas to start your journey.
We pride ourselves in having the best track to success in real estate and while we aren’t business advisors, we do have a long list of referrals for those seeking help. i.e., a financial advisor, property manager, and more.
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This post was originally written by a guest blogger, Lisa Walker.