By following our proven and successful business model and taking a proactive approach to marketing you should be attracting and signing clients at a considerable rate.
Utilising best practice guidance, which is delivered to TaxAssist Accountants through 'The TaxAssist Practice Engine', will create greater efficiencies in your practice leading to an increase in profitability and therefore sale value. More than one of our business owners has sold their business for over £1m, highlighting the potential rewards you could enjoy.
Growing your practice and acquiring new clients will be facilitated by your highly-visible shopfront presence, supplemented with your local marketing and our national marketing activity. You also benefit from an increased range of financial planning and tax consulting services that your practice can now offer under the TaxAssist brand, building on the core tax and accountancy services for businesses.
The shopfront provides your business with a professional appearance where clients will ‘walk-in’ and also gives you the opportunity to encourage referrals. The visibility of the shopfront - combined with your passion for your business, enthusiasm for providing high quality service and hard work to drive the business forward - will be the key to your success.
Turnover & clients
After five years, depending on your own ambitions, you should be aiming for a turnover of at least £300,000 with 400+ clients. Some TaxAssist Accountants are happy to maintain this level, comfortable with both the income generated and being relatively light touch on the business, while others continue to work full-time and push past £500,000 turnover.
Profitability
The level of profit you achieve will depend on how you run and develop your practice, including your client base, fee income, staffing structure and operating costs. We provide the training, systems and support to help you build a profitable and sustainable business, but there is no guaranteed level of income or profit.
As a guide, our aim is for franchisees to build towards 400+ clients and turnover of £300,000 or more within five years. Some franchisees are comfortable maintaining their practice around this level, enjoying the income it generates while taking a relatively hands-off approach to the day-to-day running of the business. Others choose to continue investing in growth and develop their practice beyond £500,000 in annual turnover.
Our training and support includes guidance on the staffing requirements of your practice and how to manage your costs as your business grows. As a broad guide, we expect around a third of turnover to cover the costs of running your franchise and around a third to cover staffing costs, leaving approximately a third as potential net profit before taking account of any other relevant costs, taxation or drawings. For franchisees who embrace efficiencies and make effective decisions about how they structure and operate their practice, it may be possible to increase profitability, although this will naturally depend on the decisions made within each individual business.
Your actual profit will depend on your individual circumstances and how efficiently you operate your practice, but our focus is on helping you build a business that provides sustainable income and long-term value.
Multiple income streams
The TaxAssist Group continues to evolve and expand its service offering to our network's clients.
TaxAssist Plus Financial Planning represents a huge opportunity for TaxAssist Accountants, with an extended range of services, providing a competitive advantage over competing firms. This ensures clients are provided with a first-class service from their accountant but also have the opportunity to be offered services to provide for their futures, including retirement planning, investment advice, wealth management, inheritance tax and estate planning, protection planning, mortgages and corporate financial planning. The proposition has been designed to provide clients with access to specialist expertise whilst maintaining the personal relationship and trust they already have with their local TaxAssist Accountants office.
Our in-house services, Tax Consulting by TaxAssist and Payroll by TaxAssist are highly valued by clients, and provide additional income streams for our franchisees.
All of these services help to attract and retain clients and therefore increase the value of a practice.
Building an asset
As well as the profits that you should earn while you are a part of the network, you are continuing to build an asset for yourself with a strong sales value. The clients you engage belong to you and are yours to sell when the time is right for you to exit TaxAssist Accountants. Well-run accountancy practices are in demand and the TaxAssist Accountants brand is proven to add value – the current industry average for accountancy practices is 0.8-1.0 times gross recurring fees, while our practice owners have achieved multiples of up to 1.3 times gross recurring fees in the last 3 years.
Interested in finding out more?
To find out more about owning and operating a TaxAssist Accountants business, take a look at our Prospectus. You can discover more about our business model, marketplace, package, Initial Training Course, and much more. Click here to download our latest version.
All financial information in this website is intended only for prospective franchisees in the United Kingdom. This information is based on actual historic information provided to us by our operating franchisees in the UK, and not elsewhere. This financial information is not a guarantee of future financial performance.
Accordingly, if you are considering operating a TaxAssist franchise in any other country, do not review or rely on this information. It relates to UK only, and the differences between the UK and your country in respect of how long the system has been operating, the reputation and goodwill of the brand, the economic environment, competitors, industry associations and other factors make this UK information inapplicable to you. If we have elected to provide financial information for your country, it will be expressly set out in the relevant country website.
