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Last Updated on: September 18, 2022 by Joseph Muriithi
Navigating a multi-state living arrangement when you own more than one home can be challenging. After all, more responsibilities and management come with owning more than one property. And if you own a business while commuting between two states, you officially have a lot on your plate. Below, Idea to Plan shares some best practices for running a business while living in different states.
Keep Up with Maintenance and Repairs
If you’re running a business while living in different states, you likely spend a little more time in one residence than the other. If so, keep up with maintenance and repairs so that you always return to a well-kept home. For example, you can get your home decluttered, deep cleaned, and fix all major issues. Another great option is to decorate both homes properly, so they feel warm and inviting whenever you’re there. Putting up family photographs, painting the walls neutral colors, and adding small decorative touches like throw pillows and candles can help your house feel like a home. Also, ensure that both homes are updated with all the products needed to keep your family safe when you move in. Before purchasing any new products for your family, you should read in-depth product reviews from unbiased sources to better understand your purchase.
Accounting and Budgeting
Budgeting for various costs is an effective way to manage financial stress. Thus, it will be critical to develop strategies to help save money during this time. For example, registering your car and getting your auto insurance policy in the state with cheaper options can help you save if you spend half your time in one state and the other half in another. The same applies to health insurance as well. In addition, be sure to factor in average costs for various services you’ll need for your family and business. For example, some of the average prices across the U.S. include:
- Childcare costs: The average cost of childcare in Tampa, FL, can range between $100-$200 per week.
- Housing costs: The median price for a home in Brooklyn is around $888,000.
- Insurance costs: While insurance costs can vary depending on coverage, on average, they start from $2000 a year in Los Angeles, CA.
- Storage costs: Finding a storage unit can cost about $66 and above in Las Vegas, NV.
- Grocery costs: The average homeowner in St.Paul, MN, spends about $100 monthly on food and groceries.
Get Familiar with the Local Regulations
Since every state has its own local laws and regulations, it will be critical to familiarize yourself with this upfront while running a business while living in different states. For example, you will need to register your car and get a driver’s license in the state you’re residing in. In addition, you will need to pay property taxes – in some states, even when you’re not living there. Other states have a minimum number of days you can stay in the state to avoid paying taxes.
On the business end, you will need to set yourself up with the necessary permits and licenses to operate. If you run your business from home, you must check zoning conditions and requirements to ensure your residence is in a neighborhood zoned for business. If you’re renting out an office space, this property will also need to have updated licensing. Working with a registered agent in the state in which your business is also registered can help you manage details even when you’re away.
Living in two different states has never been easier! Be sure to stay on top of your business responsibilities while keeping up with your home and family life. Plan, organize, and take it step by step – you’ve got this.
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