Start a Business and Move at the Same Time Without Going Crazy

If you’re about to start a home-based business, the idea of moving house is not only exhausting but also confusing. What does buying a home entail? What does starting a business involve? And, most importantly, what are some things you can do to make those processes easier? Choosing an option to create a calendar planner is a good place to start. This will help you stay organized with the many dates and steps that both buying a home and starting a business require.

Below, The Tax Loft covers the home-buying process, launching a business, and a few more tips to help you out.

The Home Buying Process

Buying a home isn’t like ordering something on Amazon. You have to set budgets, get a mortgage, find realtors, and all that busy-sounding stuff. We want to prepare you for when you have to move, so here’s a look into the home buying process.

1. Establish a Budget
2. Save For Down Payment and Closing Costs
3. Get Preapproved for a Mortgage
4. Connect with a Realtor
5. Find a Home and Make an Offer
6. Get the Home Inspected and Appraised
7. Ask for Credits or Repairs
8. Sign and Close!

Ways to Save on Buying a New Home

Yes, buying a home is expensive, no matter what. But there are plenty of ways to save. Here are some ideas:

Buy a Home “As Is”

Buying “as is” is a great way to save money, especially if you’re handy. Just make sure to consult with a lawyer, inspect the property, and examine the land records before closing.

Improve Your Credit Score

Your credit score affects the down payment and interest rates you qualify for, so check that out before applying.

Get Creative with Space

You don’t have to use every room as intended. Kitchens make great bakeries.

Build a Home

It may not be less money at first, but building a home saves you money in the long run. By custom-building your home, you can plan every aspect of your home and customize it to fit both your personal and business needs. This eliminates costly renovations and repairs later on.

What It Takes to Launch a Home-based Business

We didn’t forget—you’re starting a business, too. We’re here to break down the business startup process so you can be prepared for that as well.

Here are the steps to launching a home-based business:

1. Conduct Market Research
2. Compose a Business Plan
3. Choose Your Official Business Name
4. Choose a Legal Business Structure
5. Register Your Business
6. Get Federal and State Tax IDs
7. Apply for Necessary Licenses and Permits
8. Open a Business Checking Account

As for the basic necessities, here’s what else you need:

• Computer or laptop
• A business website, email, and phone number
• Social media page
• Office supplies (e.g., folders, pens, pencils, etc.)

Another thing to consider is how to promote your new business. One strategy is to design clothing logos online and sell these branded shirts to build your brand awareness. This is a great way to get your business’s name out there.

Benefits of Forming an LLC

If you are starting a small business, you may want to consider forming an LLC (limited liability company). LLCs offer a number of benefits to small businesses that other business structures don’t:

• Limit Personal Liability
• Less Paperwork
• More Flexibility
• Tax Advantages

Additionally, you can file yourself or use an automation service, thereby avoiding hefty lawyer fees. Regulations may vary from state to state, so check the rules in your state before continuing the process.

If you’re new to the world of business, and if the concept of an LLC, corporation or sole proprietorship makes your head spin, this might be a sign you need to bolster your business knowledge. One of the best ways to do this, and set yourself up for management success, is to sign up for online courses in business, or to work toward a business degree. Best of all, you can do this at your own pace so that your studies don’t interfere with running your business.

Moving and starting a business at the same time is a recipe for stress. But you can minimize the chaos by having a solid plan for your home purchase and business startup. Trust The Tax Loft to help plan for all your small business tax needs.

Article Written and Submitted by: Shirley Martin