April 8, 2016
“I love doing individuals tax returns. I’m really good at it. I save my clients a lot of money each year. My clients seem to really love me, but I can’t seem to make any real money. Why”?
I hear this many times during the year. The simple answer is that the tax business was originally setup to start each year January 1st and end April 15th. The reason for this short time table was to get the pain over with as soon as possible. Well maybe that isn’t the real reason, but it makes sense if you’re the one doing the returns and/or the one paying the taxes. Either way it can be very painful. That’s’ the problem, a business model that is basically only open 90 days a year cannot be anything but painful. To add to the this business model, most tax preparers allow the 90 days of the tax season to continue until Oct. 15th., Sometimes longer.
What’s the answer to turning this 90 day a year business model into a year round successful business model?
Knowing that you are a part of a business family is one reason that a person buys a franchise. There is something to be said about knowing that the path is already carved to success. You don’t have to go into the business arena and figure out every detail because the investigating has been done for you. Additionally, there is comfort in knowing that there is advice and support just a phone call away. Being alone in the wilderness is great if you are on a camping trip…not so much when your livelihood depends on it!
You have to add income from somewhere. Right? What add on products or services could you bring into your model? You could add Insurance, financial planning, payroll, or accounting write-up business. A great number of tax preparers think that the write-up business is too hard to develop so they stay out of it. My research tells me that the reason that tax preparers are not interested in the write-up work business is it’s so time consuming and not profitable at all.
I disagree, it’s actually a great addition to a tax practice, now. Today’s cloud technology is a game changer. The ease of setting up a business client and the flexibility for you and for your business clients is just about unbelievable. One of my top marketing execs says that cloud accounting and business clients go together like “peas and Carrots”. I think she borrowed that from Forrest Gump.
So if you have a tax practice and you want to build a large full service firm, give me a call. Love to help you.
Alan Padgett, Pres.
Succentrix Business Advisors
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