Industry Analysis & Industry Trends
Tax preparation franchises mainly service individuals and small businesses. The industry players’ main advantage in gaining these customers is their ability to maximise tax returns or minimise losses for clients. Tax preparation franchisees also know the types of deductions that can be claimed without breaking any taxation laws. While the rise of online tax submissions may limit future industry growth over the next five years, the majority of people are expected to continue to engage tax experts to submit their tax returns each year.
Although the industry is less volatile than many other industries and the overall economy, its fortunes are influenced by employment conditions, average household income, and investment levels... purchase to read more
Industry Report - Starting a New Business Chapter
Barriers to entry are moderate for new industry participants. While the knowledge requirement is higher (similar to many service-based industries), the industry remains predominantly skill-based. Short-term tax courses, diplomas and degrees in accounting and taxation enable people to become qualified to work in the industry. Further, industry employees are able to prepare tax submissions under an authorised and trained tax expert, without requiring specific tax qualifications.
Capital required to operate in the industry includes an annual franchise fee, and possibly rent and utilities for the premises of which the franchise would operate. Another requirement is the registration process and registration fee required before becoming a paid tax preparer... purchase to read more