On this weeks strategy session, I’m going to talk about Problems and Challenges in the tax business in the offseason. So many people ask me what they should do in the offseason since the majority of tax returns are filed between January and April of each year. What to do for the remaining months. Well, if you already have a traditional tax business with a storefront or an office lease in place, there are a couple of options. You can look for a subtenant. Great places to find one are: by posting on craigslist, posting on loop net which is a commercial real estate portal or by giving a listing to a local realtor to help you find someone. Whether you want to sublease a piece of your office or the entire thing, that’s up to you. However, any revenue you can bring in this way will go right to your bottom line so it is worth it to have feelers out there. Or you can offer other services like bookkeeping, insurance, real estate or financial planning. In my experience, I have always found that staying focused is a better strategy unless you are really good at some of those services and have the knowledge and licensing in place. In most cases, it can become a distraction to getting ready for your core business of preparing tax returns. And one of the best things about this industry is the fact that it is seasonal. So if you spend the offseason planning and putting marketing in place for the upcoming season, you will be closer to the lifestyle that you ultimately desire. Now, if you want a truly easy way to answer the question of what to do in the offseason in this business, my advice would be to not have an office or storefront at all. Not having to worry about that additional expense is by far a very liberating feeling especially if you are just starting out and building your client base to profitability. Without a risky lease in place. you can be profitable much quicker. That’s the Happy way. Our franchisees work anytime anywhere during tax season and never have to do the actual work of preparing taxes as our licensed CPA’s handle that for them. They can focus on sales and marketing in the tax season and not have to worry about employees or rent in the offseason. I’d like to give you a better understanding of how our model works and how it is revolutionizing the tax business. If you haven’t heard, we’ve been called the Uber of the tax preparation industry. I invite you to join our franchise webinar by going to GetHappyTax.com/go.
Have a wonderful and productive rest of the week and take care.
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