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Ah, summer. Now is the time of year when many families hit the pause button on pursuing a new business. The outdoors are calling. Kids are out of school and at home with their parents. The distractions are plentiful as you vacation and kick your feet around the pool.
However, many people with entrepreneurial hearts can’t help but think about what’s next in their lives. If that’s you, you’re probably dreaming about starting your own business while you sip your favorite iced beverage poolside. You’re probably considering career opportunities while waiting for your airplane to board. These thoughts suggest that summer might be the right time to invest in a franchise.
Here are three reasons why that constant soundtrack in your mind shouldn’t be ignored.
Open Your Doors in Time for a Flurry of Shoppers
When you sign on the dotted line, your franchise isn’t immediately up and running. There’s infrastructure to build. There are employees to hire and train. There’s administrative work that needs to be done. By getting the backend work done now, you’re more likely to be able to open your doors right at the time when consumers are most likely to spend — the holiday season.
Summer lets you get ahead of the busy shopping season in Q4. If you can quickly get started with a franchise you’re considering investing in, you’ll be able to start making money faster by opening your shop when people are most eager to buy.
Disclaimer: It’s important to note that this particular reason isn’t true for all franchises. Some franchises do better during the holiday season than others. It’s up to you to determine if you can get started fast enough to meet Q4 head-on and if your market will want to buy from you now versus at another point in the year.
Hottest Hot & Trending Franchises
Woof Gang Bakery & Grooming
With more than 200 locations open or under development, Woof Gang offers best in class grooming, and a unique retail experience; our gourmet treats are made with love, and we just offer the best quality pet food. Each location is a committed to the happiness, well-being and health of pets.
Paul Davis Restoration
Join North America’s #1 leading insurance restoration network. Year-round demand in a booming industry!
EggBred
The EggBred goal is to provide the surrounding community an energetic and positive fast casual experience serving a delicious alternative to the often boring breakfast sandwich.
Travel for Training with the Family
One of the first things you’ll do when you invest in a franchise is travel to the corporate office for training. Many franchisors like to spend a few days interacting with their new franchisees so that they can offer them a solid foundation for maximum success. More often than not, this training requires you to travel. When you travel, you can stay close to your family by bringing them along for a mini vacation since the kids will already be out of school and eager to explore. It’s the best of both worlds.
Secure Tax Advantages for Your Current Year Taxes
Ultimately, no matter when you open your doors or attend training, you’ll be investing. When you make that financial investment in the summertime, you’ll have longer to build up tax advantages for your current year taxes. For example, if your start a franchise in summer 2024, it will help you gain a stronger foothold tax-wise going into 2025. By investing in the summertime, you’ll have enough of a chance to accrue those tax advantages while still having a short enough runway to see the return on those investments come tax season.
While summer might seem like a time to relax and sit poolside, there are distinct benefits to taking the leap into franchise ownership during the warmer months. If you’re on the fence, consider the timing of your opening, the travel requirements, and the tax advantages you could get by choosing to jump into your next franchise investment now rather than later.
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Kimberly Crossland is the founder of Roadpreneur and Cruisin' + Campfires, two companies designed to keep families together and living in freedom through travel and entrepreneurship. The goal of both businesses is to inspire meaningful change through the power of a strategic, thoughtful approach to life and business. In her free time, you can find her looking for a new adventure together with her two boys.