TaxAssist franchise review
The amount of tax that a company pays can have a big impact on its profitability, its longevity and its legality, so it’s no surprise that virtually all small- and medium-sized businesses use the services of professional accountants. These trained specialists help SMEs to keep their books in order, manage incoming and outgoing finances and, at the end of the financial year, bring all the information together to create an accurate tax return.
One of the biggest networks of accountants working with SMEs in the UK is TaxAssist. This rapidly growing franchise has locations across the country and is fast earning a name for itself as the go-to accountant for small businesses, the self-employed and subcontractors. As a result of its reputation and standing in the industry, the business has attracted a large number of highly skilled franchisees and new locations are opening across the country.
If you currently work in the finance industry and are looking for ways to improve your work–life balance, your earning potential and your job satisfaction, investing in a franchise could be the perfect solution. Keep reading to find out if TaxAssist is the right choice for your next career move.
Working with small businesses
One of the key aspects of the TaxAssist business model is that the franchise is specifically geared towards small businesses, subcontractors and the self-employed. For years, people working in these areas have been largely ignored and neglected by the accountancy industry. As the number of self-employed people in the UK has risen sharply in recent years, this has left a lucrative gap in the market and it’s this gap that TaxAssist has been working to fill.
By targeting small businesses, the self-employed and subcontractors, TaxAssist has tapped into a group that desperately need the services of skilled and knowledgeable accountants. As their reputation has grown within the industry, more and more SMEs and self-employed workers have turned to TaxAssist to handle their finances. With the economic contribution of SMEs set to hit £217 billion by 2020, positioning themselves as the go-to accountants for small businesses could well prove to be a very lucrative decision for the TaxAssist franchise.
A unique aspect of the TaxAssist franchise model is that its franchisees operate both online and offline. Unlike other accountancy practices, TaxAssist has set out to be open, welcoming and non-intimidating for small businesses. To this end, they’ve opened up a network of ‘shop fronts’ across the country. These readily identifiable locations are placed in positions that are easy for existing and potential clients to access and provide customers with a physical location where they can access high-quality accountancy advice and support. As well as offering customers even more flexibility when it comes to speaking with their accountants, these prominent locations provide TaxAssist with highly visible positions on the high street, something that’s great for brand awareness, building trust and attracting new customers.
When they join the TaxAssist business, franchisees need to make a commitment to open a shop front with 36 months of starting their business. At the moment the brand has around 200 of these locations across the UK, with many more set to open in the coming years. As this visibility and accessibility is a key aspect of the brand, the TaxAssist head office works closely with its franchisees to find suitable premises. Before a TaxAssist shop front can be officially opened, it has to be formally approved with a site visit from head office.
Marketing and promotion
As a franchisee, your business will directly benefit from the marketing and promotional campaigns carried out by the brand. This is a real advantage in a competitive industry and can put your fledging franchise more than a few steps ahead of the competition. As well as active marketing and ad campaigns, you’ll also benefit from the visibility of other franchises across the country. When potential customers look up your business name, they’ll see that there are branches in every corner of the UK. This will help to show them that you’re part of a trustworthy brand and that their money will be safe in your hands.
Who can become a TaxAssist franchisee?
As a specialist accountancy service, the criteria for who can become a TaxAssist franchisee are perhaps more specific than those for other franchise opportunities. Most of the people who invest in the TaxAssist franchise already have recognised accountancy qualifications. These typically include ACA, ACCA, CTA, AAT, ATT or CIMA. As well as having these industry-specific qualifications, most prospective franchisees have also had professional experience in the area and many would have worked as accountants in their own right before joining the TaxAssist brand. TaxAssist is an Authorised Training employer for ICAEW and is authorised to train ICAEW Chartered Accountants.
Although most of the people who become TaxAssist franchisees have professional qualifications, these aren’t necessarily required by the brand. TaxAssist will also consider franchisees who come from senior management positions within the banking or financial sectors. Franchisees who come from this sort of professional background will need to show that they have good business acumen and that they’re able to meet the needs of their clients. TaxAssist encourages franchisees who don’t already have professional qualifications to undergo training and get qualified as soon as possible after launching their business.
If you’re interested in becoming a TaxAssist franchisee, you’ll need to demonstrate that you have commercial awareness of the tax and accountancy industry. You’ll also need to show that you have the energy needed to grow your business and that you’re motivated to make your venture a success. Good communication skills are incredibly important when working with small businesses, the self-employed and subcontractors, so being able to show that you can work easily with customers is a real advantage.
The cost of becoming a TaxAssist franchisee
TaxAssist charge a franchise fee of £36,950 plus VAT to entrepreneurs who want to join their brand. However, the total amount you’ll need to invest will vary depending on your location, your working capital and the level of personal drawings required. TaxAssist works closely with prospective franchisees to help them get their finances in order. If you don’t currently have access to the funds required for investment, speak to one of the major banks in your local area. Lenders are very supportive of franchises and are often willing to lend up to 70% of the total investment required.
For your investment, you’ll receive a high level of training, a large amount of support setting up your business and opening your location and, of course, the right to trade under the TaxAssist name. The franchise aims to help its franchisees to build their business up to a turnover of £300,000 within five years. Although not all franchisees will achieve this figure, many will, and some will even exceed it. Of this £300,000, TaxAssist estimates that a third would be required to covers staff costs, a third would be for running costs and the final third would be your profit.
To find out more about investing in an accountancy franchise or for more information on how franchises work, take a look around our site today.