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Thanks to Alyssa Strickland of Millennial-Parents.com for this article.
If you’re moving to grow or start a business, you need a plan. Moving to a new location can seem daunting and difficult, but it doesn't have to be. Below are some useful tips to help you make this transition as smooth as possible, allowing you to focus on your business instead of worrying about the details of moving.
Time to Move
Think of all the ways that the new space must work for you and your business. Because many home businesses don’t operate on traditional 9-to-5 schedules, look for a home with ample space for work and home life. If your current home doesn’t have enough room for both activities, you may need to consider buying or renting a new property.
Plan for Success
What will your business needs as it grows? Will you need permanent home office? If clients will visit, you may want an extra room for guests or meetings and a separate entrance for business foot traffic. Will you be getting large deliveries or need storage and parking areas? If you look down the road and envision your business future, you can be strategic and choose a home that will accommodate the needs of increasingly-successful venture.
Choose a Location Strategically
There are many properties available to purchase in Boston, Brookline, and the surrounding areas. Since you intend to use your residence as a location for both living and working, plan things out beforehand so that your new business causes minimal disruption to your day-to-day life. Check the zoning in the area you’re considering and make sure that a home-based business is allowed.
Make sure your new home has adequate space for personal and professional needs; otherwise, you may find yourself sacrificing time with family or diluting your effectiveness at work. Set aside money for space improvements and obtaining any necessary furniture or appliances.
Mortgage and Possible Loan Options
Research and secure financing for your new endeavor well before you launch it. While many sources of financing are available to you, as a first-time Boston-area entrepreneur, you may be best served by taking out a mortgage and using your home as collateral for funding. PennyMac is available Mon - Sat to field your questions and help you determine the best possible financing option for you.
Strike a Balance
If you’re moving into a home where you plan to start or expand your new business, it’s important to strike a balance between work and family life. To do so, make sure your location is well-suited for working at home. Contact Christine for help buying or selling your home.
