In this week’s session, I’ll answer a question from Joel in Los Angeles. Joel is about to become a Happy Tax franchisee but had some initial concerns about the ability to scale beyond a one person operation. Joel is aggressive and wants to build a nice size business so he can quit his job. He understands that it will take some hard work and time. However, he loves that it is only 4 months per year to do this double duty. One of my major problems has always been having enough time in the day to get everything I wanted to get done done. Early on in my career, I tried to do it all myself eventually realizing that wasn’t working and I was stuck at certain income levels. Eventually, I scaled and hired employees to assist me then I surrounded myself with a team of others that could help support my growth. Joel, you can do the same thing. And I’ll show you how to do it without making the mistakes I have made up front. There is always the option of opening up your own tax business without joining a national brand like Happy Tax. That’s how I started out many years ago. I did all of the sales, marketing, tax prep, and administrative parts of my business on my own. It is very difficult to scale a business when you’re doing it all by yourself. Without support and even just a team of people to bounce ideas off with, you sometimes feel very alone when you’re a solo entrepreneur.
Typically, if you start on our your own, you’ll need to recruit, hire, and train employees to work for you. Whether it be to answer phones and handle appointments, to be a tax preparer for you, or helping you do some marketing. With Happy Tax, you don’t need to do any of that as our CPAs prepare the returns for you, our technology makes and follows up with your appointment and our processing team handles much of your customer service in finalizing the returns for signature with the clients. So you can focus on bringing in more tax returns and, ultimately, more money. Plus, we do have plans available for those that are more aggressive like Joel. For a small additional fee, you can add tablets to your franchise agreement and have others going out sourcing returns to send back to our CPAs to prepare for you. You can pay them hourly, however, we highly recommend you pay them as independent contractors and let them make their own hours to keep your administrative burden down as well as having a pay per results scenario that will incentivize them to bring in more business. Franchises can have up to 5 tablets operating in their first year. And once you’ve built your base and want to open up a physical location and you’ll be doing so with none of the risk of opening up a location for your first year out or having to manage and hire tax preparers to do the taxes for you. And if you like, Joel, you can follow in my footsteps and open up multiple locations across the country the way I did when the time is right. Finally, we’ll be rolling out our Area Representative program later this fall where you can become our partner in a given area to help find and support franchisees in return for a share in the franchise fees and royalties. I’m all about opportunity and growth and I’m here to ensure that all of our franchisees get the same. Let’s talk about your plans and goals. I’d like to hear from you.
Have a wonderful and productive rest of the week and take care.