As people begin to prepare for their year-end holiday festivities, those who are in the tax preparation industry are beginning to prepare for a busy tax preparation season that kicks off at the first of the New Year. For some, this is a routine process: downloading updates to existing tax preparation software packages, ordering new file folders and even hiring a marketing firm to begin the process of creating a new campaign for the newest tax season. However, for those who are looking to start a tax preparation business, the steps aren’t quite as clear cut. Here are a few tips on how to start a tax preparation business that can help you get started.
Determine Your Structure
Getting your tax preparation business starts with a simple decision: do you choose to become part of a franchise or strike out on your own? While starting a tax preparation business as a franchise might cost a little more initially, it can provide you with benefits such as free advertising, tax preparation software and tax prep training courses. Going it alone means that you are be responsible for acquiring everything you need to get your business going. Companies like No Limits Tax Refunds can provide you with tax preparation software as well as tax prep and marketing training for less than the franchise fee charged by larger tax prep companies.
Find Your Location
Your tax preparation company needs to be located in an area where it is easy to find. In addition, finding an office space where there is little competition from other tax preparation services will allow you to access more potential customers.
Offer a Variety of Services
Because tax season is relatively short, you may want to hire a few tax preparation professionals to ensure that you have the expertise you need to provide all types of tax preparation services from 1040EZ forms to more complex business tax returns and more. This will ensure that you are able to maximize the number of returns you can process.
Starting a tax preparation business can be a daunting task, but one that is highly rewarding and lucrative for those who rise to the challenge. The main challenges are deciding the proper route to take and finding the startup cash you need to get your business off the ground.