Maybe you live between two or more properties in retirement, but you still run a business part-time. Or perhaps you’re planning to retire to another state soon, yet you don’t want to shut down your business or sell your current family home. Life as a multi-state business owner can be tough – but it’s also very rewarding! These tips shared below by World of Startups will guide you through some key considerations for multi-state entrepreneurs.
Find a Registered Agent
If you’re managing your business in several states, enlist someone to act as a registered agent that you can rely on whenever you’re not around to handle a problem. Typically, business owners are required to choose an agent when they file articles of formation for their company, so if you haven’t done this yet, it’s time to check this item off of your to-do list! When you choose your registered agent, you’ll need to lay out crucial workflows and decision-making processes. That way, they can handle any urgent matters that crop up in your absence, including serious issues like lawsuits and tax notifications.
Save Money on Travel
Maintaining several properties is undeniably expensive – and traveling between them can be pricey, too! Ideally, you’ll want to minimize your travel costs so that you can invest more of your money back into your business. Thankfully, there are plenty of simple things you can do to save on travel. For example, Half Half Travel recommends packing meals rather than going out to eat on the road and flying during the off-season instead of busy weekends or holidays.
Also, when traveling for business, renting an apartment in the city you’re visiting is an option to consider. It could be more affordable than staying in a hotel and can offer a variety of amenities and features that you won’t get from staying in a hotel. Take some time to look around online and compare the available options. Check out rental prices, location, security and other factors that might influence your decision. Doing so will help you make the best choice for your business trip, as well as determine if it is a viable financial option.
Keep Your Homes Organized
If you’re traveling a great deal and often leaving a home unoccupied, it’s natural to worry. Camera and alarm systems help, but if you really want some piece of mind, a home warranty is equally essential. If you aren’t already familiar with home warranty companies, they can help you find a policy to cover any necessary repairs to major appliances – the sort of repairs that can easily exceed the cost of the warranty.
Also, when you’re moving between homes, you’ll need to block off a few hours to clean your property prior to leaving for your other property. Yellow Rose Life recommends using large boxes or gallon totes to store items that you will need to transport between homes, such as important business supplies. To save time, you may want to hire a cleaning service to tidy up your home before you leave for another property.
Choose Health Insurance
What’s the most complicated aspect of living between several states? Choosing the right health insurance policy is probably near the top of the list. If you’re not sure which policies you can enroll in now, you’ll need to start researching your options. Having comprehensive health insurance coverage is paramount. After all, you definitely don’t want to find yourself dealing with a medical emergency when you’re uninsured.
PeopleKeep states that in some circumstances, you may be able to coordinate benefits from two health insurance plans. However, it’s important to ensure that you have coverage based in the state where you spend the most time and that this plan will also pay for emergency care in other states.
Enroll in Car Insurance
In addition to enrolling in the right health insurance policy, you will also need to get car insurance coverage. You should only take out a car insurance policy in the state where your vehicle is registered, so start looking into your coverage options for this state. Even if you split your time between certain states equally, you could choose to register your car in the state that generally offers cheaper auto insurance options. If you have any questions about which policy you should choose, get in touch with the insurance company’s customer service department for guidance.
Running a business in two or more states isn’t easy. But with the right approach, it’s definitely doable! By implementing these strategies, you can handle everything from saving money by renting an apartment to enrolling in the best insurance policies. And if you’re looking for more great articles and content, check out the other posts on World of Startups.