The sixth step on The Pronto Path is Stabilization. In this episode, we walk through developing at least one profitable service other than tax preparation that works well with tax preparation. This step sees tax pros bringing more long-term financial stability to their business.
In this series, we are walking through the 9 steps of The Pronto Path. The Pronto Path is a career roadmap or framework to remove fear and doubt from the tax profession. If you're wondering how to get from where you are right now to where you want to be as an independent tax professional, this show is for you!
To learn more, comment, and for the complete show notes, visit: http://taxpronation.com/6
Topics discussed:
- [02:36] What does the Stabilization step look like?
- [03:50] What work can you give your talented staff outside of tax season?
- [04:50] How is this step relevant to the employee or part-time tax pro?
- [05:45] Why real estate works for many tax pros
- [06:20] Why not just take a break during the slower off season?
- [08:28] What does it mean to smooth out your equity curve?
- [09:23] Do I go through the Pronto Path again to build up my complementary business?
- [10:47] Does bookkeeping as a stabilizer match how you like to work?
- [13:51] Other businesses that independent tax pros consider or avoid and why
- [15:34] Current tax prep environment vs Future tax prep environment
- [16:34] How to stabilize your income as an employee
- [17:07] Andy’s Big Bear Lake tour guide tax pro story
- [18:19] The demands of selling and marketing and the danger of losing focus
- [19:21] Andy’s story on building two service lines in his tax business
- [20:20] The trap high achievers fall into as they start something new
- [22:59] Take everyone with you on the new business venture?
- [24:27] The uncertainty of starting something new after proving success in one area
- [25:33] The best place to start building your new complementary venture
- [27:41] The way you measure success of your new venture before investing too much into it
- [29:32] How tax pros can become spoiled as entrepreneurs
- [30:07] Practical ways to find out what the market is willing to pay for your new service or product
- [31:24] What it means when clients ask “What are you doing for the rest of the year?”
- [32:11] What businesses did Andy start that didn’t go so well?
- [33:36] Insight from Seth Godin on how to confirm the right track as an entrepreneur
- [37:00] What businesses went well for Andy?
- [40:00] Alternatives to starting your own business from scratch
- [40:34] Why you are not 80% of the way “there” when you start with a client base
- [42:00] Why not bundle accounting, legal, bookkeeping, and similar services?
- [43:28] Who makes up your dream team?
- [44:13] A major point to remember at this step
- [45:02] IRS Section 7216 and Disclosure
- [46:36] What are some legal ways to introduce your new service or business?
- [47:19] Which cultures like bundled services over others?
- [48:46] Tax Problem Resolution work as a great stabilizer for tax pros to add
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Tax Pro Nation is produced by Podcast Masters
