As a business owner, you want to set up your company optimally to ensure a thriving professional life while still enjoying your private life. Sometimes that might mean living in multiple states. For example, you might have your “home base” in one form while your business is concentrated in another state. While it might seem inconvenient initially, it can be beneficial, allowing you to harness the potential advantages of two (or more) distinct locations. Discover how to leverage multi-state living for your benefit with these tips from B2B Times.
Clarify Your Business Structure
First, decide where to register your business. According to Legal Nature, some states offer preferable conditions for entrepreneurship, such as Delaware and Wyoming. Once you decide where to register your business, write a business plan that details its operating structure and other details, like financial projections. Finally, consider getting a registered agent for your business. This individual or entity is permitted to accept legal and compliance-related documents on your business’s behalf. Having a registered agent helps to protect you legally in case of lawsuits, government notices, or similar actions.
Keep your Business and Personal Life Organized
Getting your business set up is only half the battle. Going forward, you want to ensure that your business and personal life are well organized. Wherever you go, ensure you have all the essential documents you need. You can use a cloud storage solution to access valuable paperwork, from business registration documents to proof of car insurance, anytime and anywhere. Also, make sure to have a list of important contacts for your homes, such as roadside assistance, health care, and basic services like plumbing.
Leverage Your Multi-State Situation to Save Money
When you’re spending time in multiple states, you can structure your business and personal life to save money. Do research into the cost of living in the different areas you inhabit to see where key items are cheaper. For instance, it may be more affordable to register your car and get auto insurance in one state than in another. Health insurance can also vary between states. Here are some other examples of how the cost of living can vary in different cities:
● Rent prices in California’s San Francisco Bay area are 10.56% lower than in New York City.
● According to AAA, the average regular gas price in Spokane, Washington, is $4.668 compared to $4.750 in Tacoma.
● An average health insurance plan in Virginia is $495, but exact prices vary according to your exact zip code and personal factors.
● You’ll find Denver storage options for self-storage for as little as $80.
● Child care in Georgia averages $637 per month for an infant or $542 for a four-year-old.
Set Up Your Personal Life Optimally
When you’re a business owner setting up a lifestyle that spans multiple states, your company may be your primary point of focus. However, don’t forget to address your personal life as well. For example, you want to ensure that you stay healthy, have a good diet and plenty of exercises, and have a safe, comfortable place to call home. Also, ensure your home (or homes) are neat and orderly and don’t forget to check product reviews to protect your family against unsafe household products.
Managing a business while handling multi-state living has unique challenges. However, it also presents opportunities, like the chance to save money by buying products and services where they are cheaper. The key to success is getting organized. Services like a registered agent can help you supervise your business, ensuring nothing slips through the cracks. The above guide provides additional ideas to help you manage multi-state living.