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It is a known fact that start-up businesses experience a very high failure rate within their first few years. Statistics differ by industry and researchers, but on average, you will find that nearly 70% – 80% of small business in South Africa fail within their first three years.  After five years, only 5% – 10% of small businesses survive. The picture internationally is not a whole lot better either. There are many reasons for the failures of independent start-ups such as poor market research, bad financial planning, weak strategic decisions, etc. but I do not want to dwell on these here.  I prefer to pointRead More →

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We all know that customer service is an important aspect for the success of any business. Accounting firms are generally not regarded as poor in this department, but who just wants to be average? By providing excellent client service, not only do clients benefit, but the practice also benefits by differentiating itself from the other “average” firms out there. In building a successful accounting firm, the needs of clients can easily be overlooked. According to international research as much as 70% of clients wanted to change their accounting firms because they felt that they were not valued. While emphasis is often placed upon servicing newRead More →

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We have observed some interesting developments in the midst of the Coronavirus pandemic which may permanently change the way people operate once everything returns to normal (whatever “normal” would mean in our current circumstances). Here are some examples to illustrate the point: Online shopping – has increased dramatically throughout the world as result of isolation. Home schooling – has become a reality in many countries as children stay off for long periods of time. Education – prestigious institutions such as Harvard and Yale have introduced more online educational programs than ever before. Property rentals – corporates are starting to realise massive savings by having workersRead More →

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A frequently asked question is, “Why should I spend money on buying a Tax Shop franchise licence?”. The average time it takes for a start-up practice to make sufficient profit is between 3 and 7 years in SA. Some accountants manage to grow quickly, but then stagnate and find it difficult to grow after a few years. In the Tax Shop group, we experience a far quicker turnaround time and far greater sustained growth. Why? Sustained acceleration is achieved by: Benefiting from our leading marketing and branding. Tapping into our networks and business partners. Growing through our training, backup and support. Utilising our advanced systemsRead More →

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So, you are employed but not happy in your job and thinking of starting on your own. Before you take the plunge and quit your job, you should ask yourself, “what kind of business can I start that will help me reach my goals? Of course, if you decide to leave and start your own venture, you cannot be sure that owning your own business means you’ll be successful. If buying an existing business doesn’t sound right for you, but starting from scratch sounds a bit intimidating, you could be suited for franchise ownership. In a large corporation the employer controls the employee’s activities. RunningRead More →

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Warren Buffet noted, ‘If you got the right kind of product, you may be paying for taste, you may be paying for a mental association that you have, or service availability. That’s franchise value, and I’d say that franchise is basically like a moat around your economic castle.’ If you don’t protect the value of a franchise brand you could be endangering the future value of the very franchise business you’ve worked so hard to create. This is particularly relevant when we’re talking about The Tax Shop Franchise. To understand the value of The Tax Shop Franchise brand, let’s first establish what the term ‘brand’Read More →

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Ask yourself – What could go wrong if: 51,5% of accountants have not started planning for 2019? 40,5% of accountants will not meet their targets for 2018? 61% of accountants are likely to introduce a new service in 2019? 80,5% of accountants need technical support in response to a client engagement and tax related queries? Due to digital disruptions and technological advancements, times have changed, meaning that accountants and tax practitioners must think and act differently.  Accountants and tax practitioners are daily confronted with digital buzzwords like, ‘digital marketing, social media, blockchain, cloud software, fintech, cryptocurrency and so forth, which could be overwhelming.  However, itRead More →

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Are you an accountant or tax practitioner?  Do you run an accounting practice and want to be ready for the fast lane with a strong digital brand that sets you apart from the rest?  Have you always dreamt of becoming your own boss and want to start an accounting practice?  Then, The Tax Shop Franchise is for you! Be a part of our success story and write your own?  Find out how… The Tax Shop Franchise is a forward-looking professional services group, operating in the accounting domain through a professional franchise model.  We have been operating successfully since 2007 and have an established community of professionals.  InRead More →