Owning a business is a lifelong dream for many of us. So why don’t more people launch their own companies? Anyone who has ever considered the idea is very familiar with the reasons why all of us would-be entrepreneurs aren’t marching into our boss’s office tomorrow with a letter of resignation (and perhaps some choice words). After all, there’s a lot of risks involved in launching your own company. Fortunately, however, there are options available to help curb some of these concerns.
Happy Tax is proud to run a tax planning and preparation franchise that works for your bottom line. The same can’t be said for everyone in our industry, unfortunately. But Happy Tax has designed its operations to make sure that franchisees aren’t hamstrung by excessive startup costs.
Cost of Starting Your Own Business
How much does it cost to start a small business? Well, the answer to that question largely depends upon who you ask. It also depends upon your chosen industry, work, and business structure. But if you’re considering starting your own business, here are some things to keep in mind.
If your business requires inventory, property, vehicles, or equipment, then you should expect to make at least a few large one-time capital expenditures. These types of purchases and other common startup costs, like putting down a security deposit on office space or making upfront payments to vendors and service providers, can cost new entrepreneurs. And, unlike business expenses and certain other costs for business operations that land during the start-up phase, capital expenditures usually can’t be deducted from your new company’s tax liability. So, if you have to maintain an inventory, vehicles, or office space for your new company, your new business may end up costing you a pretty penny. And, since startup costs start to accrue before you have any income coming from your new business, they can prove prohibitive to even the most promising entrepreneur.
Altogether, the average start-up costs for a new business land at just over $30,000. The financial and personal liability associated with building a company from scratch are enough to deter most of us, but fortunately there are lots of ways to reduce these up-front expenses. In fact, remote and home-based businesses typically cost a lot less. This is one immediate benefit Happy Tax franchisees experience when they join our team. Our unique and innovative approach to tax preparation and planning services doesn’t require you to rent any physical office space. Working remotely will save you thousands of dollars every year, and it will help you get off to the right foot in your new business venture.
Franchises Offer Substantial Benefits – but Beware Hidden Costs
Our careers can impart upon us important life skills, as well as a sense of pride and accomplishment. But primarily, they make us money – or at least, they’re meant to. Every year, scores of Americans turn to franchises as a way to make their entrepreneurial dreams come true. That’s because franchises offer key benefits that can help improve your start-up’s chance of success.
Many entrepreneurs turn to franchises for their first small business because these organizations have a proven brand concept. They also offer training and marketing support that can help improve your business. Altogether, this can mean the difference between success and failure of a new business. But that’s not to say that every franchise is a good investment. Quite the contrary, hidden fees and unknown costs associated with owning your franchise can really eat into your business’ profits.
If you want to take advantage of the benefits of owning a franchise but are concerned about the cost, don’t be fooled by impressive figures flashing across online ads. Instead, start with a low-cost franchise and work hard to start earning revenue. If you choose well, most of that revenue will pass on to you as profit, not to the franchise company as fees.
Happy Tax – a Low-Cost Franchise Opportunity That Everyone Can Join
Happy Tax is the only tax planning and preparation franchisor out there that has built a business around a concierge-based, on-demand customer service model. Our in-house CPAs prepare customers’ returns, so our franchisees don’t have to worry about the technical stuff. Instead, their main goal is to build a robust client base that they can rely on come tax time. And, since our franchisees work remotely, there’s no need to rent or buy costly office space. As long as you have a phone and an internet connection, you’re ready to go!
Happy Tax charges a franchise fee of $20,000, far less than the average cost of starting up a new business. This fee includes not only the ability to cash-in on the Happy Tax brand, it also includes the support, coaching, and marketing that franchise owners need to thrive in their new careers. For your startup fee, you get all of the hardware, software, and technology you need to operate a Happy Tax business – no additional investment required. And on top of that, our ongoing royalties are among the lowest in the business, so most of the money that you earn as a Happy Tax franchisee stays in your bank account.
Happy Tax recognizes that our success begins with our franchisees. As a result, we’ve worked hard to develop a tax franchise model that is low-cost and easy-to-run. No special knowledge of the tax code is required, just an enthusiasm for saving taxpayers money by ensuring their taxes are done right. Happy Tax offers both internal and external financing assistance as well, so we’re more than happy to work with people who need a little help getting together funds for the franchise fee.
Everyone deserves to experience the personal and economic freedom of being your own boss. However, not everyone is ready to take on all of the risks that this usually entails. So, for the most part, we stick with our day jobs to make sure that our families are provided for. But Happy Tax franchisees are able to experience the benefits of both worlds – the freedom of working for yourself without the pressure to cut off your existing income and dive head-on into a costly new enterprise.