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Moving and starting a business at the same time may seem like a bad idea. In fact, it can make a lot of sense. For example, if you want to start a home-based business but your current house isn’t big enough for a home office, you might want to upgrade to a larger property. Still, moving while founding a company at the same time is a lot of work. It’s important to be organized and strategically plan ahead. This guide provides some pointers for how to make sure your transition is successful both personally and professionally.
Decide whether to rent or buy your next place
Start by narrowing down your search in terms of location. For business purposes, look up which states have the most favorable tax rates. Next, consider what you need in a property for your business to succeed, such as proximity to public transportation. Finally, figure out whether it makes more sense to buy or rent a place. If you decide to rent, you can look up rental prices online. For example, in Boulder, Colorado, you can find places ranging from $3,495 to upwards of $7,000 per month. You can sort listings according to details like price and size. Renting can be cheaper, letting you put more money into your business.
Take steps to prepare for a streamlined move
Once you have your new home lined up, start planning your move. Start by decluttering. By getting rid of items you don’t need, you’ll have less stuff to move, saving time and cost. Next, look up moving companies in your area. When hiring movers, make sure to vet them by asking questions like whether the company is licensed through the Federal Motor Carrier Safety Administration and if they can provide you with references. Finally, you can start packing. Make sure to label boxes clearly. Set aside one box of business essentials, like your computer and papers, that you can access quickly when you arrive at your new place.
Research your business idea and develop a business plan
For your business to succeed, you have to make sure that there’s sufficient demand for the goods or services you want to sell. Hubspot explains how you can do market research to determine your potential business success, for example, by analyzing your competitors, reading industry trade journals, and conducting surveys of potential customers. Once you have a business idea, solidify it with a business plan. This document should describe your products and services, as well as your business structure. It should also include details like financial projections and a marketing plan.
Handle the administrative components of setting up your business
Once you know what type of business you want to set up, it’s time to make your vision a reality. Start by registering your business as a formal legal entity. Examples of business structures could include an s-corporation, limited liability company, or corporation. Different business structures have different tax implications, according to the Internal Revenue Service, IRS. Once you know what type of business structure you want to pursue, register it with your state. A lawyer can help you do this, or you can use a business registration service.
Calculate your business overhead costs and get the funding you need
Once you know what type of business you plan to start, you can get the tools and supplies you need to get it off the ground. Make a list of everything you need to calculate your startup costs. Possibilities could include equipment and supplies, communications tools, insurance, licenses and permits, advertising, and employee salaries. If you’re going to sell goods, you also have to stock up on inventory. Once you know how much money you need, you can start looking for funding sources. Possibilities range from bank loans to crowdfunding.
Market your business to get your first customers
Once you have your business space set up and the administrative aspects of your business figured out, it’s time to find your first customers. Marketing is the key. An informative website with basic information about your products and services is a good starting point. There are many other types of marketing you can pursue, from social media to blogging and pay-per-click advertising. Digital video is also a great marketing tool. A company like. Start Motion Media can help you create compelling videos to attract attention.
Entrepreneurship can be difficult, especially if you’re moving at the same time. However, it can also be extremely liberating. Taking advanced steps, like renting a place with space for a home office, can streamline the startup process. The above guide provides some other tips and tools to help you get your business ownership off on the right foot.