Thinking about opening a payroll and payroll tax preparation services business? We tell you what you need to know to get started.
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Tips for Creating a Great Payroll & Payroll Tax Preparation Services Company Business Plan
A business plan is the skeletal framework for your payroll and payroll tax preparation services business's mission, goals and strategic vision.
Since lenders and investors will use your plan to gauge risk, it needs to contain industry-specific benchmarks and a detailed marketing plan.
Early in the process, it's worth your time to learn how to write the market analysis section of a business plan. While a robust market analysis can be a selling point for a payroll and payroll tax preparation services business startup, weak market research is a sure giveaway for a business that hasn't invested adequate effort in planning.
Check Out Competitors
Prior to opening a payroll and payroll tax preparation services business in your area, it's a good idea to determine what the competition looks like. Try our link below to get a list of local competitors near you. Complete the form by entering your city, state and zip code to get a list of payroll and payroll tax preparation services businesses that are close by.
Gain a knowledge of how existing firms have positioned themselves in the marketplace, and then design your business in a way that sets you apart from the others.
Getting Advice from Experienced Entrepreneurs
Once you've finished assessing the competion, it's essential that you learn as much as you can from somebody who is already in the business. It's very unlikely that the local competition will talk to you. It'd be crazy for them to teach you the business.
Fortunately, somebody who runs a payroll and payroll tax preparation services business outside of your community may be willing to share their entrepreneurial wisdom with you, once they realize that you are not going to directly compete with them in their community. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
Where do you find a payroll and payroll tax preparation services business entrepreneur who is willing to advise you because you live in different cities?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Entry Options for Payroll & Payroll Tax Preparation Services Businesses
There are two ways would-be entrepreneurs can gain entry to payroll and payroll tax preparation services business ownership: A startup or a business purchase.
Startup payroll and payroll tax preparation services businesses can be attractive because they allow the entrepreneur to have more control and greater influence. Yet startups are also more difficult to finance because their nature is inherently risky.
Acquired payroll and payroll tax preparation services businesses are known quantities - and are less risky for lenders. On the whole, buying a business minimizes uncertainty as well as many of the objections lenders use to disqualify startup entrepreneurs from financing.
Consider Buying a Franchise
Startup small business owners sometimes lack the experience and resources to make a go of it in a competitive business environment. Leading franchises offer aspiring payroll and payroll tax preparation services business owners a turnkey business model and other resources that simply aren't available in a non-franchise startup.
Our tax service franchise directory contains information about some of the best payroll and payroll tax preparation services business franchisors in the nation and gives you the ability to identify the one that is right for you.
These additional resources regarding starting a business may be of interest to you.
If you already are in business and came here to learn about growing an existing payroll and payroll tax preparation services business, these resources will come in handy:
If you sell to payroll and payroll tax preparation services businesses, this isn't the right place for you. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.