INTRODUCTION
IN THE NEWS
MANY FACETS
RESOURCES
ABOUT US
INTRODUCTION:
Opportunities for those with an entrepreneurial spirit
Going into a new business venture is a major life decision, as well as a major ongoing commitment. Yet, it’s one that ugs at the soul of many CPAs and accountants who are
tired of laboring for a large corporation or an owner who reaps a
good chunk of the benefits they generate—and for others who are
looking to accelerate growth of their existing accounting practice.
Fortunately, tax preparation is a unique business with a lot of opportunity
due to the underlying fact that every adult American, regardless of
income or stature, is legally obligated to file an income tax return every
year—that’s a lot of potential customers for the taking.
If you’re in the accounting or tax business, you’re probably
someone who likes numbers. Well, here are a few (compliments of
FranchiseHelp Holdings LLC) that might interest you:
2 Approximately 144 million individuals and 2. 4 million
corporations filed returns last year
2 82 million returns are prepared by paid professionals,
23% of which are handled by franchises
2 32,000 tax preparation firms generate approximately 7. 7
billion in revenue
2 The majority of the firms that prepare tax returns are
small, with less than 10 employees
2 The tax prep industry is expected to grow by 4%
compounded annually from 2010 to 2015
What franchising has to offer
Despite calls to simplify the tax code, it most likely will remain
more complicated than the average taxpayer is willing to tackle on
their own. The trick is getting them to come to you for preparation
services.
One of the greatest benefits of becoming a franchisee is brand
recognition. A familiar name has a way of drawing customers more
quickly because they already have a sense of comfort that they will
receive a certain standard of service. The franchise, quite honestly,
has already done a lot of the hard work in creating their reputation,
and they’re not going to allow their name to be used unless they’re
also comfortable that the franchisee is going to deliver the promise
that goes along with their name.
So how does the franchise guarantee a certain level of service?
Entrepreneurs who become part of a franchise family receive a
proven “plug-and-play” system with established rules and standards
as well as a pre-developed shopping list of everything needed to open
and successfully operate a tax preparation business. This should
include help with site selection, hiring and training of employees,
marketing and promotion, technical and software issues, income
tax preparation, and any other problem that might arise.
In addition, being associated with a reputable franchise often helps
secure the necessary capital needed to start a new business—a
