There are several options available for home business owners in need of more space for running their company effectively. One might be to move their business headquarters out of their home, to a new office or workspace. Another might be to have an addition built on. Some entrepreneurs, however, may choose to relocate both their family and their business to a larger residence.
Why relocate your home business?
There are many reasons why this might be the objectively best decision for you and your company. If running your business out of your home is practical and convenient, relocating company headquarters elsewhere might add stress and reduce productivity. And building an addition is not always practical or cost-effective. Plus, you may feel that your present location is not ideal for your business, especially as it grows. So even if moving and upsizing is a lot of hassle, it may end up being the most pragmatic and financially savvy direction to take.
Can you afford to upsize your home?
Before setting your sights on the perfect new residence, set a budget for your move, being careful not to dig into emergency funds or savings. When budgeting for relocation, assess the value of your existing property and figure out what you can expect to get for it. You also need to factor in additional or one-time expenses associated with a move, such as hiring movers or changes in your tax duties. Even if your budget is not encouraging, it may still be possible for you to get a small business loan to give you a boost. Just be sure you are working with a qualified and well-regarded lender.
What to look for in a new property?
When you do decide that relocating to a larger residence is the best choice for you, be clear on what you need and want in a new property. Clearly, more space is a necessity. But what kind of space? And how will you need it laid out? Will you be able to set clear boundaries between work and life, in the home you are looking at? Will this structure be able to support your needs in terms of internet and utilities?
As The Edward Lowe Foundation explains, location is also critical. This doesn’t just mean the community the real estate is in, or businesses that are adjacent. It also has to do with practical questions like ease of parking, financial questions about taxation, and legal questions about zoning and regulations.
How should you prepare for the move?
It’s important to plan well in advance so the relocation process runs smoothly for your business as well as for your family. Working with a reliable real estate agent and a top-rated mortgage broker like Maureen Martin will free you up to focus on your business as well as home life. Talk to your mortgage broker about the budget you have set. Make sure you have all your business red tape in order prior to the move, too. This includes business banking, insurance, and your company’s accounts.
If you have not already registered your business as a legal entity, now is a good time to do so. If you are looking to reduce paperwork and access better tax savings in the future, consider an LLC as the best structure for your company. If you’re bogged down with the practicalities of moving, hire a formation service to take care of setting up your California LLC professionally and affordably.
How can you keep your clients informed about your move?
It’s important that your customers be prepared for your move, too. As Customer Think notes, they should know well in advance that you will be relocating, where you will be going, and what the time frame is. Keeping them updated through email lists is one way to make sure you don’t lose them in the move. Use your website and social media to post updates and announcements, too. And don’t forget to give the necessary info in any outgoing messages in your company’s answering service.
Very few people would say that moving is a restful experience, let alone moving when you’re taking your business with you. But a little extra effort now will lead to a more productive and satisfactory business experience, once you have settled into your great new location.
Maureen Martin offers expert advice on the mortgage loan program to help you make an informed decision. Call (619) 857-7191 to set up a consultation!