Many small business owners dream of a day when they can have multiple shops, multiple homes, and one life full of success. This is perfectly possible, but it does take work. Today, Business E Suites touches on a few ways to keep your own home, family, and business running safely and smoothly when you have multiple residences in different cities/states.
Savings
Even though you’re already in a position to enjoy success, you don’t want to let the income you’ve already earned get eaten up by your second home. A few simple ways to save money here include getting your business out of debt, cutting back on unnecessary expenses, and possibly even adjusting your overhead needs. For example, consider ditching rent for an office building. Instead, you can trade off between working from home and a co-working site.
At home, you can save money by checking prices on things like automobiles and health insurance in the state where these expenses tend to be the least. Plan to cancel your cable subscription on both properties and instead go with a streaming service that provides the types of content you and your family need. If the choice comes down to Disney+ versus Netflix, this guide by Android Authority can help you decide.
Communication
Communication is essential in all businesses, and yours is no different. Make sure that you can communicate with your employees and customers, which might mean investing in a laptop with longer-than-average battery life. There are many different options, and prices vary. Look for comparisons of today’s latest models.
It may also be wise to hire a personal assistant to handle certain business matters while you are in between homes, especially if you drive or fly between each frequently. If you hire someone to work alongside you in person, you may spend up to $52,000 per year, and if they travel with you, you also have to pay for their accommodations and food while they are away from their home state.
Safety
The safety of your family is important when they also live in multiple residences. Make sure that you have a security system in each home, that you can access both from wherever you are. When your children are young, make sure that each property is adequately childproofed, which should include having locks on lower cabinets. Before you buy any types of products that your family will rely on for safety, read reviews, details, and opinions from qualified sites.
Pricing Between States
You already know that the cost of housing, utilities, and food will vary from one state to the other. But don’t forget to pay careful attention to other common costs, which include things like:
- Storage units. You can find a storage unit quickly using Google. The cost of storage in LA, for example, ranges from around $125-$300 each.
- Business space. If you’re planning to open up shop in Boca Raton, Florida, you’ll probably spend around $36 per square foot, although many units are available for $19 per square foot for a one-year lease.
- If you’re looking for cheap internet, consider anywhere in Texas, where you can expect to pay $2.29 per megabit.
- Clothing is expensive no matter where you go. However, if you want to move to Washington, DC, you’ll probably spend less than $1,000 per year on fashion compared to $2,500 or more in the entire state of Illinois.
- WKYT, a Lexington, Kentucky-based news station, says daycare can cost around $18,000 per child.
Running your business and owning two homes is a great way to expand your market and expose your family to multiple living arrangements. But, there are many things to consider before you do so. From keeping your family safe to the cost of basic extras, like a storage unit or internet, you need to know what you face before you start eating into your profits.
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