Discussion:Retail/Office Space
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Discussion Forum Index --> Business Growth Community --> Retail/Office Space
FloridaTaxes (talk|edits) said: | 26 July 2009 |
| I have been quite successful the past few years and am considering taking the step to open an office. For a while, it would be operated part-time between my husband and I. There is space close to my house at very good prices right now, so I think now's the perfect time for me. I have enough monthly/quarterly accounting clients to cover the overhead throughout the year.
My question is how many returns should I expect to do my first year with an office? I know I would need some advertising, but I just want to get an idea of how much your client base grew. My main reason for getting the office would be to grow the tax clients. I really do not want to have any more going to my house. However, I don't even know what to expect. I obviously want this to be worthwile. Can anyone share their experiences? I am in the Tampa, FL area. Thanks! | |
| 26 July 2009 | |
| what marketing methods/efforts will you use? That makes all of the difference in the world.
(other than the UPS man and the mailman, how will you get people to find out about and come to your office?) | |
FloridaTaxes (talk|edits) said: | 26 July 2009 |
| First off, all the spaces I am considering are in strip centers or office parks on major roads with signs off the road. I have tried print advertising in the local newspapers before and each year I got enough responses to cover the price of the ad 4-5 times. The best part is those clients kept coming back and referred others. I actually have had many clients offer to refer friends and family this year and I actually asked them not to, because I want to limit the traffic in and out of my house.
I have heard from college friends that opened offices in the past few years that the most effective method for them is to have someone standing on the side of the road with a sign advertising their business, so I will probably try that as well. I am hesistant about direct mail because many people say the response is too low compared to the expense they incur. I have also had some tell me door hangers helped them but in my neighborhood most areas are deed restricted so I need to be careful with that. Last, the spot I like the most right now is literally in front of my subdivision, so I am hoping to get some of the residents in here to go there. As always, I am open to suggestions. | |
| 27 July 2009 | |
| Be careful having them stand by the road! I had a boy out there one time that had his head permanently mohawked by a piece of unflagged lumber that was hanging out of the back of a passing truck.
It could have been worse. What if someone you hire gets run over, or is caught in an exchange of gunfire (so-called "street violence")? A young lady sign toter might be cat-called, or hollered at, or be given the wolf whistle; and then hold it against YOU for creating a hostile work environment. Before you know it, you might be entangled in some liberal lawyer's idea of a lawsuit! Imagine having your tax sign all crumpled up with tire tracks running across it, and all of it on the 5 o clock news! Of course, the way people like to chase celebrity these days, it might actually bring in the business. [Get a lawyer to draft you a release for them to sign, and hire only adults.] | |
| 27 July 2009 | |
| Rent a office as close a possible to a Jackson-Hewitt,HRBlock,or Liberty Tax. After clients see how high their fees are they may come running to your office. | |
FloridaTaxes (talk|edits) said: | 28 July 2009 |
| Actually, the space I am looking at is less than 1/4 mile away from H&R Block. I didn't even think about that but you have a good point. I know for sure my fees are lower than theirs. | |
| 28 July 2009 | |
| My guess you will pick up 50 simple returns at about $50 to $100 each. total $2,500 to $5,000. | |
FloridaTaxes (talk|edits) said: | 28 July 2009 |
| If I can pick up at least 50 returns and some business clients the first year I'll be happy. My average return is around $120, mainly because I don't really have too much of the Turbo Tax crowd. I actually think at least half of them used to go to H&R Block. However, I would hope to pick up a few more business clients as well, which is where I really make money. I have had several interested in my services that walk away when they realize I work out of my house. I plan on offering strong referral incentives as well, so I hope that will help. I have offered smaller incentives in the past and have gotten quite a few clients out of it.
The rent at this location is priced very much under market right now, probably because there is empty retail and office space everywhere in my neighborhood since they went crazy building all over the place. My husband and I both have full-time jobs and for now this is just a nice flow of extra income that we don't really need- so if we don't make as much money as we hoped next year from the business it won't hurt too much. | |
| 28 July 2009 | |
| do remember that you have to staff a retail location differently than you do your home office. You cannot be the only one there during tax season. A sign or multiple signs, depending on your city ordinances, will be your best investment for a retail location. | |
| 28 July 2009 | |
| My advice is to get some space you can build out to least two offices, and put a bankruptcy attorney who needs space in there with you.
They are really generating the foot traffic at the moment (and, if we end up like Japan did in the 1990's, the attorney will be busy for the next 15 years or so); so if your office mate is busy, it's likely you will be busy as well. (Lot of tricky accounting work having to do with bankruptcy). Whatever you do, don't take "no" for an answer! P.S. Hopefully, the shopping mall is near an evangelical church. If you can get hooked up with a half crooked evangelical minister (paricularly the type that thinks the world is about to end), you could soon be managing warehouses, real estate holdings, and thousands of rental homes!http://www.msnbc.msn.com/id/32177104/ns/us_news-crime_and_courts/ I say "half crooked" evangelical ministers, but really, are there any other kind? | |
FloridaTaxes (talk|edits) said: | 28 July 2009 |
| Crow, you always have the best ideas! I will start looking for that bankruptcy attorney ASAP.
Yes, my husband and mother in law will work in the office as well if we do this. My husband has learned a lot and helped me the past few years. My mother in law can prepare simple returns and overall is a great admin/office assistant. She would appreciate some part time work since she hasn't worked in a while. | |
| 28 July 2009 | |
| Heavens, don't get your family in there, they are the worst about stealing from you! <smile>
Seriously, good luck. You never really know what brings the clients in. I was working with a Fortune Teller at one time my business was so bad, but as it turns out, she had an awful string of bad luck herself, and I ended up having to loan her the money I sat aside for my marketing! If you can get a good Feng Shui man (or woman) around there, you'll have a leg up. But, make sure you get an Asian one, they got the inside track. From the looks of the names in the local Feng Shui directory around here, they all appear to be Jewish. I asked one about it, and he informed me that his was so Reformed that he didn't know what he was; in todays world, a man that will admit that he does not know what he is, or what he's doing, is so rare a find that I ended up hiring him anyway! | |
