The idea of owning your own business is appealing, as it allows you to organize your life in a balanced way that supports a healthy work/life balance, in order to spend more time with family and friends. Starting a business from scratch can be a risky venture, as you will need to do all of the things it takes to start a business yourself, possibly causing instability in your work/life balance. However, some home-based franchise opportunities, such as Money Mailer reduce the risks involved in starting your own business, as well as help you build a profitable business and create the life you want, while doing it. This article highlights the pros and cons of starting a home franchise business versus starting a new business from home.
1—Be the boss
Not only do more people want to work from home, but a trend towards working for yourself and owning your own company has emerged, as people want the ability to schedule their work around other parts of their lives, such as kids and family and a healthy work/life balance. Working for yourself means that you finally get the chance to do things the way you think will work best. Working from home can add up to time and money savings, in the initial business start-up and in ongoing operations.
2—Low-cost start-up
Starting your own business is stressful enough, so skipping the need to get involved in a lengthy commercial office lease when you’re just starting out will save a lot of time and a considerable amount of money. Although you will need supplies and office equipment for your home office, you won’t need to outfit an entire commercial space for your business. Additionally, using part of your home as your workspace entitles you to claim several tax deductions.
3—Tax Credits
Some of the tax deductions for use of a portion of your home as your office are considered direct deductions, as they apply only to workplace expenses, such as purchasing a laptop to use for business purposes only, or expenses pertaining to the maintenance of your business laptop. Other deductions, known as indirect deductions, apply to any expenses that benefit your entire home and are claimed in whole. Indirect deductions are calculated based on the percentage of your home that gets used for work purposes. Potential deductions include:
- Mortgage interest and insurance
- Repairs and maintenance
- Utilities (heat, electricity, phone, internet, etc.)
- Homeowner’s insurance
- Homeowners’ association fees
- Cleaning services
Along with tax deductions for the business use of your home, you can also benefit from the business use of your car.
4— Business use of your car
You can deduct the miles you put on your car, as you drive around to meet with clients and prospective clients in their shops, stores and other locations. You can also deduct gas, oil, repairs, tires, insurance, registration fees, licenses, and depreciation (or lease payments) for the business use of your car, as well as tolls and parking fees.
5—Go it on your own or purchase a franchise?
Now that you have some time to think about a home-based business, are you trying to start a business on your own, or are you thinking of buying into a franchise opportunity, such as Money Mailer? Starting a business on your own involves doing everything you need to start up your business yourself, from writing a business plan, to raising capital, to filling out forms for loans, licensing, and permits, in addition to developing a marketing strategy, and establishing brand recognition. Or you can buy into a successful franchise and enjoy the benefits of a proven system.
6—Established brand
One of the benefits of owning a work from home franchise revolves around consumers already knowing your brand. Consumers trust successful brands, making it easier to build strong relationships in the community. You can get up and running faster with all systems in place, including learning the franchise’s system for success, instead of knocking yourself out trying to get noticed in your community.
7—Proven business model
Successful franchises have been tested, then tweaked and refined to reduce the risk factors involved in starting a business from the ground up. Whatever knowledge or experience in ad sales and problem solving you bring to a home-based franchise, such as Money Mailer, the chances of your success significantly increase, as you benefit from our comprehensive onboarding and ongoing training with experienced managers, in addition to our marketing support and ongoing operational connection.
8—Community support
Even though you will run your own Money Mailer franchise, setting up the schedule that best works for you, you will have the support of fellow franchisees and industry leaders, as well as owning a business that embraces emerging technologies and the latest innovations in direct mail marketing. Also, Money Mailer franchises offer the local business community an affordable and efficient way to expand their brands, through direct mail and digital channels.
9— Stability and growth
Franchises usually operate in growing industries. The hybrid of direct mail with digital components is thriving in today’s ad market. According to the USPS, 67% people surveyed feel mail is more personal than the Internet. Through advances in print technology and hyper-targeted mailing, a direct mail franchise, such as Money Mailer is a stable and growing industry.
10—No inventory to handle
Some work from home businesses require franchisees to store an inventory of products. With Money Mailer, we handle the backend, the ad designing, printing, mailing and customer service, while you focus on meeting and developing strong relationships, as the go-to marketing service for local businesses in your community.
Starting your own business doesn’t need to be fraught with so much to do that it’s no wonder so many new businesses don’t make it after the first year. According to the Bureau of Labor data “approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.” That’s why it makes sense to start your business as a Money Mailer franchise owner. With a proven track record of success, since 1979, Money Mailer franchises get your business up and running in very little time, with all the tools you need to make your work from home dreams come true! Contact Money Mailer today to learn more!