By Emily Peters
Sometimes, finding the perfect time to start your own travel business is like waiting for the stars to align. You collect the information, interview your hosts, have the money ready to go—and you still hesitate. Though any time is a great time to take control of your career, January just might have a few special features to inspire you to make a move.
You can easily match your fiscal year with the calendar year.
For businesses, a fiscal year is the 12 month period that covers your profits and losses. Though some businesses can have a fiscal year that starts later, the IRS generally requires sole proprietors, LLCs and S Corps to follow the calendar year.
Starting your travel business in January will keep your accounting and business expenses super simple, as most of your initial expenses (like joining a host agency, business supplies, etc.) will be contained in one calendar year instead of crossing over two. If you’ve already have begun your travel business and you’re looking to change your business structure (e.g. going from a sole proprietor to incorporated), filing in January will ease the paperwork burden because you won’t have to file as two different entities during tax time.
Business licenses may not pro-rate.
Most cities require a simple business to run a business out of your residence. If your city issues licenses following a calendar year, that means you could get your license November, only to have to renew it in January. If they don’t pro-rate, start your travel business in January and get the most juice out of your license for the year.
You can capitalize on peak booking times.
Peak booking times vary. Older travelers may book a year out, whereas millennials are more inclined to last-minute purchases. Regardless, starting your travel business in January means you can take advantage of the fact that January is one of the top booking months of the year. PLUS, it gives you time to acclimate to your new host and business needs before warmer-weather bookings begin to mount one to six months before summer.
All those special off-season travel deals.
Once the holidays are over, the travel industry eases into a “shoulder season” (the months just preceding or following a peak) before hitting off-season. Starting your travel business in January means you’ll get to take advantage of some of the best shoulder and off-season deals to your budding clientele.
As the song says, let’s get it started.
For those whose joy is to enable others to travel, there is no magical day or month that’s perfect to start your travel business. The beautiful thing about taking control of your career is that it can be done at any time. Consider the extras January offers as a bonus incentive and start your travel business today!
Are you ready to start your independent travel business with MTravel? We are here to help! Contact us here or call us at 800-870-5799. Be sure to check out our website at www.MTravel.com and follow us on Facebook, LinkedIn and Instagram.