If someone told you before the pandemic that you will be spending the coming days entirely online, you would have laughed it away. Now the internet is your first go-to place, whether you are selling or buying. The main reason for this is “Convenience” with a capital ‘C’. People want answers to their problems, and they want it now. With 4.66 billion internet users in the big wide world and the pandemic pushing more and more people online, it only makes sense to start a virtual tax business. Just think about all the money you could make.
What Does A Virtual Tax Business Mean?
So what is a virtual tax business? To put it simply, you will be helping your clients to file their tax returns without ever physically meeting them. Typically, you will have a video call with them over any video calling software and gather necessary information. You will then calculate their tax liability and file their return electronically after the client’s approval. You can also schedule additional sessions to advise your client about tax planning without ever leaving your home.
Sounds sweet, right? Now let’s find out why you should dive right in without wasting any more time.
Why Should You Start A Virtual Tax Business?
There are many good reasons to start your virtual tax business online and start it now. Especially with the pandemic still raging on and lockdowns still in place in many countries. Let’s look at some of these below.
You can save big time on costs when you start your tax business virtually. All you need is a good internet connection, a laptop, and a quiet place to video call with your clients. You skip the overhead costs such as renting an office, the salary of the staff, and lighting and heating. Lower prices translate directly into more profits, and you can use the extra income to build your brand and attract more clients.
It’s More Efficient
With task management software being all the hype right now, you can become more efficient. These applications can help you stay on top of your daily tasks and prioritize clients by the urgency of their work. If there’s a client that requires more time and effort from your side, you can log this into the software to make sure you are on top of your game. A tax business thrives on efficiency, and once the word gets out that you get the work done, clients will be lining up to get their taxes done from you (virtually, of course).
It’s Less Hectic
When you start your tax business online, you save yourself from hour-long traffic jams, office politics, extended lunch breaks, and general unproductivity. You save a lot of time and energy when working from home, and you can use this to offer a superior value proposition to your clients. Also, you are your own boss when working virtually, and you can work flexibly, dividing time between family and work.
It’s Broad Ranging
Compared to an in-house tax business that operates in a certain location with a limited client base. Virtually, you can reach out to a lot more clients and expand your client base multifold. Depending on your skills and expertise, you can cater to different types of clients based in different areas. This is only possible in a virtual setting. Clients can directly set up an appointment with you through video calls rather than traveling for hours to reach your office.
It’s Safer and More Personalized
As all communication is online, there’s almost no chance of sensitive information getting into the wrong hands. Client confidentiality is ensured at all levels in a virtual tax business. All documents are directly uploaded to secure software. Clients also don’t have to maintain physical files as everything is available digitally in a personalized manner.
A Few Tips To Remember
While starting your virtual tax business does sound exciting, you should plan ahead to make it a smooth sail. It will help if you identify with a niche, which will help you become more focused and target specific audiences. Many clients also prefer ‘expert’ businesses in a particular area, as it looks more authentic. You should also focus on building a brand so that customers can identify with you better.
Now that you know how easy and efficient starting your own virtual tax business is, you should dive right in! Not only is there greater Convenience for your customers, but you can also enjoy greater profits and more customers right from your home. With numerous applications making you more efficient, you can promise a valuable customer experience to your clients!
Ready to get into the Tax Game? I’m giving you everything you need to know on October 5th 2021. This is a billion dollar industry with more than enough room for up and comers, you just need to know what to do and most importantly what NOT TO DO.
Go here and register, spaces are limited so register ASAP.