6 Reasons to Reinvest Your Tax Refund in Your Custom Apparel Business
The stress of filing taxes is a distant memory at this point and the anticipation is building for the day your refund comes in. While we’re big fans of splurging in a little treat for yourself, we want to show you why reinvesting your tax refund in your business can be the smart play.
It’s like getting that money twice
If you reinvest your refund in your business, depending on the item, you may be able to write these items off on next year’s taxes – which may result in getting more money back next year. As always, consult with your tax professional to make sure the investment you’re considering would benefit you on next year’s taxes.
Bad equipment might be costing you business
If you’re struggling with old equipment or rigging equipment for something other than its intended use, it can tarnish your reputation.
Per our customer service team, using a cheap/old/off-brand heat press is the number one reason people have issues with heat transfers. They don’t maintain the temperature and pressure required by the transfer recipe. Oftentimes, garments leave the shop looking just fine, but the transfers can pull up or start deteriorating in wash cycles…meaning you may never know you have a quality problem. The customer may simply not come back. If you want to run a professional apparel business, you need professional equipment.
Better equipment helps you make more money in less time
As you can see in the video above, by simply adding a heat press caddie and quick slip protector, you can shave nearly a minute off of each shirt you press. For a 500 piece order, that’s a gain of over six hours. In our blog post “How to Press T-Shirts Faster,” you’ll see the details behind that math.
Or perhaps you have more business than you can handle. It might be time to add a second press.
Whatever your equipment upgrade needs, now might be a very good time to take your tax return windfall and invest in yourself.
It’s easier to do while the money is right there
We’ve all done it. We decide that we’ll buy that boring, but necessary thing “later.” Then life happens and the money is no longer there. It’s oftentimes best just to pull the trigger when you have cash in hand.
What about marketing
In addition to upgrading your equipment, it’s a great time to invest in marketing your business. Maybe you hire a freelancer to spiff up your website or get some new flyers done? Or take an online course to better learn how to craft your emails or run your social media properties?
Investing in your business is investing in yourself
As the old adage goes, you have to spend money to make money. It’s not glamorous. It’s not fun. But, it’s definitely true. Make a plan for your tax return and figure out how you can use that money to generate more money. You won’t regret investing in yourself!