Navigate the Transition

Entrepreneurs are often faced with unexpected challenges, and owning two homes is one of these. When your business grows, you may not feel comfortable leaving it entirely in the hands of someone else in another state. Today’s tips outline a few best practices that will help you navigate the transition. Also included are common costs to be on the lookout for as you decide on your second home.

This is just one of many resources provided by OutFactors.com.

Stay organized

Being organized is essential to your business’s success. When you’re moving back and forth between two locations, plan to put the vast majority of your documents and systems online on the cloud. Google Drive is a great option for this, and the ShakeUp Learning blog explains that a great way to organize your drive is to use consistent naming styles and color code your folders. Although this advice is tailored to schools, it works in a business environment, too.

Save money where you can

There’s no way around it: owning two homes is expensive. You can save a bit here and there by lowering the thermostat on your water heater, using credit cards that offer rewards, and budgeting for everything from groceries to entertainment.

Choose a registered agent

A registered agent doesn’t have many duties, but the ones they do are crucial. StartingYourBusiness.com explains that their primary job is to be between the government and your business. This is crucial because it ensures that you can receive legal notices when you are not in your home state.

Prioritize safety

Bouncing between homes means that the kids will be in unfamiliar surroundings at least part of the time. Invest in products for them, such as a kitchen tower, that’s the same from one home to the next. You should also make sure that each home is equipped with common household needs, such as a vacuum cleaner. Before you buy anything, read reviews from experts so that you know you’re getting a quality product that’s safe for your family.

Common Costs in Different States

If you plan to purchase your second home, you should spend some time getting to know some of the basic costs you might expect that could be different from your current hometown. A few of these might include:

• Storing your belongings/inventory. A new home in Los Angeles will cost much more than most places. And, if you plan to rent it out for the part of the year you’re not there, storage options in L.A. start at around $120 per month up to nearly $400 per month.
• The cost of utilities. If you’re planning to move to Texas, you’re in luck as far as utilities go. The average Texan spends around $140 per month on electricity.
• Hiring employees. Moving to the south? You may save considerably if you’re looking to hire in the art and design or sales industry, which, on average, earn 24% to 17%, respectively, than others in the United States, according to the US Bureau of Labor Statistics.
• When you’re hoping to save money on your vehicle insurance, you can’t quite beat Baton Rouge, which comes in at an average of $2361 per year.
• Childcare is a significant concern when you’re trying to build a business and raise your family. TOOTRiS says Iowa is one of the most expensive states for families, and a family with three kids may pay around $27,630 per year.