Franchisee FAQ's

Franchisee FAQ's

Q: What is a tax franchise business?

A: The business of Tax preparation is the managing the process of preparing tax returns for businesses or individuals, and generally for compensation.

Q: What type of experience do you need to own a tax franchise company?

A: It can certainly help if you have experience with tax preparation and the ever-changing tax laws, but it’s not necessary to have these skills at all. In fact, you don’t need any tax preparation, or accounting experience to be a successful franchisee and run a successful tax franchise business. You need a desire to own your own business that can be fun, rewarding, lucrative and challenging.

Q: How do I buy a tax franchise business?

A: If working with people and using computers are some of your strengths then you’re already a great candidate to become a tax company franchisee. A simple application and interview process will get you the information that you need just got to and complete the franchisee questionaire.

Q: What is the best tax franchise company to become a tax company franchisee with?

A: This is the second most important question that you want to ask yourself before becoming a tax company franchisee. A solid tax franchise company should have values while offering value to you, value by offering a tax company franchise franchisee many benefits.

Benefits such as a solid marketing plan and systems to deliver leads, reliable support, low operating costs. Also a solid payment plan, and the security of your clients now and the future. What happens to them after you retire or sell your company? You’ll want to work with a reputable tax franchise company that has a solid reputation, which is the Tax Experts.

Q: How much does it cost to purchase a tax franchise business? Are there ongoing fees?

A: Tax franchise companies can have franchise fees form several thousand dollars to hundreds of thousands of dollars to initially get started. The estimated minimum start-up cost to open a Tax Franchise is $20,000. You’ll also need enough liquid capital to cover the first few months of operating costs. Franchise fees apply as well. To find out what it takes to run a successful tax franchise company all it takes is a simple application and interview process will get you the information that you need.

Q: What is required to run a successful tax franchise company?

A: Entrepreneurship takes dedication, and commitment. Mastering this is 90% of the battle, learning the system is the other 10%. To run a successful tax franchise company, you need to stay committed to your goals, work towards accomplishing goals every day and be proactive and build a solid rapport in your community.

Q: How much time is required to be a tax preparation company franchisee?

A: The answer is the old cliche “You get out of it, what you put into it.” The better question is how fast do you want to get profitable? How quickly do you want to gain a foothold in your territory or marketplace? You’ll invest time and money in growing your business. How much you invest is up to your availability, desires, and resources. Expect to invest heavily in the early stages of your franchise.

Q: Why should I become a tax company franchisee?

A: For most tax paying hard working people tax preparation can be an intimidating task. As the trusted professional you’ll be guiding them through the tax preparation process, as smoothly and painlessly as possible. As Benjamin Franklin said, “The only two certain things in life are death and taxes.” As a tax company franchisee, your tax franchise business is recession-proof. A strong franchise business that will continue to thrive in any economy.

Q: Do you offer support beyond the initial onboarding and start-up training?

A: Yes we offer ongoing training to our franchisees. As regulations change in our industry we keep our franchisees up to date. We offer ongoing sales and marketing training for new or seasoned tax company franchises. Our franchisees have to remain current with local, state and federal licensing and regulation associated with owning a tax franchise.

Q: What is a typical day like for a tax company franchisee?

A: Your typical day will be spent establishing your new franchise in your community. Networking, attending local events, making sales appointments and meeting with clients. Focusing on the growth of your franchise and increasing sales in your territory, recruiting new agents, training new agents, reviewing past clients and maintaining relationships with them to cultivate future business.

Q: What are the benefits of owning a tax franchise?

A: A rewarding career helping others with important personal financial information. Ongoing support of the tax franchise company, financial assistance for those that seek financing. A creative design & marketing department, instant brand recognition, national advertising campaigns, management, and leadership development training.

Q: What are the ongoing costs of running a tax franchise business?

A: As a tax business owner franchisee you will have ongoing fees within your business. The operational costs of keeping your doors open, the phones ringing, and lights on, the costs associated with generating prospects and developing customers. On top of your franchise fees, there may be ongoing royalty fees, other franchise fees to the franchisor.

Q: Is purchasing a tax preparation franchise business a guarantee for success?

A: There are no guarantees when it comes to going into business. Purchasing a franchise can definitely improve your chances of success, but hard work is required to build a strong and stable tax franchise business.

Q: What are the downsides of owning a tax franchise?

A: There are many upsides to being a tax franchise business owner and there can be some drawbacks too. If you want the ability to drive the direction of your business you are bound by the terms of the franchise contract when it comes to exiting the franchise what is written in the contract matters. You may only have access to proprietary products and not be able to offer outside or third-party solutions. Paying attention to the details and being informed is the best way to tell if a tax franchise or tax preparation franchise business is right for you.

Q: What types of services does a tax preparation franchise business sell?

A: Individual, joint, self employed, electronic filings, tax refund loans too up to $5000.

Q: Can I work my tax franchise business from my home?

A: You can not work your tax franchise business entirely from your home, you must have a retail office in a heavy foot traffic area. You can, however, have a remote or satellite office out of your home for those important meetings and calls that need to be handled outside of regular business hours.

Q: What if there is already another tax franchise business in my desired territory?

A: That depends on if your territory is exclusive, protected or non-existent. They type of territory protection is found inside of your FDD ‘Franchise Disclosure Document.” Know your rights before you invest into a tax preparation franchise business.

Q: What are the main reasons a tax franchise business would fail in its territory?

A: The main reasons that a tax franchise business would fail are generalized here. Expecting a business in a box solution. Why the franchise has systems you still have to get integrated with them and deploy them correctly., Ignoring advice from experienced tax franchise business owners, mentors, and coaches. Thinking you have all of the solutions. A lack of focus, capital, back up plans for contingencies. Not following the franchisor’s system, reinventing the wheel.

Q: What is my length of commitment why purchasing a tax franchise?

A: The commitment of time for the franchise agreement will be outlined in the franchise contract. Typically the terms are 5 years or longer, there are also “non-compete” clauses in the franchise contract.

Q: How do I know if I should purchase a tax franchise business?

A: Only you can truly answer this question, you need to know if you the desire to process taxes, help people, have a strong attention to detail, time management skills, good people skills, a strong mental attitude, the ability to work under deadlines and in fast-paced environments. If you answered positively to these questions your a great candidate to become a tax business owner franchisee.

Q: Do I need an attorney present to buy a tax franchise business?

A: Yes, you should have all of the professional advisors you require before investing into a tax franchise business. You will want to review any contracts, documents, restrictions related to your new business.