One of the best parts about owning your own business in the digital age is that you can live anywhere and still manage day-to-day operations without missing a beat. Despite the convenience, however, there are logistical and financial challenges that go along with having more than one home or constantly moving around as an entrepreneur.
Caring for your business
Your business is what pays for your home and family. To help you run it more smoothly, consider partnering with Numbercraft for cloud accounting that allows you to run your business on the go from anywhere. Cloud accounting gives your accountant or bookkeeper access to information, no matter where you are. Another smart move here is to designate a registered agent in each state where you run your business/live. A registered agent can handle certain legal matters when you are not around.
Caring for your family
Moving from place to place isn’t easy, especially when you have young children. But, this is another area where a few smart moves can ease the transition back and forth from home to home. First, consider hiring a full-time nanny that will move with you. While NannyLane asserts that this may cost you an average of $14.61 per hour, if you have multiple children, this may be a less expensive option than daycare. More importantly, you won’t have to sit on a waitlist for a nanny, and this person will be a source of stability as your children move from one place to the next.
Another important step in caring for your family is investing in products that will move with you from home to home. This might be anything from a travel backpack to a stroller or wagon. Before you buy anything, read reviews and product descriptions from people that do not work for the company and can give an unbiased opinion.
Caring for yourself
Don’t forget about taking care of yourself. A few ways to do this are to watch where you spend and to make sure that you take some time for yourself every once in a while.
To save money, do your research and buy your vehicle, health, and other insurance in the state that has the lowest rates. You should also get with your home insurance provider to see where you get the best discounts. You may also wish to turn your homes into part-time rentals when you are away. Apartments.com explains that there are both benefits and drawbacks to leasing your personal property.
The cost of living in multiple locations
While you already know that you’ll incur expenses at both homes all the time, you should also be aware of the potential difference in prices on common needs, like self-storage, food, and housing. A few of these include:
- Storage – If you choose to rent your homes, be prepared to put your most valued personal items in storage while you are away. This isn’t cheap, especially if one of your homes is in California. There are a lot of storage units in San Diego, for example, with prices starting at around $140 per month. Budget for this.
- Overall cost of living – In Oregon, you can expect to spend around $8,500 per year on housing and utility costs.
- Food – Think about food costs before you move. Texas, Oklahoma, and Mississippi are among the states with the least expensive groceries. California, Washington, and New York are some of the most expensive, according to Top 10.
- Renting an apartment – When you plan to rent in one state, you should also note this cost ahead of time. If you plan to live in Florida for part of the year, you should know that some cities, such as Weston, Boca Raton, and Fort Lauderdale, come with rent prices that can easily exceed $2000 per month.
- Private school – Iowa is one of the cheapest states for private schools, with the average cost per year being just under $5000. Washington and Utah can easily cost you more than $10,000 per year.
Ultimately, being self-employed means having freedom. Freedom to live where you want and run your business however you wish. The above tips, from designating a registered agent for your business in each state to simply knowing the cost to store your personal property, can help you make your moves back and forth a more pleasant experience for your entire family.