Buying a Home & Starting a New Business?

Start a Successful Business in a New Home With This Guide

Written by Megan Cooper

Moving to a new home is a major undertaking, but for those who are starting a new business, it’s often unavoidable. Whether you want to run the business from your home or just upgrade your space for a good-sized home office, there are several things to consider. How much can you afford? How will you start the search process? Today, Jake Tasharski explains all the steps involved in finding a new home, including finding the right one for your needs and budget.

Do a Little Research

Once you have a good idea of how much you can afford, look into getting pre-approved for a loan. Readynest notes that this will make the buying process much easier when you find your dream house and will show the seller that you’re serious about buying, which can expedite the sale.

Now, about that dream house: what are your specific needs for the business? Running a company out of a home requires a certain amount of space for working in or storing inventory. If your business will have an outside office, you may still want a workspace at home that gives you a measure of privacy and space to keep all the tools you’ll need.

Homebuyers that are looking for an upgrade on a budget are often attracted to as-is homes, which means they’re sold without the ability to ask the seller for repairs or credits. While these are often great values, they also come with major considerations, such as costly or time-consuming repairs down the road, and that’s the last thing you want to deal with when you’re trying to get your business off the ground. Talk to a lawyer if you find a home you like that’s being sold as-is, and have an inspection done right away. You can also take a look at land records to see if there’s anything you need to know about.

Plan for the Move

Real Simple points out that it pays off to start planning for the move before you’ve even closed on the house, especially if you’re on a tight budget. Look into the cost of hiring movers and start getting the rooms in your current home organized for packing. This might mean decluttering and sorting items, gathering packing supplies, and/or getting together anything related to your business so you’ll know exactly where it is.

Once you have your new physical address, you can look into applying for a business license, which will require paperwork that needs to be kept safe during the hustle-and-bustle of the move.

Get to Know Your New Neighborhood

Once you’re settled into your dream home, it’s time to get to know your new neighborhood. Make connections with local business owners by finding ways to give back to the community, and start researching your competition. You might also join the chamber of commerce, which can be a big help when you’re ready to get involved in local events. Think about how you can bring in new customers and keep them coming back, such as offering a loyalty program or a discount for seniors, fellow small business owners, or veterans. This kind of positive communication is the key to networking!

Buying a new home is a big task, but starting a new business requires the space to spread out and forge your path. Look for help from pros when it’s time to find or vet a property, and plan carefully for the move so you can stay organized, as this will help prevent stress.

Jake Tasharski strives to foster genuine and meaningful relationships by helping buyers, sellers, luxury renters, landlords, and investors navigate the local housing market with the least amount of friction. To learn more, call (312) 646-0284.