The reasons to initiate a virtual tax filing business are countless. You might consider it because it has a low initial cost, or maybe the aspect of running digital and, thus, environmentally friendly businesses is something you prioritize.
Some people also prefer starting virtual offices until they build their customer base. Later they go physical. Post-COVID, we are all aware of the benefits and flexibility the digital world brings, and there is a high demand by the customers.
Below are the reasons why you should consider opening a virtual tax office:
1. Low Initial Cost
Opening an office has a very high initial cost. The price/rent for your office, arrangement of furniture, renovation of office, maintenance of the building, bringing in all the other needed resources, etc., is a never-ending list.
According to a Kauffman Foundation study, a physical office needs $30,000 to open. Your virtual tax office will do all the same things as a physical office; it will be cheaper and quicker to set up.
2. Environmentally Friendly
Many firms and start-ups today prefer a virtual tax filing business due to environmental concerns. Climate change is no secret, and environment-conscious people and entities are moving in this direction.
The awareness among consumers toward green strategies is increasing, and firms are making this element a part of their values. For example, many firms have employed green marketing to attract clients and customers since they know this is the future.
3. Better Work Environment
A virtual tax office means tons of flexibility for you and your employees. Firstly, the cost and time your employees will save on fuel and traveling to the office is substantial. This also means more disposable income for them.
In a study, 23% of respondents said they would be willing for a 10% pay cut if allowed to work from home. In that same study, 59% of respondents said they would prefer remote work over the office.
4. A Greater Pool of Candidates
Similar to the benefits employees have in virtual offices, you will also get great advantages as the virtual owner of the firm.
The best part is you can find and choose your employees from all over the globe. Thus, hiring will not only be easier, but you will also find more experienced and professional workers.
5. Substantial Revenue and Profits
A lucrative aspect of this is the money. According to data from the Zip Recruiter: a tax officer earns an average salary of $67,166, and the range of yearly salaries is: $18,500 (the lowest) and $112,000 (the maximum).
The same data shows that a highly skilled worker in this might even earn $100 per hour. You can expect your revenue to be substantial, given the employees’ salaries.
6. Larger and Stronger Client Base
A typical office can usually have only local customers. With a virtual office, there is no limit to how large your client base can be. Put simply, the more clients you get, the more you earn.
Also, nowadays, most customers prefer digital services since they are more convenient. Clients will automatically gravitate towards you If your virtual system is properly developed and you have the right team, software, and resources.
Bonus tip: It’s essential to explore and find the right software and resources and set up your virtual system properly before you launch the business.
All in all, opening a virtual tax office is a no-brainer. It combines both things customers might want: convenience and environmentally friendly business. Moreover, it is also what employees are looking for today, so finding an efficient workforce will not be an issue.
The business also provides a huge potential for profits. Taxation is a service people will always need. You can not go wrong by investing in such a business based on employees’ salaries.