With an estimated 54 million Hispanics living in the U.S., surveys show that most Hispanic taxpayers (74%) seek professional tax help, and are two times more likely to look for a professional tax preparation office than any other ethnic group. SiempreTax+ is a national tax preparation brand that focuses on the Hispanic community. In fact, SiempreTax+ is the first and only national Hispanic tax preparation franchise. The franchise serves this growing market and gets the work/life benefit of operating a business with a great potential for profit.
Tax Preparation Plus
SiempreTax+ specializes in handling tax returns for individuals and small businesses. It also offers a range of services and solutions beyond tax preparation to meet the needs of Hispanic consumers including immigration help, translation, notary public, English as second language (ESL) classes, and assistance in acquiring driver’s licenses–hence the “plus.” The company also helps non-citizens apply for an Individual Taxpayer Identification Number (ITIN) at no charge. The ITIN not only allows citizens to have a credit card or open a bank account, but also, along with filing taxes each year, helps establish a record of residency in the United States.
“In certain markets, SiempreTax+ also services the Haitian community,” notes Laura Contreras Rowe, COO, SiempreTax+.
“Franchisors don’t have to be Hispanic to own a SiempreTax+,” adds Rowe. “You would, however, need to hire a Latino store manager and staff.”
Low Cost Opportunity
SiempreTax+ is an affiliate of Virginia Beach-based Liberty Tax, Inc., parent company of Liberty Tax Service. Siempre, which means “always,” is an independent brand under the Liberty Tax umbrella.
SiempreTax+ is a low-investment tax franchise opportunity. The franchise fee is $25,000 with a total investment of up to $65,000 for real estate, payroll, initial supplies, and so on. The net worth and liquid capital requirements are $25,000 each. There is a relatively high royalty of 14%. Royalty fees are traditionally a percentage of revenues that must be paid to the franchisor.
Growing Market
“When you look at the growth in the Hispanic market and the lack of reliable tax preparation services available to that market, you have to realize there’s an opportunity there to give customers what they need and desire,” notes Liberty Founder and CEO, John T. Hewitt. The franchise has experienced 150% growth since its 2014 launch, with a total of roughly 120 units.
According to Rowe, every first new SiempreTax+ office that opens offers 100 free tax returns. She adds that franchisees receive ongoing support, including an initial five days of operational training, assistance with marketing, staffing, and 24-hour tech support. Discover Days are great way for potential franchise owners to learn about both Liberty Tax and SiempreTax+, meet franchise reps, hear testimonials from existing franchisees, and receive the “Franchise Disclosure” document.