- Kimberly Hayes
4 LIFESTYLE MANAGEMENT STRATEGIES FOR MULTI-STATE ENTREPRENEURS
If you own properties in several states, and you run your business from each of these locations, you might feel like your life has become overly complicated. But by choosing a registered agent, picking out high-quality home goods, and finding solid insurance coverage, you can handle your responsibilities with ease. With support from ScoreNavigator, you can also get your personal finances under control. Here’s how to maintain your lifestyle as a multi-state business owner.
Choose a Reliable Registered Agent
Have you chosen a registered agent for your business yet? If not, you should take care of this important administrative task as soon as possible. This is essential for all business owners, but it’s especially important if you run a business across state lines. Whether you operate a business in one state or several, you need a registered agent to take the helm if you can’t handle important duties.
When you appoint a registered agent, you’ll have to lay out important decision-making processes that they can follow in your absence. They can deal with pressing issues, like lawsuits or tax notifications.
Outfit Your Properties
When you’re comfortable in each of your homes, you’ll have an easier time tackling business projects no matter where you’re staying. For instance, you’ll likely want to set up security systems at all of your homes and choose smart technology for your home systems, like a smart thermostat to manage your heating and air conditioning. You can check out trustworthy product reviews from unbiased websites to make smart purchases.
Take Out Insurance Policies
What’s the most frustrating aspect of owning properties in several states? Choosing insurance policies might be your biggest headache! As a business owner who operates in many different locations and often spends time in multiple states, you may not know where to take out insurance policies or how to choose between different plans.
If you’re deciding between health insurance policies, contact a company representative to find out where their plans provide coverage - you’ll want to ensure that you’ll never be without coverage in case of an emergency. And when you’re choosing car insurance, be aware that Consumer Insurance Report states that you can only enroll in a car insurance policy in the state where you have registered your vehicle.
Understand Cost of Living Differences
In each city where you spend your time, the cost of living will be slightly different. However, you can use this to make the most of your budget and carefully distribute your expenses across states. Here’s a brief breakdown of a few key living expenses in several cities:
Will you need to store furniture or other belongings in Las Vegas, NV? You can easily find storage units for $127.64 per month.
The average monthly rent for a one-bedroom apartment in Gray, GA, stands at $751, which is much more affordable than rent in many nearby cities.
If you’d like to hire a private childcare provider in Montgomery, AL, you can expect to pay about $415.45 per week.
Are you enrolling in a health insurance policy in Tallahassee, FL? 24/7 Wall St. states that you’ll need to budget approximately $5,177 per year.
Buying groceries in Asheville, NC, will cost you around $613 per month.
Managing a business across state lines takes discipline. But by selecting a registered agent, stocking each of your properties with the products you really need, choosing insurance policies in the right states, and budgeting carefully, you can make it work. With these tips, you’ll be able to thrive as a multi-state property owner and entrepreneur!
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