By following the business model and taking a proactive approach to marketing, you should be attracting clients at a considerable rate. More than one franchisee has sold their business for over £1m, highlighting the potential rewards you could enjoy.
Client acquisition will be facilitated by your shop front presence, your marketing and our national activity. Networking activity will also contribute to help you grow your fee bank.
The shop provides the business with a professional appearance where clients will ‘walk-in’ and also gives you the opportunity to encourage referrals. The visibility of the shop 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, it is possible to aim for 400+ clients with a turnover of £300,000 upwards. Some franchisees are happy to maintain this level, comfortable with both the income generated and being relatively light touch on the business, while other franchisees continue to work full-time on the business pushing it past the £500,000 turnover level.
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%.
TaxAssist Clifton & Portishead
I feel that I am now building an asset for a comfortable retirement, which I would not be in a position to do, had I remained in employment.
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. A well-run accountancy practice generally has more buyers than sellers 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, whilst our franchisees are achieving multiples of 1.3 times gross recurring fees.