Smart Tax Breaks Down Barriers to Business Ownership

Smart Tax Breaks Down Barriers to Business Ownership

While many businesses are buckling down due to the rocky economic climate, Smart Tax, a newly launched tax preparation franchise, is offering two new programs to assist driven entrepreneurs become business owners and grow: in-house financing and free conversions for the Smart Tax brand to qualifying business owners. Smart Tax has led the industry in innovative approaches to growth and has tripled from 10 locations at the start of the 2010 tax season to 29 franchise locations operating in 2011. With 45 territories already sold throughout New York, New Jersey and down the eastern seaboard, Smart Tax is counting on these initiatives to keep its growth rate high and steady.

“I have found that there is no shortage of entrepreneurial-minded individuals despite the recession,” said Smart Tax CEO and founder Nick Rizzi. “We’re working to help those individuals break into the industry or bolster their existing companies with the strength of a franchised system.”

The in-house financing program allows any existing franchisee to finance the franchise fee and up to $20,000 of build out costs through Smart Tax via an interest-free loan. In an economy in which many entrepreneurs are struggling to get small business loans or forced to make down payments as high as 30 percent of a loans total value, this move will greatly facilitate entrepreneurs seeking to expand their business.

“In-house financing is something we’ve been planning for a long time,” said Rizzi. “If someone has proven that they’re serious about the business and has what it takes to be successful, we want to remove any barriers that may prevent them from taking their business to the next level.”

Many of Smart Tax’s existing franchisees were able to take advantage of this initiative and open a second location for 2011 tax season, when they would otherwise have been unable to secure the financing for this continued growth. New franchisees can also receive up to $10,000 in financing towards their franchise fee.

Smart Tax’s other initiative allows independent tax preparation business owners who file at least 250 returns a year to completely waive the franchise fee and convert directly to a Smart Tax franchise. Conversions are a growing trend in the franchising industry and allow entrepreneurs who may be struggling to grow their business to take advantage of an established brand name, national marketing programs and the support of a proven infrastructure. Additional territories are also available with no franchise fee based on the number of returns a service files yearly.

“There are many business owners who have spent years developing their business and building personal relationships with their clients but end up hitting a plateau due to any number of factors,” said Joseph Fontana, Smart Tax’s Vice President of Franchising, who has assisted two of Smart Tax’s new franchisees convert their existing business into Smart Tax. “We’re offering those entrepreneurs the opportunity to take their business to the next level under the Smart Tax brand name.”

The barrier-breaking initiatives are two of the latest innovations from a brand already on the cutting edge of the tax preparation industry. Smart Tax also offers a variety of highly-flexible build outs, allowing entrepreneurs the possibility of opening a location in downtown spaces, strip malls and even kiosks in wholesale retailers.

“We’re always looking for new ways to help entrepreneurs who are passionate about our industry in addition to offering the highest quality service to our clients,” said Rizzi. “With these initiatives, we’re looking forward to another strong year of tremendous growth.”

Smart Tax featured on AllBusiness.com

Smart Tax was featured in the online national business news magazine AllBusiness.com in an article entitled “The Pros and Cons of Owning a Part-Time Franchise." In this article, franchisee Yvonne Murray talks about how part-time franchising with Smart Tax allows her to work only during the four month tax season, during which she puts in 12 hour days. This allows her 7-8 months off during the year, which makes for a pretty great vacation policy and should definitely attract some entrepreneurs looking for a similar setup. Allbusiness.com reaches a wide audience of entrepreneurial people and this article is a great way to spread the word about Smart Tax as a great opportunity for potential business owners interested in franchising part-time—it should definitely generate some quality leads! Click here to read the article in its entirety!

The Pros and Cons of Owning a Part-Time Franchise
by Sara Wilson

Franchise ownership is a goal shared by many; however, successfully transitioning from working a full-time job to running a full-time franchise may seem dauntingly difficult. The bills still need to get paid, the children still need to eat, the risk might be too great. However, there is another option that makes franchise ownership more attainable: going part time. And, better yet, it’s an option offered in franchise categories ranging from hair cutting to interior decorating to fitness.

So what’s the catch? (Or is there one?) Here are some of the pros and cons that come with becoming a part-time franchisee:

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Franchisee Profile: Matthew Jamel

Opening Date: January 3, 2010
Location: Brooklyn, NY

Q: Where are you originally from?
A: I was born and raised in Brooklyn.

Q: Before Franchising, what were you involved with?
A: Before partnering with Thomas Rock to open a Smart Tax location, I attended Brooklyn College and graduated in May of 2010 with a degree in Business Management. Upon graduating, I started working with Thomas to put together a business plan so we could open a Smart Tax location in Brooklyn for tax season 2011.

Q: How did you learn about the brand?
A: Thomas had both known and worked with Nick Rizzi, CEO of Smart Tax, at Redhook location for five years. When Smart Tax started franchising in 2009, we began discussing the possible business options and the details in how we could open a location after I graduated from college.

Q: How do you see the brand connecting with your local community?
A: Because I have spent my whole life in Brooklyn, I want to see our business connect with the local community 100 percent. Thomas and I grew up five blocks from each other, played sports in Brooklyn as kids and still do. We plan to take every opportunity we can to connect with the residents of Brooklyn, building relationships and creating a strong local aspect to our Smart Tax business. We want our customers to feel comfortable and realize we are hard-working locals just determined to make filing taxes less formal.

Q: What are your future goals? Development plans?
A: I would classify myself as a hard-working individual who is dedicated to my work. We are earning our entire year’s salary in less than four months, so we have set the bar extremely high for our first tax season. We’re planning to file 400-500 tax returns, well above average.

Franchisee Spotlight: Yvonne Murray, Owner of the Brooklyn Smart Tax Location

This week, for our franchisee spotlight, we would like to introduce you to Yvonne Murray, franchisee one of the Brooklyn locations of Smart Tax. Below is her story.

Local Entrepreneur Becomes Business Owner of Brooklyn Smart Tax; Step-Above Tax Preparation Services

BROOKLYN, NY – While many businesses are slowing down due to the rocky economic climate, Smart Tax franchise, a newly launched 10-unit tax preparation concept, is just starting to speed up. Smart Tax is a step above the competition by offering quicker returns, better services and is expanding rapidly, now opening their newest location in Brooklyn at 928 Myrtle Ave.

“I have heard Nick Rizzi talk about his dream of creating Smart Tax for years and I am so excited to be a franchisee in this fresh new concept,” said Yvonne Murray, franchisee of the Brooklyn location speaking about Smart Tax’s CEO.

Before Smart Tax was even an idea, Yvonne Murray worked closely with Nick Rizzi, founder and CEO of Smart Tax, at the New York Community Bank. It was there that Rizzi would tell Murray his ideas and aspirations about opening his own business. For 2-years Murray worked at one of Nick Rizzi’s Smart Tax location during the tax season, where she managed the location that she now owns herself. Now she has taken the next step as a Smart Tax franchisee and is fully committed to Smart Tax. She plans to develop two more locations within the next three to five years.

Yvonne is a dedicated and hard working business woman who still manages to raise three children, with her fourth due at the New Year. She has taught her 15 year-old daughter a lot about the business already, including how to use their system of filing taxes. Yvonne hopes to keep this business in the family and that one day her children can have a bigger role in Smart Tax.

CEO and Founder Nick Rizzi grew Smart Tax into four small successful locations, after launching his first location as a 29-year old entrepreneur using his life savings and a credit card. Rizzi created his concept a step above the competition by offering quicker returns and better services.

Despite the economic climate and people cutting back on spending, tax returns is one appointment people can look forward to every year—and people can get their taxes processed at Smart Tax in as quickly as an hour for a very low cost.

“I wanted to create a system one-step ahead of competition and provide a service that our customers valued in each community we enter,” said Rizzi, noting he plans to have 100 locations by January 1, 2012. “Yvonne Murray, who has been there for me since day one, is a great addition to the Smart Tax team. I know she will do amazing things to help strengthen and grow this franchise.”

Smart Tax Featured in Brooklyn Downtown Star and Greenpoint Star

Tax season has officially begun and we are excited here at Smart Tax to jump in head-first and start preparing our customers taxes. Smart Tax, which started out as an idea, has now taken the next step as a franchise concept and we are growing and preparing to launch the tax season with each of our communities. Smart Tax was also just featured in the Brooklyn Downtown Star and the Greenpoint Star about our growth in the region and how Smart Tax came to be what it is today. Below you will find a section of the article and a link to the full article on the website.


On The Record: Nick Rizzi, CEO/Founder of Smart Tax
by Holly Tsang

Nick Rizzi works himself to the bone for three or four months, and then for the remainder of the year, he’s pretty much free to come and go as he pleases. What does he do for a living? Why, he’s an accountant, of course.

He actually started out as a financial planner at a bank, but people were often asking him how certain decisions were going to affect their taxes, so he decided to take some basic tax preparation classes.

It turned out to be something he really liked, and Rizzi realized he could actually make a living doing it.

“Although it might seem boring doing a tax return, you see all the changes going on in your clients’ lives. You celebrate things like people buying a house or having a child,” he said.

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