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Question
Help I want my own tax preparation business...?
What do i need to know and do you have any advice?
I have been doing taxes for years since i was 15 it first started with my parents' taxes then family then friends then friends of friends
im doing reserch on the software and i have my ptin # from irs and a small business loan
i asked this question before i guess not the right way
i dont want to be a tax consultant i just want to prepare taxes during tax season
Best Answer
Starting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck.
Some things you need to consider:
- "How can I support my family while I build up by business?"
- "What are my abilities?"
- "Is there a market for the product or service I have chosen?"
- "How long will it take this business to reach the financial goal I have?"
You may want to read the article "How to Start a New Business Successfully" www.powerhomebiz.com/vol51/launch.h... , which lists six steps to launch a new business successfully:
1. Provide a benefit.
2. Determine the fit with your market.
3. Right timing is everything
4. Be ready to support your business
5. Develop a blueprint for success
6. Market, market, market
To give you ideas on what exactly do you need to start your own business, here are ten things you need to know before launching your own business “10 Things You Need to Know When Starting Your Own Home Business” www.powerhomebiz.com/052006/startin... .
I recommend that you read the following books:
- What No One Ever Tells You About Starting Your Own Business : Real Life Start-Up Advice from 101 Successful Entrepreneurs
- Starting From Scratch: How To Start A Business When You Don't Have Money
- If You're Clueless About Starting Your Own Business and Want to Know More
- On the Move : How to Succeed and Survive As an Entrepreneur
- How to Make 1000 Mistakes in Business and Still Succeed
One of the first things you need to consider is to think whether you want to start your own tax preparation service or whether you want to franchise a branded tax preparation service such as Jackson Hewitt. Here is a list of tax preparation services that you can franchise www.entrepreneur.com/franzone/cats/... For discussion on the advantages and disadvantages of starting your own busines vs. franchising, you may want to read this article www.powerhomebiz.com/vol18/ownershi...
For more information on the tax preparation business you may want to read
Bookkeeping & Tax Preparation: Start & Build a Prosperous Bookkeeping, Tax, & Financial Services Business (Paperback)
by Gordon P. Lewis www.amazon.com/exec/obidos/ASIN/096...
Other articles on starting a tax preparation business you may want to look into
How to Start Your Own Tax Preparation Home Business www.myboot.com/articles/2713-how-to...
Other Answers
The best routes to take are to research the process of starting a business as well as the industry you're interested in.
I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.
Associations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.
Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:
* Bookkeeping & Tax Preparation: Start & Build a Prosperous Bookkeeping, Tax, & Financial Services Business by Gordon P. Lewis
* Starting and Building Your Own Accounting Business, Third Edition by Jack Fox
* Getting Started in Tax Consulting by Gary W. Carter
* Start & Run a Bookkeeping Business by Angie Mohr
There are plenty of free informational resources out there. Check the source box for links to articles.
Hope that helps! I wish you much success & happiness in all your ventures!
Source(s)
www.sba.gov
www.entrepreneur.com
www.startupjournal.com
www.nolo.com/resource.cfm/catID/9FA... -- Nolo’s Starting a Business – Resource Center
Associations:
www.natptax.com – National Association of Tax Professionals
www.natctax.org/ -- National Association of Tax Consultants
ntanet.org/ -- National Tax Association
Articles:
ezinearticles.com/?How-to-Start-a-T... – How to Start a Tax Service by Randy Wilson
ezinearticles.com/?Book-Keeping-Bus... – Book Keeping Business – How to Get Started by Randy Wilson
www.ezinearticles.com/?How-Do-You-S... – How do you Set Consulting Fees? by J. Stephen Pope
