Thinking of starting your own tax business? With the proper training and business savvy you should have no problem getting started. Many tax preparers interested in owning their own tax business struggle with the decision to start from scratch as an independent owner, or buy into a franchise.
While franchise options sound appealing as turn-key solutions for any new business owner, there are a lot more benefits to owning your own business as an independent owner. Here are some of the reasons why becoming an independent tax business owner is a better option.
No franchise/royalty fees
Buying into a franchise means lots of startup fees, lots of paperwork, and paying royalty fees to the franchise as long as you own the business. As an independent business owner, you can start your business with minimal startup costs and keep the money you earn rather than giving a portion of it to the franchise.
You truly own your own business
Sure, you technically own the business as a franchisee but not really. You still have to follow the rules and guidelines given to you as a representative of whatever major tax firm you buy into and you still have to answer to someone.
You can expand wherever you want
As an independent tax firm if you want to expand there are no restrictions to the areas you choose. As a franchise owner, you cannot expand into territories where other franchisee’s have already set-up shop.
You make a name for yourself
It’s [insert your name here]’s tax business. Not, [insert major tax firm] being run by [insert your name]. This is your business. You run it how you see fit, under your name.
You also get to decide how to market your business and can market yourself as a local business rather than a national one. You can also avoid paying those big marketing fees for services offered under the franchise that may not even work for your business.
You can’t be fired
That’s right, as a franchisee you can be fired.
You don’t have to reinvent the wheel as an independent owner
Most people opt for the franchise option because it’s a turnkey package with manuals, marketing plans, and systems already in place. You have options though. As an independent tax business owner, you don’t have to reinvent the wheel because we can help.
The Income Tax School’s Tax Practice Management Tools are a turnkey solution to launching your independent tax business. As an income tax professional or tax business owner, you can use our powerful tools to:
- Compete successfully with local and national tax firms
- Attract new clients
- Build a successful tax practice
Our Tax Practice Management Manuals will enable you to compete on a level playing field without reinventing the wheel or paying costly franchise fees or royalties!
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