August 9, 2020  
 
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How to Start a Tax Consulting Firm

Time for a career change? Maybe you should open a tax consulting firm. Our guide will take you through the process step-by-step.

Wondering how to start a tax consulting firm? We take you step-by-step from start to success.
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Creating Business Plans for a Tax Consulting Firm

Never underestimate the value of a good tax consulting firm business plan. If it's sound, your business plan will keep you new venture on course and help you avoid the pitfalls that plague other startup entrepreneurs.

To assist your efforts, you may want to consider enlisting the aid of a professional business plan writer.

Time and time again, the best entrepreneurs we see rely on professionally crafted plans to guide their decision making. However, outsourcing doesn't completely eliminate your responsibilities in the writing process.

As the primary stakeholder in your tax consulting firm, you will intentionally need to insert yourself in various stages of the plan's development.

Don't Overlook Competitors

Long before you open a tax consulting firm within your community, it's a smart move to see how many competitors you have. Try our link below to get a list of local competitors near you. After clicking on the link, type in your city, state and zip code to get a list of tax consulting firms near you.

Is the established competition doing a good job? It's important to understand their strengths and weaknesses and think through how you'll stake up against those established businesses.

Learn from Others Who Are Already In This Space

If you want to open a tax consulting firm be sure to have a conversation with someone who is in the business. If you think owners of nearby tax consulting firms will give you advice, think again. It'd be crazy for them to teach you the business.

However, an entrepreneur who owns a tax consulting firm outside of your community may be willing to share their entrepreneurial wisdom with you, given that you don't compete with them in their area. Many business owners are happy to give advice to new entrepreneurs It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.

How does one go about finding an entrepreneur who is running a tax consulting firm in a different locale who can assist you?

We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!

Is It Easier to Buy an Existing Tax Consulting Firm?

Tough decisions are what business ownership is all about. And one of the first decisions you'll have to make is whether to start a business from scratch or buy an existing tax consulting firm.

In general, purchased tax consulting firms fare better than startups, at least during the initial few years. Existing companies have an established customer base, brand recognition and functional business models. More importantly, buying an existing tax consulting firm makes it easier for you to begin collecting a salary sooner rather than later.

Entrepreneurs who are committed to a highly unique value proposition may need to pursue a startup approach. However, in today's business-for-sale marketplace, there is an abundance of tax consulting firms worth considering.

Explore Franchising Options

Startup small business owners are at definite disadvantage compared to entrepreneurs who buy an established operation.

To stack the odds in your favor, consider tapping into one of the many tax consulting firm startup opportunities offered by leading brands and franchisors. Proven franchises give startup business owners access to a turnkey business concept. Instead of reinventing wheels, you can focus on growing your company.

The link below will take you to Gaebler's tax service franchise directory where you can start exploring prospective franchisors for your startup.

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