If you want to move and launch a business at the same time, finding a cost-effective approach is essential. New business ventures and relocations are both potentially expensive. However, you can reduce the financial burden by making smart decisions.
If you want to start a home-based business, you need to secure the right property. For many people, this means purchasing a house and moving. Your first step should be to research home prices in your desired area. Next, find a real estate professional who is well-versed in the local market to ensure that you find the best property at your price point. During this time, you may also want to look into getting preapproved for a mortgage.
Wamago presents more tips that can help make moving and launching your business a simultaneous success.
Make Your Move Cost-Effective
Getting an affordable home can be challenging. However, there are some approaches that may minimize the cost. One such option is buying a home as-is. With that, you don’t ask the seller for any repairs as part of the deal. However, even if you are open to an as-is home, that doesn’t mean that due diligence isn’t necessary. Consult with an attorney, get a formal inspection, and review land records to make sure there aren’t any issues that you’d rather avoid.
Another approach that can work is getting a custom-built home. While the median sale price of an existing home is $309,800, the National Association of Home Builders finds that the average total construction cost for a home is $296,652. Since you would have full control over a build, you could make choices that result in substantial savings.
Once you have a home, you also want to seize opportunities to reduce your move costs. Choosing to move during the off-season can work to your advantage. Moving.com notes that around 70 percent of all moves happen between Memorial Day and Labor Day, so relocating outside of that window could result in savings.
Finding free boxes is another excellent idea if you’re doing a DIY move. If you’re going with a full-service long-distance moving company, for example, do an online search for “long distance movers near me” and get quotes from several companies. Or, see if you can get a lower rate if you handle some of the tasks yourself, like packing your own boxes.
Reduce the Cost of Launching a Business
When you’re starting a business, launching as a sole proprietorship may seem like the most cost-effective approach. However, that doesn’t mean it’s the right decision. By going with a limited liability company (LLC) structure instead, you reduce your liability, avoiding certain potential financial hardships that could arise down the line. Plus, you may be able to secure a few tax advantages.
Additionally, if you intend to open any business-related bank accounts, you’ll need to set up your EIN number. Fortunately, just like registering your LLC, you can actually register your EIN number online, making it easier to get this step taken care of.
Another way to keep your costs down is to look for local suppliers. Research vendors in your new area to identify those with the most competitive prices. If the local supplier can offer a similar price point and comes with reduced shipping fees, you come out ahead. When possible, buy your supplies in bulk, too. While this may mean a larger upfront cost, if you have the room to store the goods, it can result in a net gain.
Making your company a paperless one also makes a difference. By going digital, you won’t need to worry about printers, ink, and paper. Plus, you can back everything up to the cloud or external hard drives, giving you a safe place for copies that’s more cost-effective.
