If you run a business that operates in several states, becoming a multi-state homeowner may have been a strategic choice that you made for entrepreneurial success. But managing multiple homes while running a business isn’t easy. Designing great workspaces with tips from Phoenix Home + Garden can simplify your life! Furthermore, these tips can walk you through everything from managing your cost of living to secure your homes to finding a registered agent.
Keep Your Homes Safe
If you own several properties and you move between them, you need to ensure that they’re safe and secure when you’re gone – especially if you store business tools or documents in your homes. You may want to buy security cameras, an alarm system, or a safe. To make sure you’re investing in high-quality products, check out detailed reviews from neutral sources before making any purchases.
Assign a Registered Agent
When your business is registered in one state, but you manage operations throughout several states, it’s a good idea to have a registered agent in the state where your business is officially based. You can rest assured that your business will run smoothly even when you’re on the road. You’ll have to lay out established processes and decision-making guidelines for your agent. If a lawsuit or tax notification crops up in your absence, your registered agent can handle the situation for you.
Choose the Right Insurance Policies
Everyone needs various forms of insurance – but your policies are typically tied to the state where you live. What if you own homes in multiple states? If you divide your time equally between states, you can enroll in a health insurance policy in the state that offers the lowest rates. If not, you’ll want to enroll in a policy in the state where you spend the most time. To purchase car insurance, you will need to choose a policy in the state where your car is registered.
Stay on Top of Organization
Staying organized is key for multi-state homeowners and entrepreneurs. Keep your digital files in a cloud storage system that you can access from anywhere, and ensure that your physical documents are kept in order at your homes. You may want to make copies of key documents to store at different homes. If possible, you may want to hire a remote personal assistant who can handle your business affairs no matter where you are.
Control Your Cost of Living
Managing a business and several homes in multiple states means that you’re always dealing with changing prices. A service that’s expensive in one state might be cheaper in another state! These cost of living figures can help you balance your budget while living between states:
- If you want to expand your real estate portfolio in Scottsdale, AZ, a new home will cost you around $845,000.
- CareLuLu states that for couples with children in Tucson, AZ, daycare generally costs about $630 per month.
- Payscale states that going to the doctor for a checkup in Salt Lake City, UT, will run you approximately $115.21.
- Over the course of a year, residents of Albuquerque, NM, will typically spend about $3,792 on groceries.
- If you’re seeking a storage unit in Las Vegas, NV, note that Vegas storage options are usually priced around $125.87 per month.
Operating a business in several states can leave you feeling pressed for time. Managing your life efficiently is key. With these tips, you’ll be able to make a reasonable lifestyle budget, choose the right registered agent, and ensure that all of your properties are secure.
Are you looking for a great co-working space that’s good for both handling your business and meeting like-minded people? Check out San Angelo Studios today.
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