A nice, relaxing vacation. Paying off credit card debt. A reliable used car. Innumerable dinners out. A shopping spree. There are many ways Americans like to spend their tax refunds, but there is only one that will turn your refund into more than you started with: Starting a business with your tax refund.
The average tax refund is around $3,200, an amount that isn’t astronomical, but is more than enough to get a small business up and running.
If you hadn’t considered starting a business with your tax refund, it’s time to take another look at what can be done with the money you’re about to receive. Here are 7 examples of businesses you can start with your tax refund!
7 Businesses You Can Start with Your Tax Refund
Almost any professional skill set can be applied to consulting – if you’ve been in management, start a management consulting company. If you’re a writer, consult with businesses on improving their content. Social media whiz? Help other companies grow their presence by teaching them the social networking rules that work for you.
Whoa, is this a real-life example of irony or what? If you’ve got the experience and know-how, you can use your tax refund to start your own tax preparation business. After all, if you managed to come away with a nice refund for yourself, you could help others do the same.
Tour or adventure guide
Every town has history and character. Find what’s special about your area and capitalize on it by offering guided tours through the city or guiding others in outdoor adventures (canoeing, fishing, hiking, spelunking, etc.)! Equipment for adventure guidance can be expensive, so consider collaborating with a friend or family member to make it happen if your refund won’t stretch far enough.
Event planning company
If you’re supremely organized and enjoy planning, you could start an event planning company. A word of advice: If others don’t use words like “perfectionist,” “super-organized,” and “works well under pressure” to describe you, event planning is not for you. It takes a lifelong dedication to organization and planning to make it in such a stressful industry!
Drop shipping business
The money you’ve just come into could help you start a successful drop shipping business run entirely from your home. Find a product that others want, determine your pricing, and set up an online storefront to operate from. Drop shipping means you’ll order items from a manufacturer and have them ship directly to the consumer after purchase – you’ll never need to touch the products in order to turn a nice profit!
Energy efficiency inspection
A FLIR (Forward-Looking Infrared) camera is an investment worth considering if you’d like to start a home or commercial energy efficiency inspection business. These cameras show you where energy and heat are being lost in a home or building so owners can make needed repairs to save on energy costs. They are priced across a wide spectrum, some as little as $250 and some as high as $50,000. Find the model that is affordable and offers what you need to get started. You’ll need to get certified, which can be done online in just a few weeks.
If you’ve read more than your share of Better Homes and Gardens and enjoy refinishing or giving new life to old furniture, this could be the business for you! Use your refund to pick up a range of furniture items that have “good bones” and refinish them to sell for a profit. Desks, chairs, dressers, doors, windows, entertainment centers, nightstands, coffee tables – the options are many!