Buy a Home and Start a Home-Based Business

If you’re looking to move to Virginia Beach and you're planning on starting a home-based business, there are a few things you should know to maximize your chances of success, especially if your budget is tight.

Plan Your Business

To start a new business, you’ll need to write a business plan. You can do this before or after you buy the property, but it would be best to do it early so you can hit the ground running when you settle in.

To make a good business plan that improves your chance of success, be sure to include these essentials:

• Details about the company. Write in detail what you’ll be doing and whether you’ll offer a product or service.

• Describe the offering. How will you go about selling your services or products?

• Customer acquisition. You could get customers by advertising, for example.

• Business structure. Your company could be legally structured as a partnership, LLC, or corporation.

• Finances. Be sure to include how you will get funding.

• Make financial projections. What expenses and revenues do you expect? Analyze data to make profit predictions.

After you have a good plan, you’re ready to begin the next stages of your new business, which could include securing funding or investors and finding clients.

Look for Your New Home

If your current location doesn’t have the space suitable for both living and working, consider buying a house with enough room for a home office and the potential to have clients visit. It's a good idea to find real estate pros like the Marching 2 More Team before you begin your search. An agent can tell you all about the real estate purchasing process, including finding a house you like, comparing different properties, securing financing like a conventional mortgage or ARM, and details about the closing process. Ask the agent about how to find a house with enough room for your new home-based business.

Purchase the Property

There are a few things you can do to find the best house possible on a limited budget. One idea is to buy a house “as is.” This means you’re buying the property in its current condition, which could be risky if you’re not careful. Be sure to consult with a real estate attorney to make sure the contracts are fair and that the title to the property is good, meaning the seller can legally sell you the property. You might also want to have an expert look into land records to see if there are any red flags such as liens, easements, or disputed property lines. Lastly, since the seller will not be making any repairs, make sure to inspect the property and see if you could handle the work and costs of the improvements. When you find what you’re looking for, your agent will walk you through the rest of the process.

Start Your New Life With a New Home and New Business

Starting a new business while buying a home is possible if you do your planning right and take a few crucial steps to increase your odds of success. For more help on finding your dream home in Virginia Beach, visit the Marching 2 More Team.