Best Business Practices for Multi-State Entrepreneurs

Stay Organized

When you’re a business owner, especially one who has to hit the road often, organization is paramount. You should have a clean home office space at each of your properties, where you can keep essential physical documents and supplies. When it comes to storing and accessing digital files from multiple locations, a cloud system is indispensable. With a cloud storage system, you can work on your projects from anywhere, no matter which state you happen to be in.

Designate a Registered Agent

Even though you own multiple homes, your business is only registered in one state. Therefore, you’ll want to choose a registered agent in this state so that they can handle important affairs from you when you’re out of town. Wolters Kluwer states that each state has its own requirements for choosing a registered agent, but their address must be a physical address in that specific state. Your registered agent can take control of important processes and decisions while you’re gone, including handling tax notifications and lawsuits.

Choose Ideal Health and Auto Insurance Policies

If you maintain residences in two states, you can choose to take out health and auto insurance policies in the state where it will be most affordable. Car Insurance Companies states that sometimes, seasonal residents who move between two states can take out policies in both, but you may need to check with your insurance provider to see if this is allowed. If you’re unsure of which health insurance policy would be best suited to your needs, you may want to consult your insurance provider for an expert opinion.

Compare Costs of Living

In some areas, the costs of certain amenities will be higher than others. If you own multiple homes, or you’re thinking of expanding your real estate portfolio, it’s important to brush up on the price of necessities in various cities so that you can make the savviest budgeting choices. Here are a few essential expenses and what you would have to budget for them in several cities:

●    If you’re interested in buying a home in Manchester, you can find affordable properties with list prices around $249,900.

●    Living in San Diego with your family will put your childcare costs at about $350 per week.

●    Property owners in Sacramento, where an average primary care visit costs $219, are paying some of the highest healthcare prices in the country.

●    If you need to store items in San Antonio, you can find quite a few local storage units at a rate of $107.42 per month.

●    Your grocery costs would likely be lowest in Manchester, New Hampshire, where people spend about $183 per month on food.

As a homeowner across multiple states, you might feel like you’re stretched thin while running a business. But with the right strategy, you can take advantage of business opportunities in several locations, keep your cost of living reasonable, and even find peace of mind in choosing a registered agent. By following these tips, you’ll feel confident in your abilities as a multi-state business owner.

Seeking a new rental where you can still run your business? S&P Properties can help you find the right place. Call us today at 860-546-8739 to start your search.