To understand Instant Tax Service we must go back to it’s original beginnings. Fez Ogbazion, a young college student from Ethiopia was looking for the American Dream. He started by looking to fulfill a need in the community, one that would help people with what they value most, their time.
The need he saw was for a tax preparation service that was local and not a stuffy boring place, rather one that was relaxing and family friendly. This concept started as instant Refund Tax Service, until he was bought out by a competitor in 1999, which allowed him the capital to begin Instant Tax Service. The company began franchising in 2004 and today is the 4th largest tax preparation company in the country.
As with any franchise system the benefits of opening an Instant Tax Service Franchise includes the ability to access the system that has already been developed. This allows for you to focus on building and growing your brand without the operational struggles of trying to fine tune your concept.
Additional benefits include, national brand recognition, real estate partnerships allowing the franchisees to operate in smaller footprints, which reduces overhead costs. Training includes a comprehensive instant tax service franchise training, year round support and both local and national advertising cooperatives.
The initial training is a 5 and a half day training at the company headquarters.
Instant Tax Service franchise has the typical costs involved in franchising that includes an initial fee as well as on going royalty fees paid to the company. The initial fee is $34,000 and has a 5 year renewable contract. wall and associates tax reviews
The ongoing royalty fee is 20%, this means if your business produces $10,000 in one month you would pay $2000 back to the Instant Tax Service Franchise company. This is a substantial fee and it comes off the top line sales, which means you pay that 20% before you pay your other expenses, thus even if you are operating in a net loss you will pay that fee to the franchisor.
The total estimated cost of the franchise is $39,000 – $89,000, which includes your fees, permits, leasehold improvements, equipment and other necessary items to open your business. As with any business you take on high risk of failure, and with today’s competitive market and uncertain economy this risk is substantial.
The Instant Tax Service franchise is a legitimate business and fulfills a demand within our communities. If you have a passion for the tax service business and the ability to invest the time effort and energy it would take to grow your brand this may be right for you. If you are uncertain about quitting your job, investing your time and energy into a business full time you may want to consider a business that you can begin part time and obtain substantial return.