Online Prospectus Republic of Ireland
- Concept
- Support
- Testimonials
- Finances
- A Guide to Estimated Start Up Costs and Ongoing Fees
- Working Capital & Property
- Revenue Projections
- Ten Reasons Why You Should Join TaxAssist Accountants
- What Next?
- Application Form
We have developed a robust business model that allows us to focus on a particular market of potential clients.
The model is to focus on the supply of accounting, taxation and associated services to small businesses and taxpayers. A small business is defined as any trading entity with a turnover of up to €1Million. This includes Sole Traders, Partnerships and smaller Limited Companies. Our shop front strategy is based on making our services more accessible to this client base, and to aid in the development of brand awareness. The niche of small businesses has traditionally been ignored by larger accountants, and poorly serviced by smaller practices. Establishing a unique network that focuses solely on smaller businesses means that we are targeting a market that has a need for our services, and operating from key office locations or shop-style premises makes us more accessible.
2. Support
The benefits of franchising are that you are a self-employed individual benefiting from an established support infrastructure and a committed brand development strategy. The extent of the support you will receive from TaxAssist Accountants is comprehensive, comprising training, marketing and technical helplines for accounting, tax, software and Human Resources. In addition to this, you will benefit from field visits from our Franchisee Development Managers, Directors and our Technical and Training Teams, as well as ongoing training to accommodate Continuing Professional Development requirements from the accounting institutes.
We have been established since 1995 and recruited our first franchisee in 1996. Since that time the network has grown to over 180 and our franchisees have gained substantial experience that you can benefit from. You will find that the network will have experienced nearly every aspect of setting up and trading as a TaxAssist Accountant.
The concept of network development and best practice is very important to us and we have a number of arenas where the focus is on the franchisor/franchisee relationship. These include ‘Best Practice Forums’, Regional Meetings and an Annual Conference. These activities allow franchisees to express themselves and make operational recommendations, and the franchisor has opportunities to cement relationships with the network.
In summary the total support package is technical, developmental and personal. Our success as a franchise is based on the success of the franchisees, and our set-up is focused to help you reach your goals.
3. Testimonials
The best way to gauge a franchise and the franchisor is to listen to the franchisees. We have a raft of comments from a number of people from the network who express themselves in an honest and candid way:
Over the past year I have put in a lot of hard work and long hours however the amount of clients I have
acquired would not have been possible had I not been part of the franchise. The support I have received since from Greg and his team in Fairview has been exceptional both in terms of technical content and willingness to assist. The sales and marketing training I received has , in my opinion, played a major role in my success. For Accountants who are not used to having to do marketing, this is a really valid contribution. As well as my own local marketing, leads are qualified and delivered by head office regularly which means I am always adding to my client base. I’m happy to report that I plan on opening a second shopfront in 2011.
Michael Sandys – Kimmage – October 2010
More testimonials are supplied further into the recruitment process. Should you become serious about joining TaxAssist Accountants and attend one of our discovery days, you will be given a directory with the contact details of all of our franchisees and you can contact as many as you like to further your research.
€39,450 Franchise Fee
LICENCE FEE
The licence fee grants the right to trade under the corporate identity of TaxAssist Accountants for the duration of the Franchise Contract.
IT EQUIPMENT AND MAINTENANCE PACKAGE
We supply laptops with Intel Centrino dual core processors which are far superior to the AMD and cheaper Celeron processors available. All laptops are specified with 1Gb of ram to allow applications to run at optimum without being held back by hardware.
The package comprises a laptop, USB mouse and targus keypad, Microsoft Office, Anti-Virus software, online backup (1 year subscription) and CCH Practice Management software (you start to pay for this in month 4).
TRAINING FEES
Our in house five-week intensive induction course covers all aspects of the TaxAssist Accountants business model. Accountancy and tax, software, marketing and sales training is included. We pay for all meals and accommodation during the course and ensure you get to meet all of the Support Centre staff.
MARKETING
To kick start your business we provide you with an initial marketing campaign and 25 free leads from our lead generation activities (either outbound or inbound) and where possible, pay for your first year subscription to Business Network International.
BUSINESS ACCELERATION AND NURTURE PROGRAMME
This is a holistic induction and monitoring package that is designed to help you set up parts of your operation prior to the training course. The programme also monitors your business development through the first six months and comprises two follow on training days reviewing your progress.
SUBSIDY FOR SUPPORT AND HELPLINE
The franchise fee gives you access to all services provided by the Support Centre from day one.
OPERATIONS MANUAL
The detailed Manuals form the basis of your training reference material and are explained fully during the training programme. All the manuals are available online, on our support website, once the course has been completed
SUPPORT SITE
A wealth of useful information is contained in our easy to use website. The Support Site forms the Blueprint for managing and developing a successful TaxAssist Accountants practice. It offers advice and guidance, allows you to order stationery, and adverts, and book into training sessions to name but a few features.
ADDITIONAL INITIAL SUPPORT
In addition to dedicated internet support, the franchise fee covers the first year’s payroll software, 3 month’s usage of CCH, launch assistance etc.
FREE SET UP ON DIRECT DEBIT SYSTEM
It is a key part of the TaxAssist business model that your clients should pay you by regular monthly payments. This makes a very significant difference to your cash flow and also enhances client loyalty.
BUSINESS STATIONERY
A starter pack of stationery is provided, including letterheads, envelopes, business cards etc., fully personalised with your details.
PROMOTIONAL MATERIAL
A comprehensive initial starting pack will be provided, including personalised corporate brochures, marketing leaflets etc.
COMPETITOR ANALYSIS REPORT
Some thorough research into your competitors, their products and more importantly, how they look after their customers, will provide you with valuable information that will help your business become successful. A Competitor Analysis Report will highlight your competitor’s strengths and weaknesses. It will also tell you how to use the information to win more customers and keep the ones you’ve got.
Total = €39,450 +VAT
The above total is subject to reclaimable VAT at the ruling rate. We would advise you to discuss this franchise with your professional advisers before signing the franchise agreement. The banks can provide guidance as can the Irish Franchise Association.
5. A Guide to Estimated Start Up Costs, and Ongoing Fees
| Commercial Premises Costs | |
| Shop front premises | €1,000- €2,000 PM Approx |
| Equipment | |
| Black & White Laser Printer | €400 |
| Office Furniture, Photocopier/ Scanner, Mobile Phone, Telephone/Answerphone/Fax | €1000 |
| Software | |
| CCH ProSystem Starter Pack including: | |
| Practice Management, Accounts Production, Book Keeping and VAT. Personal, Partnership and Corporate Tax. Dividends and Tax Return Review | €150pm |
| Thesaurus Payroll (first year’s subscription) | Inc. in franchise fee |
| Microsoft Office SBE and Anti Virus software and online backup | Inc. in franchise fee |
| Other start–up costs | |
| Legal Fees (optional) | €750 |
| Professional Indemnity Insurance | €1,500 approx |
| First 12 months general marketing (networking, advertising etc) | €5,000 |
| Initial Working Capital | will vary on an individual basis |
Management Service Fees – based on turnover
| On first €150,000 – 9% |
| On next €150,000 – 6% |
| Over €300,000 – 3% |
Brand Awareness Fund
| €150pm |
Leads provided from inbound call centre activity
€75 per lead
Employment and HR package
|
‘Employmentor’ |
Inc. in franchise fee |
Notes - The above and below figures are excluding VAT.
6. Working Capital & Property
Working Capital & Property
The Franchise Agreement states that you will operate from shop-style premises within 36 months of joining TaxAssist Accountants. We recommend that you start trading from such premises from day 1, and we have strategic relationships with certain suppliers that can facilitate this.
Shop Refurbishment
We have a Preferred Supplier for shop fitting and they have been fully briefed on our minimum requirements in terms of fittings and office equipment. The cost of a refurbishment or shop fitting is dependent on the size and condition of the premises .
 |
Clive Aherne, Shop, Washington street, Cork. |
 |
Anne Cunningham, Shop, Naas, Co Kildare |
Property Sourcing
Our Franchisee Development Managers have been specifically tasked to look after all aspects of sourcing and operating from office and shop-style premises. With many years’ experience, the Franchisee Development Managers are highly experienced in the TaxAssist Accountants franchise concept. We are in a position to offer advice and guidance on sourcing rented offices or shop fronts.
Working Capital
If you are joining us without an established client base, you will not have an initial regular income. This calls for the provision of Working Capital and we have bespoke finance packages provided by Bank of Ireland. The level of capital you will need is dependent on several factors- regional variations in property and staff costs, personal expense requirements and trading status (office or shop front).
Funding for your franchise can be arranged by means of a loan and overdraft combination, thus allowing for flexibility in terms of monthly expenditure.
7. Revenue Projections
By adhering to the Business Model and taking a proactive approach to marketing in your territory, you should be attracting clients at a considerable rate. Client acquisition will be facilitated by your shop front presence, and your marketing and networking activity will seriously help the build-up of your fee-bank. Further client development will also come from referrals.
It is not helpful to talk about average levels of achievement because each franchisee approaches the business with their own aims, objectives and approach, under the guidance and support of the franchisor. It is more practical to consider what can be achieved in reality. For the franchisees that have opened in the last 3 years, the top 20% at the end of their first year have an average of 116 clients and £75,000 of fees. We do not pretend that these are easily achieved – it required real effort and enthusiastic following of our business model – but that level of success is being achieved and, of course, bettered.
8. Ten Reasons why you should join TaxAssist Accountants
1. Our Brand Name - We are the leading franchised accountancy organisation looking after small businesses and taxpayers
2. Our Training - We are confident that we are providing the best initial and ongoing training for you and your staff. As well as providing a comprehensive initial five week training course which includes food and accommodation, we also offer ongoing update days and bespoke training if needed, as well as CPD facilities. The tax and accounts training is provided inhouse and we provide a nurture programme which lasts for six months after the initial course focusing on business development, HR, staff recruitment and client acquisition.
3. Support Centre - Our Republic of Ireland Support Centre is managed and staffed by experienced, qualified accountants. Our Irish master franchisees, Greg Murphy and Roddy Comyn have over 30 years experience working in and building small accountancy practices that service the needs of small Irish businesses.
4. Shop front concept - We have a highly visible presence with our shop front brand. The shop front brand is supplemented by our branded cars, Golden Pages advertising, internet presence and marketing collateral. We constantly look to be at the forefront in terms of brand awareness, technical training and support for business growth. The shop front will allow you to build up a team of staff who you can delegate to, allowing you the free time to work on the business not in it.
5. An Exclusive Territory - You gain the rights to operate and receive leads in an exclusive territory based on population. Once established, there is the possibility of taking on two franchise territories.
6. Lead Generation - You will receive a number of free leads as part of your initial franchise package. These will be generated from an initial marketing campaign in your area and our ongoing ‘inbound lead’ service. The Support Centre will carry out national advertising including Golden Pages and internet key word optimisation amongst other initiatives which will generate inbound leads. We can also offer the services of ‘cold calling’ telemarketing agencies should you wish to run a campaign.
7. Access to specialist advice/in-field back-up - We work closely with all franchisees on maximising their profit and working towards their own exit strategies. We see this as an invaluable contribution to our franchisees’ business life. This type of consultancy work does not come cheap and we are pleased to provide this as part of our service. We utilise a range of bespoke business tools for our network in respect of their own business planning, fee charging and profitability analysis. We also have an association with the 2020 Group, who specialise in marketing/technical advice specifically for accountants.
8. Resale Value - The business model makes financial sense, with the potential for taking a good salary whilst creating a real asset for your long term future. Fee banks are very saleable (there are more buyers than sellers) and with the TaxAssist Accountants brand name, this could add a premium to the value of the business when you decide to sell.
9. Branded partners - So that your business can be the ‘one stop shop’ for small businesses, we have a range of branded partners including: Asset Finance, Independent Financial Services, Debt Recovery, Company Formations, Employment Advice and Will Writers, amongst other services. Many of these suppliers pay a commission to you, which can form a substantial part of your revenue. These services are not only available to you, but for your clients to offer their clients too.
It is a key part of the TaxAssist business model that your clients should pay you by regular monthly payments. This makes a very significant difference to your cash flow and also enhances client loyalty. It is not normally possible for small businesses to originate direct debits. The Banks restrict this facility to larger companies and often impose stringent security and financial requirements.
When you join TaxAssist Accountants you are joining a network with a visible, credible brand. We have a bank contact scheme whereby we keep banks updated with all franchisees, sending out your business card and introduction letter. We also keep in regular contact with the Associations of Self Employed who can provide access to their many trade members and potential clients.
10. Helplines - All of the Support Centre staff are on hand if you need to talk through any issues or queries. One of the main support functions that is available to you as part of the franchise package is the technical helpline. This is manned from Monday to Friday 9am – 5pm, by individuals with a range of accountancy and tax qualifications and is available to you and your staff. There is also a marketing helpline if you wish to discuss an idea, advert, proposal or campaign.
9. What Next?
To hear more about the TaxAssist Accountants franchise please contact Greg Murphy for a confidential chat on 1890876887 or on email: greg.murphy@taxassist.ie
If you are keen to progress we ask that you attend a “Discovery Day” at our UK support centre in Norwich.
The discovery day is not a hard sell and there is no obligation to join us after the day. The days are a two way process to establish if we can work together.
Once you have attended a ‘Discovery Day’ you may wish to reserve a territory whilst you carry out some research. If we are happy to accept, then we will ask for a refundable deposit that reserves your preferred territory for a 30 day period so that you have some exclusive time to research your area.
We welcome questions on any issue connected with our Franchise as we want you to be completely satisfied with our concept - so you can feel confident and fully committed to our business relationship.
Feel free to telephone us for any further information you may require – 1890 87 68 87, email recruitment@taxassist.ie or visit www.taxassist.netOur network of Franchisees is expanding rapidly –
Join us now and share in our success
