Discussion:Startup and seasoned friends
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Lmcdon9822 (talk|edits) said: | 31 January 2008 |
| This is my second season with a "face to my name" and my office is in Pocono Summit, PA, a small to middle size town.
As for new clients, so far I only got 1 appointment nailed down (walk-in) this year. Most of my clients from last year already called and said that will come back this year. I sent out 600 post cards Jan 14th targeting new movers in the area within 0-2 years, age between 29-59 and income between $25,000-$125,000. Second round of 600 to the same people goes out this Monday. I also have a ad in the free weekly newspaper that goes to 12,000 households in the county (so they say). Is it really this slow in January? I am paranoid? If you can share your first startup years successes (and failures), I’d appreciate it. 40-50 clients would cover my expenses for the year. I had 21 last year and 4 I know are not coming back. I work full time as a software engineer for now and I am trying to build my business on the side. If this does not work, I will have to shutdown. www.lfmfinancialservices.net Your thoughts? | |
| 31 January 2008 | |
| Gets more busy in February and then more busy in March and more busy in April. Hang in there! | |
| January 31, 2008 | |
| This weekend should be the last calm before the storm. | |
| 31 January 2008 | |
| Lucious, don't sit by the phone waiting for it to ring: get out there handing out business cards, offering to speak to groups on tax subjects, going to Chamber Of Commerce functions, etc. People will use someone they have met before calling an ad in the paper, so go let yourself be met. Unless you are in a retail location you won't get many walk-ins anyway. | |
Bottom Line (talk|edits) said: | 1 February 2008 |
| Could be that people are just now getting their W-2's and 1098's. AND the big brokerages (Merrill Lynch, etc) have an extra week again this year. I haven't gotten my 1098 yet either. | |
Lmcdon9822 (talk|edits) said: | 9 February 2008 |
| Kevinh5 - I am handin' out those business cards! I am in a strip mall with a daycare, karate school, barber shop and pet grooming store there. Its weird though that the folks that walk in my door so far this year ask for directions! AHHH!
I did get 3 calls so far and converted 2 appointments. Most of the clients last years says that are talking to friends about my service. P.S. - Passed Series 63, next is the 65 then EA exam... | |
| 9 February 2008 | |
| Jump start your practice. Purchase a tax practice from an old retiring tax preparer. | |
Lmcdon9822 (talk|edits) said: | 13 February 2008 |
| DZCPA - I had 2 opportunities to purchase or aquire a tax practice. I was preparing income taxes per diem for an accountant/CFP where her health took a turn for the worst. A trust was to be setup where myself and another individual would assume her position and we would pay the trust a percentage of 5 years. It was great, no money out of pocket. The problem was she did not want to split the business and I did not have the proper financial licenses to take over the financial and commissions cannot be shared.
The other opportunity, I was to partner with a financial planner and I would take the tax clients (about 500, average fee was $225). Again no money out of pocket, just pay a percentage over 5 years. Did not work out either. | |
| 13 February 2008 | |
| keep trying keep swinging, fall down, get back up, swing again. Eventually you will hit one out.
good luck | |
Lmcdon9822 (talk|edits) said: | 11 March 2008 |
| I am at 24 clients with 1 scheduled to come tomorrow. I still have 3 more clients from last year who said they are coming back. So I can say I have about 28 clients now. I need 22 more to cover my expenses for the year.
I wrote an article about the tax rebates in the free weekly paper where I advertise in. I got a few calls on questions, I gave a few freebie answers. I got 14 responses from advertising which I converted 10 into appointments. Only 1 from the postcards. I will not do that next year. I guess postcards don't work here. I also got an email from a potential tax client (couple) who will be moving to PA to retire next year. They are looking for financial services. So I hope to get good roll over from them. I am trying to contact a few local (2 towns over) accountants how have been in the business for 20+ years to look for per diem work and hopefully become accainted with them in the event they want to sell their practice. How do I approach them without them thinking I will try to take their clients away? How would you feel if someone new contacted you about per diem work that has a fairley new tax practice 2 towns away? | |
| 11 March 2008 | |
| Be honest, be yourself, tell them exactly what you're doing. Beyond that the worse they can do is to say no. Good Luck! | |
| 12 March 2008 | |
| exactly. also, buying an established practice doesn't hurt either. there are plenty of clients to go around for everyone. established practices won't feel threatened | |
| 18 April 2008 | |
| I tried direct mail. Cost about $2000 for the program and recovered about $1500 the first year but $1000 of that was a one time revenue (past due returns). Bottom line, did not work that well for me. Buying practices on the other hand has worked a bit better for me but it has its own problems too. | |
Lmcdon9822 (talk|edits) said: | 20 April 2008 |
| Ok folks, direct mail is not working for me here. I sent out 600 cards twice to the same people. Targeted folks with just moved in the area (0-2 years) and between ages 25 to 59. I got 2 calls. Turn both into clients. First call was actually the end of January. I was kinda excited. The next call came the first week of April! I spent about $425 dollars. The 2 calls got me 3 clients. The last call was a mother with her son. Billed $423. Advertising the free weekly newspaper got me good results. I got about 23 calls and converted 11 clients. I lost 2 of the calls because I was not there to answer the phone. When I called the next day, they already found another preparer. Spent $416. Billed $1,760. | |
Lmcdon9822 (talk|edits) said: | 20 April 2008 |
| DZ, TaxFlake, Fstein, thanks for your responses. I am going to reach out to other accounting firms that do not offer financial service to use me to bring more value to their clients. Also looking to network in my area and see if I can get some per diem work as my practice builds. Also looking to accountants in my area to see if they will be retiring soon. Hopefully, I can purchase a practice soon! | |
