You’ve always dreamed of owning your own business – of answering to no one but yourself.
You’re aware of the pitfalls of entrepreneurship, though – you’ve read that most small businesses go out of business within two years.
The main reason why entrepreneurs fail is that, while they may have an excellent idea for a new company, they don’t have the business knowledge to run it properly. They run up too much debt, and they don’t have enough advertising to drive people to their new business.
But if starting a new business is too risky, how can you achieve your ambition?
The Franchise Business Model
One way to lower the risk of opening a new business is to open a franchise.
With a franchise, you don’t have to worry too much about advertising – your franchisor home office does that for you.
The home office also provides you with the business training you need, as well as the business-specific training you need, to run your franchise successfully.
So, if opening a franchise is an ideal way to own your own business and ensure that it will be a success, what kind of franchise should you open?
Types of Franchises and their Profitability
The franchises with the highest profiles are in the food industry – fast-food restaurants, to be precise. And those are labor-intensive businesses in which you have to depend on an unreliable workforce with high turnover. The profit margin averages only 3 to 5%.
The solution would be to purchase a franchise from a company that has a proven business model, requires only a few highly-trained employees, and is in a business niche that will always be with us.
The tax preparation business fills all those requirements.
According to Sageworks, tax preparation is one of the profitable industries in the country, with a profit margin averaging 18%.
Let’s repeat that:
Tax preparation is one of the most profitable industries in the country!
Taxes will always be with us, so a tax preparation franchise is ensured a steady supply of clientele!
You can start small – with only a couple of employees.
As your clientele grows, you can hire more team members – either experienced tax preparers who wish to work for a great new company or entry-level people whom you can train with your own tax-preparation software provided by the franchisor or “home office.”
Continuing education is a requirement for tax preparers since the tax code changes on a regular basis. Your franchisor should offer this training as well.
Tax Preparation Franchises
When looking for a tax preparation franchise in which to invest, the key is to find a company that represents your ideas, in addition to being stable and built on a good foundation.
That’s why G.I. Tax Service is such a tremendous opportunity right now.
As the very name implies, G. I. Tax Service targets its services to our military, as well as government employees, to ensure “No dime left behind®.”
G I. Tax Service ensures that its franchisees have access to the training they need:
- Tax Training Boot Camp: Basic Training Program
- Advanced Tax Preparation Education
- Training and Review Courses for IRS Enrolled Agents (EA) and Registered Tax Preparers (RTP)
- Review Courses for CPA Exam Candidates
To separate itself from its competition in the industry, G.I. Tax Service franchises are open year-round, supplying financial services as well, such as credit repair and counseling, assistance in business loan or financial aid applications, and more.
There are many reasons to invest in a tax preparation franchise, and even more to make G. I. Tax Service your franchise of choice.