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 franchisees 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 franchisee 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 services and tax consulting services that your practice can now offer under the TaxAssist brand, building on the core tax and accountancy services for small 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 franchisees 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.
Our training covers the staffing requirements for your business, and we expect a third of your turnover to cover staff costs, another third to cover the other costs associated with running your business and the final third being your profit.
Franchisees embracing efficiencies can increase profitability to 40%.
Multiple income streams
The TaxAssist Group continues to evolve and expand its service offering to the clients of franchisees. We currently provide TaxAssist-branded payroll and tax consultancy which are highly valued by clients, and provide additional income streams for franchisees. All of these services help to attract and retain clients and therefore increase the value of a practice.
TaxAssist Financial Services represents a huge opportunity for franchisees, with an extended range of services, providing a competitive advantage over local firms. It generates a passive income stream for introducers, earning a generous 20% commission on everything ever earned. This includes ongoing advice fees on investment value and trail commissions – an arrangement rarely offered by financial advisers. Furthermore, franchisees also earn commission on any new clients acquired in their territory even if they are not a client of the franchisee.
Building an asset
As well as the profits that you should earn whilst you are a franchisee, 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 franchisees are achieving multiples of up to 1.4 times gross recurring fees.
Interested in finding out more?
To find out more about owning and operating a TaxAssist Accountants business, take a look at our Franchise Prospectus. You can discover more about our franchise model, marketplace, franchise 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. 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.