Running a franchise from home
- Tuesday, April 24, 2012
Being a business owner affords many individuals more flexibility over their schedules and business operations. One of the possible benefits of a franchise opportunity is the chance for owners to work from the comfort of their homes. There are several work-from-home franchises, but new owners should explore the terms of their contract to ensure that this option is valid for them.
Many of these franchises are in the financial and banking services field, but they may also extend to consulting, computer training and repair, bookkeeping, home improvement and cleaning and even entertainment. Work-from-home opportunities can save both business owners and franchisors money on operating costs, and many franchisors will provide specialized training for business owners who seek this option. In addition, many will cover equipment costs that allow business owners to make sales calls, fax over documents, scan files and complete other office tasks.
But before adults decide that they want to run their operations from home, there are a few factors they will need to take into consideration. First and foremost, individuals should make sure that it's legal. Many communities may have special zoning rules and ordinances that make it difficult for business owners to run a company out of their home. For this reason, it's crucial to contact the neighborhood zoning commission and other government entities to ensure all of the requirements are being met. This can help business owners avoid costly legal issues down the road that may put them in a hole financially or scar their small business reputation.
Business owners should also fully understand the tax implications of owning a home office before making the switch. Speaking with a licensed tax preparer about how the office will affect their taxes can be wise, namely because it will help business owners organize and maintain the relevant paperwork they will need to claim business-related deductions. For example, home office deductions allow individuals to write off some of their operating expenses, such as rent, utilities, insurance and even furniture. However, certain rules must be followed in order to qualify.
Lastly, business owners should make sure they are disciplined enough to work from home to avoid putting their business in danger. Creating a set schedule, removing all distractions and separating their office space from their living space can help them adjust to working from home.
The Liberty Tax Service franchise opportunity is appealing to a diverse America, ranking highly for its affordability and potential. Entrepreneur magazine has ranked Liberty Tax Service on its “Franchise 500” list of best franchise opportunities since 1998. Liberty Tax Service is the only tax franchise on the Forbes magazine’s “Top 20 Franchises for the Buck” (2012). Our tax franchise is an affordable and viable business choice. Each office provides thorough, computerized tax preparation coupled with superior customer service. For the best small business opportunity in the income tax franchise industry, choose Liberty!