Liberty Tax Service Franchise
Liberty Tax Service’s tax franchise options are based on unrivalled customer service, exceptional franchisee support, and a small business opportunity developed by the “Granddaddy of Taxes.” Liberty is America’s Tax Service, and each location offers computerised tax preparation services as well as accounting business opportunities.
CEO John Hewitt, who has been in the business for 46 tax seasons, established the tax service with the fastest national growth, sold it, and is currently starting anew with Liberty Tax. With Liberty, he is creating a culture of the best company ideas that supports entrepreneurship in addition to a profitable tax franchise, which is something much more significant.
From 2010 to 2014, Accounting Today included Liberty Tax on its list of “Top Tax Firms.” From 1998 to 2015, Liberty Tax Service consistently placed among the top franchise possibilities on the annual Franchise 500 list published by Entrepreneur magazine. The only tax franchise listed in Forbes magazine’s “Top 20 Franchises for the Buck” is Liberty Tax Service (2012).
There are currently more than 4,300 Liberty Tax Service locations open in both the US and Canada. By 2023, they want to be the best tax service on the planet. That ideal is driven by culture and altruism.
You must have a minimum net worth of $100,000 and $50,000 in liquid money to purchase a Liberty Tax Service franchise. Franchisees should budget between $43,700 and $78,900 for their whole investment. The franchise cost for Liberty Tax Service is $40,000.
How to apply for Liberty Tax Service Franchise?
Liberty Tax Service strives to make the process of opening a franchise as simple as possible. Requesting information is the first step, after which a representative might contact you. They will then make arrangements for you to take part in an actual conference call. The next step is discovery day, a private meet-and-greet when you may ask questions of other franchisees, know more about the Liberty Tax Service culture, and talk about the FDD.
If everything goes as planned, you’ll complete out the confidential franchise application and provide the initial deposit. The business will examine your territorial request, application, and schedule an official interview. You’ll sign the paperwork making your franchise legitimate once you’ve finished their successful operations training.
Is Liberty Tax Service profitable ?
In the US alone, the market for tax preparation services is worth $11 billion, has increased by over 3.4 percent annually for the past five years, and is expected to do so in the foreseeable future. According to the IRS, more than 155 million people will file taxes in the upcoming year, with more than half enlisting the help of a professional tax service. This will make the tax preparation industry a dependable and lucrative business. In order to take advantage of this chance, Liberty Tax Service offers the best knowledge and experience in the business together with ongoing training and assistance under a well-known brand.
Eligibility criteria for Liberty franchise
The greatest candidates for Liberty Tax Service franchise ownership are hands-on managers. Potential candidates should have a strong desire to assist others and provide superior service and direction through a challenging procedure. Strong business or management credentials will allow those with a desire for success to use their skills to increase market share and profits.
Training required for Liberty Franchise
The franchisor offers a minimum of four days of in-person initial owners training (IOT) as well as 12 to 15 hours of online training that covers important facets of running a tax preparation business. Following IOT, the franchisor offers a one-day hands-on training (HOT) at a small number of franchisee locations around the United States. Delivering financial products, processing tax returns, and other associated office tasks are all covered by HOT. Before opening a Liberty office, franchisees and/or any general managers must go to and successfully complete IOT and HOT to the franchisor’s satisfaction. Attendees may also include family members who may be connected to the Liberty franchise. A one to four day advanced training for seasoned franchisees will be provided by the franchisor, and attendance there may be required. The franchisor may conduct this training at different locations it chooses around the nation, or it may provide such training online or electronically.
Term of Agreement and Renewal
The franchise period is five years long. If the franchisees are in compliance with all of the requirements of the Franchise Agreement, the franchise may be renewed for additional five-year terms.
The Liberty name and marks mentioned in the disclosure document are prohibited from being used by the franchisor to operate a physical presence of an income tax preparation service business within the territory. A typical geographic area covered by the territory’s grant will produce between 7,000 and 8,500 paid federal tax returns. Franchisees consent to the franchisor’s right to resize the area in the event that a mapping error, as decided by the franchisor, results in a population of the territory that exceeds 35,000. Franchisees won’t be given a territory that is all their own. Franchisees could encounter rival franchisees, stores owned by the franchisor, alternative means of distribution, or rival brands under the authority of the franchisor or businesses connected to it.
Advantages of Liberty Tax Service Franchise
- Best-in-Class Technology : Liberty Tax offers franchisees access to cutting-edge technology, including brand-new franchisee- and consumer-facing mobile applications, enabling them to manage their businesses from anywhere at any time.
- Full-Service Back Office Support: The Liberty Tax team makes sure that franchisees feel completely supported as they start and expand their businesses, including training, IT, operations, and more.
- A dedicated marketing department : Liberty Tax’s marketing team offers franchisees year-round resources, assistance, and marketing materials, particularly during tax season.
- Multiple Revenue Streams : Liberty Tax franchisees are able to provide a wide range of services in addition to tax preparation. Liberty Tax offers a variety of revenue streams that promote opportunities all year long, including the recently released DEEPBLUE Debit Banking-as-a-Service, consumer loans, bookkeeping, credit restoration, and more.
Is Liberty Tax Service a franchise with a home office?
Liberty Tax Service is not a franchise that can be operated from home.
Does Liberty Tax Service Provide a Discount for Veterans?
Yes. Veteran discounts are available through the Liberty Tax Service franchise.
Is Liberty Tax Service a franchise with a passive ownership opportunity that is semi-absentee?
Yes. Liberty Tax Service permits passive ownership and is a semi-absentee franchise. A semi-absentee franchise is a company you might launch and run while continuing to fulfil another commitment, such as an employment.
Does Liberty Tax Service assist EB-5 and E2 visa applicants?
No, the Liberty Tax Service franchise does not assist applicants for the E2 Visa and the EB-5 Visa.