As we’ve talked about in previous posts, there are a lot more benefits to owning your own business as an independent owner than as a franchisee. The draw of a franchise is the support and turnkey solution an established brand can offer. Buying into a franchise means that everything from Operations Manuals to HR manuals is already written and ready to be implemented. This can be a huge time saver for those afraid of starting from scratch.
Here’s the thing about buying into a franchise though: you don’t really own the business and you have to pay franchise fees and perpetual royalties.
There’s no need to buy into a franchise when you have the tools you need to run a successful business.
Proper Tax Training
First thing’s first. You’ve got to have a good base of knowledge if you want to be successful. This means completing a tax preparation course from a reputable school. Remember, the more knowledge you have, the more complicated returns you can prepare, and the more money you will make.
Check out our Chartered Tax Certificate Programs, they are a great way to prepare you with the knowledge that you need.
You’ll also want to go through the IRS Annual Filing Season Program to earn your record of completion and be listed on the IRS Database of tax preparers.
Create a Business Plan
You’ll need to project growth, assess your market, and create a plan to guide you. A solid business plan is something every business owner should have no matter what your industry.
The SBA as well as your local Chamber of Commerce are great resources for putting together a solid business plan.
Develop a Marketing Plan
You need a solid marketing plan if you want to compete with the National Tax Firms and grow your client base outside of family and friends. Your plan should include things like
- Market analysis
- Description of your target market
- SWOT Analysis
- Market evaluation
- Mass and target marketing plan
- Social Media strategy
- Public relations strategy
The big tax firms have lots of different tactics they employ to ensure business growth. But you don’t have to buy into a franchise to learn their strategies. Surgent Income Tax School’s Tax Business Marketing Manual is a guide to help you create your own marketing plan that includes strategies proven to be effective and easy to implement.
Choose Tax Preparation Software
You’ll need proper software to help you and/or your staff to prepare returns effectively. There are many options when it comes to tax software. What is most important is choosing the software that will best suit your needs based on what types of returns you (or your staff) will be preparing and what you can afford.
Read: How to Choose Suitable Tax Software
Have Policies and Procedures
The big firms work from established and well-defined policies and procedures. Systematic operating methods are one of the keys to running a successful business.
You can develop your own by writing down all your processes – everything from answering the phone to preparing a return. You could also check out Surgent Income Tax School’s Tax Office Operations Manual.
Starting your own tax business is easier than you think with the proper training and tools. You don’t need to buy into a franchise to learn the strategies of the big tax firms. The Income Tax School tax preparer training and Tax Practice Management Tools will set you up for success and give you the support that you need without having to buy into a franchise.
More Great Reads:
Five Reasons Independent Ownership Is Better Than Buying Into a Franchise
How to start your own tax business
Why you should start a tax business