NJ Accounting & Tax Services | Application Preview
The grant application from NJ Accounting & Tax Services seeks funding to transition into a Jackson Hewitt Franchise, with an estimated start-up investment of around $80,000. The funds will be utilized for securing a location, recruiting quality staff, and covering training and payroll expenses.
The business plan highlights the rapid growth of the local area and Jackson Hewitt's support in identifying potential storefronts. The applicant aims to establish at least 2-3 franchise locations within five years, capitalizing on an opportunity where average franchise owners manage multiple stores.
In terms of funding justification, the applicant emphasizes their drive and previous experience managing over 70 clients. They feel limited in growth without additional resources and support. With the proposed funding, they intend to expand their business capabilities, hire staff, and improve their brand visibility.
Regarding competition, the applicant notes dissatisfaction with H&R Block's service, the rise of Turbo Tax for self-preparers, and challenges with freelance tax professionals. They believe that their competitive edge lies in their ability to simplify tax-related discussions and offer clear, straightforward pricing, which in turn builds client trust and satisfaction. This personalized service helps clients feel more comfortable with their financial decisions, allowing them to focus on their business's operations.
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General Information
Business Registration Number: 47-1120551
Location: Herndon, VA, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
My goal is to scale my business by converting to a Jackson Hewitt Franchise. Their estimated total start-up investment is approximately $80,000. Additionally, I need to secure a location and be able to invest in recruiting quality staff which also involves training and additional payroll costs.
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Business Plan
The area where I live is growing rapidly. Jackson Hewitt offers to assist in identifying locations that can support new stores. The average franchise owner owns 7 stores. I plan to open at least 2-3 within the next 5 years. I am a self-starter and highly driven person. I have been working towards owning my own accounting practice and have reached the limit of what I can achieve on my own. I have over 70 clients but I cannot continue to grow without additional help. With an investment to scale my business, I can establish a location, hire a staff, and obtain branding that will help my business grow to a much larger scale.
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Self Identified Competition
1. H&R Block - Many of my clients have left dissatisfied with their service, feeling the tax professional was not very knowledgeable and the service is overpriced. 2. Turbo Tax - Is used by clients who have self-prepared their returns in the past, but now their situation is more complicated and they would feel more comfortable with the assistance of a tax professional. 3. Other Freelance Tax Professionals - when clients switch accountants it is because they did not feel heard, the pricing was not straightforward, or they simply felt like "just another file". Many people don't like to admit they don't understand how taxes work, or they don't know what they are doing when it comes to starting a business. I make the conversation easy and take the time to explain things thoroughly. My clients are grateful to have an understanding so they can begin to thrive financially. I helped my small business clients understand the importance of an organized accounting system, and I help ease that burden so they can focus on running their businesses. I think what people appreciate most about my service, is the straightforward pricing and the peace of mind that comes with knowing they have an accountant on their side to help them with whatever obstacle comes their way.
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Contact Applicant
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