Congratulations! Needing a bigger space to accommodate your growing business is the best kind of problem to have. And only spells good things for your future. Of course, finding and moving to a new home while keeping your existing business running smoothly won’t be easy.
Planning everything out carefully, at least a few weeks in advance, may be the best thing to do. Proper planning should help you take care of all the important bits without a needless last-minute rush. You will find below. some quick advice and suggestions on upsizing seamlessly without hurting your business.
First, consider jotting down your business-related needs – the reasons why you’re moving. You may, for example, need a specialized workshop or need to be closer to a transportation hub. Having a list will make your search for the right home, in the right neighborhood, easier. Keep in mind that your business will likely continue growing. So, getting a bigger space than you actually need right now may be the way to accommodate your growing business. Also, make sure you’re complying with all relevant business laws, especially if you’re moving to a new state.
You have a shopping list now – but can you afford everything on it? You should figure out your budget before you go house hunting. Are you going to be applying for a mortgage or do you have enough cash to purchase a new home outright? Do you own your current home and are you planning to sell it? Get your finances in order and consider your income over the next few months before moving ahead. Opendoor provides a good home budget calculator.
Researching market conditions to figure out what’s going on locally and nationally will work in your favor. You’ll be able to identify critical trends, present and future, including price-related ones. You can be strategic and buy an at-present affordable property that’s only going to grow in value with time.
Keep in mind that you’re unlikely to find an exact house match for your business. You may have to settle for a good-enough property and then modify it to better suit your requirements. As such, be prepared and leave time enough for both hiring contractors and the modifications themselves. Some examples:
Don’t forget yours and your family’s needs. For example, families with kids. They will need a school, local library, hospital, open spaces, a good neighborhood, and a mall nearby. Your family may also want special home amenities like extra bedrooms, a garden, or smart-home appliances. You may want to have a family meeting and get everyone’s input before you choose a place. Everyone will need to work together to make the place livable and to accommodate your growing business.
Last, but not least, is the timeline. Selling a home, acquiring a mortgage, buying a house, making modifications, moving, and settling in are all time-consuming. It takes more than 2 months to sell a home, reports US News. All the other tasks also take several weeks, at the bare minimum. Figure out a way to keep your business running while you make the move. If you shut down your shop for a few days during the actual move. Notifying your customers and clients is very crucial.
Once you’ve upsized your home, look for other ways you can accommodate your growing business. For instance, if your new home allows you to create a dedicated space for your office. Consider purchasing new equipment, furniture, and decorations to help make that room your own. Which in turn, can help increase your productivity.
Beyond that, you can also look for other ways to upsize your business. If you’ve always wanted to go back to school to earn your MBA, now’s the perfect time to do so. Because you can take these courses online and on your own schedule. This new home and workspace will give you a wonderful place to further pursue your education.
Not everything will go to plan, and that’s okay. Try to be adaptable, troubleshoot problems as they arise. Leave some breathing room between your various obligations to avoid getting overwhelmed. There are professionals you can hire to make it all easier – don’t hesitate to seek help if you need it. This is also a time to consider how to make your working area look better than before.
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