Many professional service providers turn to franchises when looking to strike out on their own. After all, these organizations offer the brand recognition and marketing benefits of proven brands. Tax franchises are no exception – they often allow Certified Public Accountants and other tax professionals to enjoy the freedom of entrepreneurship without the risk of having to establish their own brand in an already crowded marketplace. However, when it comes time to choose a tax franchise, it can be tough to tell one apart from another.
When it comes to establishing yourself in a new business, it’s critical to stand out from the crowd.
All Happy Tax franchisees receive the benefits of the name recognition and trust we’ve worked hard to build over the years. However, they also reap the advantages of associating themselves with the most innovative tax services franchise in the market today.
Innovation is Key to Breaking Into a New Industry
Let’s face it, taxes are not the most exciting thing in the world. As a result, it’s tough to get current and prospective clients interested in the tax preparation and advice that they often badly need. Even when individuals and businesses do seek tax assistance, they often just go with the big-name brands they recognize. So, how are new tax service providers supposed to break into the market?
When it comes to the tax services market, there’s one major advantage that the up-and-comers have over the old brands: innovation. Big companies can become cumbersome and stuck in their ways, often as a result of getting too comfortable in stagnant markets. However, markets are always changing, and breaking through requires innovation. Happy Tax is constantly reacting to changing market conditions by offering the new tax products and services that today’s taxpayers want.
Happy Tax Has What Today’s Tax Customers Need
At Happy Tax, we keep our fingers on the pulse. This means keeping up with the most important activities and preferences of consumers in the financial markets. When we saw how big cryptocurrencies have gotten over the years, we knew that this wasn’t just a passing craze. Rather, it was a financial revolution – one which brought with it lots of questions about tax liability that can only be properly addressed by skilled professionals.
Over the past few years, millions of Americans have started investing in cryptocurrencies. While this new wave of financial technology was largely ignored at first, the Internal Revenue Service quickly got serious about assessing and collecting taxes on these new financial products. The IRS issued policy guidance that established a broad definition on taxable cryptocurrency transactions back in 2014, but the agency just recently started actively enforcing its rules. As a result, many cryptocurrency users who thought they were in the clear are facing potential audits for transactions they performed in prior years, and new virtual currency users are scratching their heads trying to figure out how to avoid ending up in the same boat.
Taxpayers who have bought or sold cryptocurrencies understand that consulting with a tax professional is the best way to avoid trouble with the IRS and keep their cryptocurrency portfolios on track. However, since cryptocurrency is a relatively new phenomenon, there is a real lack of tax professionals who possess the skills and experience necessary to help virtual currency users manage their tax liability.
When Happy Tax sees a market need, we figure out a way to fulfill it.
That’s why we launched CrypoTaxPrep.com, a Happy Tax service that specifically caters to the needs of cryptocurrency users, investors, and miners. This innovative approach to customer service puts Happy Tax far ahead of its competitors, many of which are becoming less and less relevant to the modern taxpayer.
Long-Term Benefits of Becoming a Happy Tax Franchisee
Anyone who is considering purchasing a franchise should look at the basic structure and costs of the various options available. Of course, this includes up-front and periodic franchise fees, as well as any long-term royalty payments or commission splits that you may be required to pay. However, these costs only become relevant when balanced against long-term profitability.
Taxpayers will always have options. Tax service providers don’t only have to compete with direct competitors in the tax preparation and assistance industries, but they also have to stay relevant. Tax preparation software is becoming more and more popular, and an increasing number of taxpayers are forgoing professional assistance altogether.
Happy Tax cannot guarantee the success of individual franchisees. However, what we can offer is the long-term benefit of being associated with a brand that prides itself on finding innovative ways to meet customer demand and generate revenue from untapped markets. CryptoTaxPrep.com is a prime example of us doing just that. We identified a growing need in a developing market, and we established a new division of our already trusted brand to make sure taxpayers are getting the services that they want.
This innovative approach to tax assistance is just one significant long-term benefit to becoming a Happy Tax franchisee. However, there are plenty more where that came from. To learn more about starting your own Happy Tax franchise, reach out to us today. Once you see how quickly Happy Tax moves in the increasingly fluid markets of tax preparation services, you’ll be glad you did.