(Article submitted by Charlotte Meier, website http://homesafetyhub.org/)
Opening a location in a new state is great news for your business as it signifies that things are on the up. But, managing multiple businesses can be a tough task, especially for first-timers as each location will have its own set of rules and requirements. For example, if your business is currently registered as an LLC in Arizona, but you plan to open a new location in Nevada, you will need to register the new business under a foreign qualification. In this article, we’ll explore the best ways business owners can manage the semantics of running businesses and owning homes in multiple states.
Hire a Registered Agent
As reported by SCORE, while business owners can serve as their own registered agents, when managing a business location in a new state, it’s best to hire an individual or a company to act as an agent on your behalf.
A registered agent will undertake various important responsibilities such as:
- Being the point of contact to receive legal documents, official notices, and more on your behalf.
- Helping you stay on top of reporting requirements such as tax filings and sharing annual reports.
- Providing advice on remaining compliant with local and state level regulations
Make Regular Visits
When managing multiple locations, create a schedule to ensure you dedicate ample time based on requirements. During your visits pay close attention to staff behavior, upkeep of the property, financials, and conduct meetings with the manager(s) to ensure that performance is on par with set goals.
Use Technology Solutions
Project management tools and accounting software are two of the many cost-effective technology solutions you can use to manage multiple businesses with ease. Whether it be creating new business plans, managing finances, or tracking performance, using these tools you’ll be able to maintain a balance between both businesses to ensure each gets the attention it deserves.
Additionally, it can reduce the need for switching between locations more often than you should. Allowing you to spend greater time with your family than on the road.
Invest in Home Security
Frequently traveling for work will mean you won’t be home for long periods. Hence, it is important to invest in good home security solutions to keep your family safe, especially if you’ve just moved into a home in a new state. Here are the best options to consider:
- Install a doorbell camera that you can monitor remotely and record everyone who visits your home.
- Add security cameras and good lighting around the perimeter to deter thieves and protect the property 24/7.
Before purchasing any of these items, take the time to research them online and read customer reviews to shortlist the best brands which sell quality products at a fair price.
Best Locations to Consider
Along with set-up costs, you’ll need to consider the cost of living in the new location as it will have an impact on everyday decisions and the quality of life of your family. Cost of living is calculated as an index, with 100 being the national average, here are the top five locations to consider:
- Arizona: Utilities in this state are lower than the national average (99.1) with grocery, transportation, and healthcare costs being affordable as well.
- Nevada: This state is comparatively cheaper in utilities (91.6) and has no personal or corporate income tax.
- Texas: Another state which has no income taxes and boasts of an affordable overall index of 92.1 which makes it easy to manage business and personal expenses.
- Mississippi: With an index of 83.1, this state currently has the lowest cost of living across all factors (e.g., housing, groceries, transportation).
- California: This state has one of the highest indexes at 139.8, but you can find deals if you do a little research. For example, you can find small-sized storage units for as cheap as $52 per month in L.A. (click to find storage units in Los Angeles).
- North Carolina: As reported by CNBC, this state is one of the best locations to start a business. Additionally, residents reap the advantage of below-average housing, groceries, and utility costs.
When it comes to managing multi-state businesses and living arrangements it’s best to take help from professionals such as registered agents, technology solutions and choose locations with affordable costs of business-related amenities such as utilities and storage.