For new franchisees, the first year is usually the most confusing and tumultuous. If you chose a Liberty Tax franchise, you’ll receive the kind of support and education that you need to make your venture as successful as possible. Here are a few of the tips we have for first-time owners going through your first year.
Make Sure You Understand The Business Cycle
Tax preparation is a seasonal business. You’re going to end up with most of your business in the first three or four months of the year. There will be distinctive peaks and dropoff points within this time as well. To some extent, the exact peaks and drop-offs will depend on your location too. Learning about them in advance is crucial to budgeting appropriately. They will help you plan your staff and generally give your customers the best service at the time they need it most.
Work Closely With Your Central Company
You chose a franchise for a reason! At Liberty Tax, we emphasize supporting all our zees, especially during the first year. If you have questions or aren’t sure about something, we’re here to help you. We’ll connect you with local resources that can help, including others who will be able to directly relate to whatever issue you’re currently facing.
Keep On Top Of Your Financials
It can be easy to lose track of important details during your first busy season. But your Liberty Tax franchise profit depends on keeping track of all of this so you know exactly how you’re doing on a daily basis.
Your first year will usually be the hardest. It can be a little bit of a bumpy transition to go from working for someone else to running your own Liberty Tax franchise. Profit is likely to be slimmer than it will be in future years. But remember, with proper preparation and a bit of hard work, you’ll be able to get through your first year and establish your business so that it will be self-sustaining in years to come.