Congratulations on expanding your business! This is an exciting time but also one full of new experiences and expenses. Today, we share some tips and resources to help you manage your life and business when you live and work in more than one state or even two countries.
by Eleanor Wyatt
Image via Pexels
Organization, Budget, and Safety
As with all endeavors, opening a new location and buying a new home requires preparation, especially when they happen at the same time. Your best bet is to take steps now to keep yourself and your family organized, budget-minded, and safe.
To get organized, plan on using a calendar app and move much of your work to the cloud. Budgeting means doing things like buying your most expensive items in the state where it’s least expensive, and this includes your health and vehicle insurance. When it’s time to keep your family safe, invest in things like a home security system and cell phones. Because you want to mind your budget here as well, do your research and buy products that get the best unbiased reviews from experts.
Choose a Registered Agent for Both Locations
A registered agent is probably the most important team member that you’ve never heard of. This is someone who acts as your proxy when receiving mail, bills, or legal correspondence. Choose someone who will follow your decisions and processes in each state so that you’re always covered when you’re away.
Your registered agents should be individuals that you trust and that can help you handle other business decisions, such as hiring, firing, and marketing. Even though you will trust these individuals, it’s not a bad idea to put measures in place to protect your intellectual property since they will have access to things others won’t. You can have your registered agent sign a nondisclosure agreement, which is a document that Cornell Law School explains restricts this individual from talking about your private business matters with others.
Coordinate And Collaborate
You already know that running a business means balancing many different things all at the same time. Running two businesses is the same, but doubled. You want to make sure that you coordinate well, and this includes staying in constant communication with your staff and streamlining every action throughout the day. Have a point person in place for each location and ensure that everyone has what they need to coordinate and collaborate with all pertinent parties.
If you’re not sure if your efforts are working, you can look at various KPIs and metrics, including customer retention rates, acquisition costs, and employee satisfaction.
Common Living Expenses In Different States
Let’s think about your budget again. Even if you’re making more money, you’re likely spending a lot more on your second home and business location. Diving a bit deeper into this, you should pay close attention to what things cost from state to state.
- Home Warranty. Since the cost of repairing major appliances can quickly decimate your bank account, it’s worth looking into a home warranty. Prices can vary; luckily, there are numerous home warranty companies in Florida so check ratings and reviews as well as prices to find the best fit for you.
- Storage. It’s helpful to have a storage unit to hold onto personal and professional belongings when you’re away from one location. Prices can vary quite a bit depending on location so shop around and check reviews to find the best deal.
- Childcare. If you’ve also added a new baby to your family recently, you’ll spend around $7,644 for infant care in Georgia.
- Pest Control. In Baton Rouge, Louisiana, you’ll spend around $400 per year on pest control, which you should schedule even when you’re not living in your second home.
- Healthcare. Need to see a doctor in Portland, Oregon? You’ll spend $151 per visit, which is about 20% cheaper than you’ll pay in Boston.
The point here is that every action you take, including choosing a registered agent, collaborating remotely with your team, making smart purchasing decisions, and understanding various living expenses from state to state, will help you manage homes in multiple states that much easier. Again, congratulations on your expansion, and enjoy your success.
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Related Additional Reading Suggestion: Business Opportunity Ownership Balance: the Power of Zen
Sources and further reading
- Launch your business (U.S. Small Business Administration): Steps to start a business, including choosing a structure, registering, and getting licenses and insurance.
- Calculate your startup costs (U.S. Small Business Administration): How to estimate one-time and monthly startup costs.
- Write your business plan (U.S. Small Business Administration): Why a business plan matters and how to build one.
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Photo by Alex Kotliarskyi on Unsplash
Sources and background: Internal Revenue Service.
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