Taking Your Business on the Road
If you’re considering the idea of starting a new business or relocating your current one to a new city, there are many factors to consider before making the decision. Spend some time asking yourself why you want to start or relocate your business. It’s important to know what you want and what your goals are for your future company.
Remote Control is a great resource for business owners and digital nomads to stay informed about life and work on the move. Through shared experiences, tips, tricks, and hopefully a little humor, we hope to inspire you to follow your bliss.
What City Is Best for Your Type of Business
Before deciding on where to start or relocate, it’s important to look at the market of that city, what kind of industry you’re in, how much competition there will be, and how much money you’ll need upfront. It’s also helpful if you already know someone who has started a business in that area before or has any connections there.
You should already have a firm idea about what type of business you want to start or relocate. For example, if you want to start a restaurant it is best to look for cities with large populations that are underserved by restaurants. If you want to open a tech startup, it might be best to look for cities that have thriving tech scenes with access to venture capital and talent pools.
How you structure your business can help you when it comes to protecting your personal assets. An LLC will offer that, as well as being easy to set up yourself. Though you won’t need an attorney, you will need to check what the rules are in your new home since they vary from state to state.
Funding for Your Business
The next step would be figuring out how much funding you need for your new endeavor and how much funding is available in your desired city.
Grants are awarded to businesses with a great idea that will provide a public benefit or meet an unmet need. You can apply for grant money through the government, your state’s department of commerce, and other nonprofit organizations.
Loans come in many shapes and sizes, from SBA loans to bank loans to peer-to-peer lending. They’re all designed for different purposes and at different rates of interest. The key is finding a loan that fits your needs best.
Equity investments are the most difficult type of capital because you have to give up some ownership in your company in exchange for the funds you need
Crowdfunding is the practice of raising money for your business through small donations and investments from many people. It usually means you’ll ask people on social media or through an online platform like Kickstarter or GoFundMe for money in return for an incentive like a t-shirt or preorder.
Life in Your New City
If you are moving to a new city for business purposes, there are some things that you should consider before making the move. For instance, if you have children, you will need to consider their school and social life before making the move. Do some research into the cost of living in that city, too, since it can vary wildly across the country. Is there anything that you would miss from your old city and whether or not those things might be available in the new one?
Can you afford a home in an area you want to live in that will be best for your family? If you enjoy the fast-paced city life, can you afford a home in that city? If you and your family enjoy spending a lot of time outdoors, are those homes within your financial reach?
There is home purchase down payment help for first-time homeowners and people who have already bought and sold one or more homes. This comes in the way of down payment assistance programs. This is especially helpful for families who have just paid for a move and a business start-up. Thanks to federal, state, and local programs, you may have options from several grants, loans, tax credits, and other programs available to you.
Moving to a new city to begin an exciting business venture is the stuff of dreams. And asking the right questions early, like ‘will my business be well suited to the city?’ or ‘can I can get help to purchase the home I want when I get there?’ can set you up for great future success.
About the Author (Sarah Noel)
Sarah Noel and her boyfriend, both left corporate jobs to work as freelancers, chasing balance between the work they loved and the life they wanted. They’ve taught themselves how to work smarter, not harder. They’ve committed to separating work and home so that they can enjoy both. Now, with TaylorandNoel.com, they’re sharing their best practices with other freelancers, in hopes they can do the same.
Photo Credit: Peggy Anke