For business owners with a national presence, owning homes in multiple states can allow you to attend to company matters on the ground wherever your business operates. But managing several properties while running a business can put a lot on your plate! With support and guidance from Portfolio Management Group, you can prioritize sustainable business growth. Furthermore, these pointers can help you designate a registered agent for your business, set up security systems for your properties, create a budget that works for your lifestyle, and more.
Smart Home Security
Do you run your business out of your various homes? If so, you might feel a bit nervous about leaving your documents and equipment unaccompanied at your properties when you’re not home. You can put your mind at ease by finding the right security products for your properties. This will keep your family and any items in your home secure when you’re out of state. If you want to ensure that you’re making a good investment, read unbiased product reviews before shopping. By finding reliable product recommendations, you’ll be able to pick out a great alarm system, cameras, safes, digital locks, and more.
Work With a Registered Agent
As a business owner, you need to assign a registered agent who can handle key company tasks when you’re not available. While practically every business owner has to choose a registered agent, it’s especially important for entrepreneurs who live in multiple states. When you’re on the go, you want to know that someone else can take care of your business affairs.
You may also want to hire a personal assistant who can work remotely. They can oversee lots of tasks for you, from answering emails to schedule management, so that you can relax while traveling between homes.
Dealing With Insurance
When you own homes in different states, you might have trouble determining which health insurance policy to purchase. After all, policies are tied to specific states. Investopedia states that some plans don’t necessarily provide comprehensive coverage in every state. Even if your plan does offer coverage in different states, you may not have access to in-network providers everywhere.
What’s the best strategy? You may want to base yourself in the state with the most affordable health insurance! Remember, you’ll also need to choose one state to register your car and take out an insurance policy, so you can use the same technique for managing auto insurance.
Analyze Your Living Expenses
Moving between states can get expensive – but when you have access to essential services in different states, you can also spend your money wisely to keep your living costs low. Here are a few key living costs and how much you would spend on them in different cities:
- An apartment in St. Petersburg, FL, will generally rent for about $1,861 per month.
- In nearby Tampa, FL, residents can expect to spend about $3,480 on groceries each year.
- If you’re going to the doctor in Atlanta, GA, you’ll probably spend about $24.70 per visit if you have insurance.
- Are you looking for a daycare center in Birmingham, AL? Winnie states that you should plan to shell out $925 per month.
- Do you need to move within Texas? Finding San Antonio storage units is easy, and it will only cost about $107.75 per month.
As a business owner with a growing company, owning properties in several states can be a boon for you. You’ll be able to easily meet with clients all over the country and operate brick-and-mortar locations anywhere. By putting some of these tips into action, you’ll find it easier to manage your budget, home security, business operations, and insurance!
Want to focus on growing your business? Portfolio Management Group can help! Fill out the contact form on our website today to set up a free consultation.