Tax season is finite, but your profits don’t have to suffer in your off months!
The business of handling either personal or corporate taxes is seasonal, but there are things to get you through the lull. Consider an offshoot of the business itself to help supplement the leaner times. Sometimes the slow season can really affect cash flow, but it doesn’t have to. A business loan for tax practice can be just the ticket to get your business moving until the next spike.
Rent a short-term store front or office park space
Over the years, you have found tax season to have heavy sways in business throughout the year. As a tax preparer, you spend Quarter 4 preparing for the upcoming busy season and Quarter 1 servicing your clients. Your client base will undoubtedly grow over the time you’ve been open, but when you finally have a client base is when you should think about becoming permanent.
It’s time for you to invest in a dedicated office space and November is the perfect time to find a relator and secure your lease. Whether you choose a small store front in a commercial strip mall or a small office in a professional park, you will need to secure capital for the down payment and to purchase furniture and equipment such as computers, software, servers, desk and chairs for your staff to use.
It is wise to consider funding these purchases with a small business loan, as these investments will directly impact your efficiency and profits. If want fast capital to purchase these items, Financing Your Way can help. We offer flexible loans for small businesses who have 2 years of history, and minimum credit score of 600. The funds from your loan can be used to expand your tax practice and rive revenue to your bottom line.
Teach tax preparation classes in November and December
Once you secure your office space, you will need to find and train staff. Advertise in local classified with ads titled “Low Cost Tax Preparation Classes.” The individuals who respond are willing to pay to learn the trade of tax preparation are a great pool to begin your staff search. Make the content of the course very basic, but cover the need-to-know skills for using preparing 1040’s and selecting the proper tax payer status, as well as using your company’s software.
Hire appropriately for the season
Not everyone who takes your class will be fit to work for your company. Hire the individuals that learn quickly, are software savvy and have proficient communication skills. You may also consider hiring one or two experienced tax preparers so that you can handle more complex returns.
Allow customers to have a convenient drop off service
Reach out to your current customer base early and encourage them to schedule a date to drop off their paperwork at your new location. Note these dates on your calendar so you can ensure you are adequately staffed for timely turn around. People will appreciate the convenience!
If you are ready to experience the full benefits of owning a permanent tax practice or upgrading your current one, contact Financing your Way today for more information on obtaining a small business loan for tax practice. You’ll be glad you did!