1. Establish a business entity: Decide what type of business entity to use, whether it be an LLC, C Corporation, or sole proprietorship. Consider the pros and cons of each option before deciding what fits best with your specific needs.
2. Obtain licenses and permits: Depending on the state you are in, you may need to obtain a business license or permit. Verify the requirements with your local government.
3. Set up accounting software: Invest in quality accounting software that works for tax preparation businesses in order to help manage client finances, profits, and losses.
4. Hire staff: If your business is growing and you need help, consider hiring employees to support the work you do. Decide what type of staffing structure fits best for your specific needs.
5. Find a location: When deciding on where to set up shop, consider convenience for clients and employees alike, as well as the cost of rent and utilities.
6. Market your business: Invest in quality marketing materials, such as a website, business cards, flyers, etc., to help spread the word about your new tax preparation business. Utilize online resources to reach customers faster and more efficiently.