The Area Representative opportunity
Having proven that the TaxAssist Accountants concept can be replicated in the Republic of Ireland and Australia and that ongoing training and consultancy support can be given to overseas operations, TaxAssist is in a position to be able to offer its Area Representative Rights to selected states in the US.
The franchise industry
The ‘Franchise Business Economic Outlook 2020’ report prepared by FRANdata for the International Franchise Association revealed:
- The number of franchised businesses in the US is expected to grow by 1.5% to a total of 785,316 establishments.
- The franchise industry is expected to add 232,000 jobs in 2020, growing total employees to 8.67 million.
- Franchise businesses' economic output is expected to grow faster than the economy as a whole.
- Overall GDP contribution by the franchise industry is expected to grow by 4.6% to $494.96 billion.
The report also highlights that the business services sector is the third largest sector in the US with 2020 projected output of $109.5 billion.
The TaxAssist Accountants model is fundamentally simple; to focus on the supply of professional accounting, taxation, advisory and associated services to small businesses through highly-visible and welcoming storefront locations.
The small business economy
For franchisees the market is small business. In the US, a small business is defined by the US Small Business Administration as those with typically no more than 250 employees. The US Small Business Administration 2019 Small Business Profile revealed the following:
- 30.7 million small businesses in the US.
- 99.9% of all businesses are small businesses in the US.
- 59.9 million people employed in small businesses.
- 47.3% of all US employees work in small businesses.
The coronavirus pandemic has resulted in applications for new US businesses rising at the fastest rate since 2007, according to the US Census Bureau, seizing on the pent-up demand and new opportunities after the pandemic shut down and reshaped the economy.
We believe there is a significant opportunity for TaxAssist Accountants in the US. As the TaxAssist Accountants business model is to provide professional tax, accounting and advisory services to small businesses, we are not reliant on seasonality to drive income. In addition to the small business market, franchisees will benefit from the significant personal tax return market.
Who we are looking for and your role
We are looking to award our Area Representative rights either to an individual who has been working at senior management level and is looking to use their business acumen to build a saleable business, or to an accounting firm looking to expand and open other locations without the expense and the management of all aspects of the offices.
Unlike the Master Franchise model, the Area Representative and us, the franchisor, share responsibility for recruiting, training, supporting and administering a network of franchisees. The responsibility will be split for the core support services. Your role will be to facilitate franchisee recruitment, train, and provide ongoing support to franchisees who open and operate single unit franchises within their Development Area. In return, you will receive a percentage of the franchise fee for each new unit sold, as well as a percentage of the ongoing Management Service Fees.
We will provide the established business model together with all the systems and tactics that have made us so successful in the UK, Republic of Ireland and Australia – you will bring with you financial and business or tax and accounting experience and plenty of energy, personality and vision – together this is a recipe for success.
What can you achieve?
By working with us and following our franchise support and business development model, proven in the UK, Republic of Ireland and Australia over the last 25 years, you should be recruiting franchisees and supporting them in growing their business, benefiting from the shared income. The potential for franchisee recruitment and ongoing management service fee income is enormous.
We have proven in the UK, Republic of Ireland and Australia that the TaxAssist Accountants franchising concept works. In 2009, we awarded our Master Franchise Rights to an accounting firm in Ireland who have gone on to establish a network of 18 franchised territories (September 2020). In 2015, we awarded Master Franchise Rights to an established firm based in Australia for Queensland, New South Wales, Australian Capital Territory and Victoria. They have gone on to establish a network of 10 franchised territories (September 2020).
With the success we have achieved in the UK, Irish and Australian markets, we have the confidence to support Area Representatives in selected markets where we believe there is genuine opportunity.
Of the 22 states with a population suitable for the Area Representative opportunity, we currently have Area Representative and franchise opportunities in the following:
- New Jersey
The remaining states will be available when we enter the second phase of our expansion strategy.
US Area Representative Prospectus
For information on the TaxAssist Accountants US Area Representative opportunity, download our Prospectus here.
If you are interested in becoming an Area Representative in the US, then please call +1 (201) 492-5677, or email [email protected].