Why is the tax-industry a great business to own?
Many people in tax-preparation love this industry because of its seasonality. Most electronic tax preparation firms complete the majority of their income tax business in 3-4 weeks in between mid-January and mid-February. Almost all the rest of their annual revenue is earned by late April. This leaves the summer for other business ventures (and lots of vacations!).
How soon can I open my tax franchise if I choose PRO-TAX?
If you are interested in starting a PRO-TAX franchise you should contact us as soon as possible to ensure there is significant time for planning and preparation to open your tax business. Typically you will need to have signed a Tax Franchise Agreement by early October in order to be ready for the tax season. We encourage potential franchisees to take advantage of time- and start early. Our experience has shown that our most successful franchisees are the ones who begin working on their business well before tax season opens.
Does PRO-TAX offer payment plans or financing?
PRO-TAX doesnít provide financing for the reasonable start-up costs of opening an office. However we can connect you with experts in the franchise lending world who can make your dreams of owning a PRO-TAX franchise a reality. We suggest you contact your local banking connections to see if a home equity loan or borrowing from your retirement plan makes sense for your situation.
What is the term of the tax franchise agreement?
The Tax Franchise Agreement stipulates a 10 year term with a 10 year renewal. So we are committed to your success- and our relationship. You are not prohibited from selling your franchise before the end of a 10 year term but PRO-TAX must approve the new franchisee before the sale.
Am I given any territorial protection for my tax franchise?
PRO-TAX takes its territorial obligations seriously. We have especially generous territories in comparison to our competitors- and we promise you exclusivity for a region of roughly 50,000 inhabitants.
Do I receive tax franchise training from PRO-TAX?
Perhaps the greatest benefit youíll receive of our 35 years in the industry comes with tax franchise training. We have invested an enormous amount of time and money to assemble a top-notch collection of manuals and training materials. We will train you both on PRO-TAX operations and on tax preparation (if you are new to the industry).
I would like to evaluate your franchise agreement, will you send me one?
We keep our tax franchise agreement confidential for those who are serious about this opportunity. Please see the section on ďSteps To OwningĒ or complete an tax franchising application.
Do I need any prior tax experience to become a PRO-TAX franchise?
We are accepting applications from candidates with existing tax businesses, as well as outside the income tax industry. We believe we can train anyone to run a tax businessÖso donít see your lack of experience as a hindrance. What really makes a difference is whether you have the drive and determination for success.
Iíve never prepared income taxes before do I need experience to be successful with a PRO-TAX franchise?
No. Although previous tax preparation experience helps, PRO-TAX will teach you everything you need to know about running a retail tax preparation office. Tax knowledge is useful to have, but your determination and motivation are more important. We can teach you the tax laws, but we canít teach the desire to succeed.
Many of our owners do little if any of the actual tax preparation. In general itís more important to focus on managing your tax franchise (marketing, training, customer service, etc.).
Do I need to quit my current job to run a PRO-TAX office?
Not necessarily. It depends on whether you will serve as the onsite manager of your office, or if you hire someone for this role. If you hire a person as a supervisor then you can likely continue to work in your current job.
If you decide to be the manager you will need significant flexibility in your current work schedule; or the ability to take a leave of absence. Unlike most other businesses, a PRO-TAX franchise is very seasonal. Tax season only lasts three and a half months; and the vast majority of your business will come at the end of January and in early-mid April.
If you have flexibility with your current job or your work is seasonal, you may be able to easily run a PRO-TAX office at the same time. Letís discuss what can work for your individual situation.
If tax season only last about four months, what do your franchisees do the other eight months of the year?
Almost anything you want. Thatís the great thing about a PRO-TAX business! You can work another job to make extra money or just spend more time with your family, especially during summer vacation. The choice is yours!
Some franchisees will choose to invest their time in opening additional tax franchises to build a larger stream of revenue.
What are some tips from successful PRO-TAX franchisees?
First and foremost, our most successful tax franchisees started the process of opening and staffing their office EARLY! Beginning this process as soon as possible gives you adequate time for training and conducting your own tax school to find some quality seasonal help. Having a little more time provides more options for office space and starting local marketing campaigns.
Some other tax franchisors may allow you to sign a Tax Franchise Agreement into December or even January, but at PRO-TAX, we wonít. We want you entering tax season well-prepared for success.
Two other attributes we see in successful franchisees are determination and the ability to follow directions. No matter how good a business system we have developed, YOU must bring DETERMINATION to the table. We need our tax franchisees to follow our success-system because accuracy and attention to detail are such important parts of our industry.
How much money can I expect to make with a PRO-TAX franchise?
We canít make any promises or predictions about profitability. Much of your performance will depend on how you implement the system we provide. However you should view your income tax franchise as a multi-year process of building a successful business, not a ďone-year get-rich-quickĒ plan. You need to have realistic expectations about what you can achieve in your market in a short period.
Can I start my PRO-TAX office out of my home the first year?
No. We do not allow our tax franchisees to run their PRO-TAX office out of their residence. Our system is designed for a high-traffic, retail location.
Does PRO-TAX offer financing for their tax franchising fee or operating expenses?
No. However there are many financing options for your tax franchise fee and initial office expenditures. We will help direct you to outside businesses that can assist with credit. Call PRO-TAX today (1-800-809-2829 ext. 4480) to see which may work for you.