Industry Analysis & Industry Trends
The industry's main advantage in gaining customers is the ability to maximise tax returns for clients, or minimise losses. Tax preparation franchises also know the types of deductions able to be claimed without breaking any tax 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 expects to submit their tax returns each year.
Although the industry experiences fewer swings compared with the overall economy, its fortunes are influenced by employment conditions, income levels, and investment levels. Weaker demand for tax preparation services in tough conditions reflects individuals' lower capacity and willingness to pay for tax services... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The industry is in a mature stage of its industry life cycle. Over the decade through 2019-20, industry value added (the industry's contribution to national GDP) is expected to grow at a compound annual rate of 1.9%. This is lower than projected GDP growth over the same 10 years of 2.7% annualised. Although profit margins are expected to decline over the ten years due to greater competition, more companies are expected to enter the industry.
There remains industry growth opportunities as franchisors convert existing independent operators to their brand and expand into growing regional cities. The extension of their business offerings in the light of the growing baby boomer generation and self-managed super funds (SMSFs) will be able to sustain the industry's growth... purchase to read more