If you’re making the leap from employee to boss with a franchise, you no longer have the luxury of focusing only on your own salary. You need to take a look at the bottom line for the entire enterprise. Here are a few ways to pinch pennies while your franchise gets off the ground.
Find out if there are tax write-offs
As an employee, you may not have been used to writing off your tax deductions. But as a business owner with a franchise, you should definitely be reading up on them. It’s possible that utility bills, car mileage, work supplies and customer discounts are write-offs. To be sure you’re taking advantage of all possible deductions, get a good accountant.
Haggle on rent
If you don’t own the building where your franchise is located, one of your biggest costs will probably be rent for the space you’re using. Since rent isn’t a one-time expense, it makes sense to haggle on a monthly price when you can.
Look into grants
Many new business owners are eligible for grants. Research your eligibility, or ask your accountant or financial planner. There are often stipulations that come with the grants, so make sure you can meet them before you apply.