[mhueycpa]

In 6months or so I want to open up a tax prep store front in the community I live in. Current competition is HR Block, Liberty Tax, and 1 or 2 firms that are EA but no CPAs in the area. I am currently employed fulltime. I am the sole breadwinner for my family so leaving a fulltime position and going straight into self employment isnt really a great option. So to start, I will be in my own office on the weekends, plus 1 weekday during tax season. My question is to those who have their own storefronts or work for small firms, what weekday should I be in my office. Should it be Friday or Monday so that I’m there 3 days in a row, or is Wednesday a better day for people? Thank you for your advice. Btw I’m in nyc.

THE 300 CLUB WILL DO JUST FINE!

[Anonymous]

Opening up a brick and mortar location in NYC (I imagine rent is not low) with HR Block and Liberty tax as direct competition sounds like the quickest way to bankruptcy to me.

Tread carefully.

[JMOR]

For our office, (small CPA firm) Monday is the heaviest traffic day during tax season. We are located in a small town on the west coast though, so our situation is the complete opposite of yours. I think this is due to people gathering their documentation on the weekends.

REG - 86
FAR - 74,
BEC - 72,
AUD -73,

[y_u_no_pass]

I live in Tampa, and I think that Monday and Friday are lower on traffic presumably because more people are working from home on those days. Depending on the location, choosing a Monday would either be an advantage (people come in when not at the office) or a disadvantage (fewer people running errands on break from work).

Florida CPA!
Took final exam 2/25/15.
Sent in Application 3/12/15.
Issued License 3/20/15.
Used CPA Excel solely for all exams.

[ibCPAsoon]

For me mon – thursday are equally busy…friday tends to have the least amount of foot traffic and is when i tend to take off because of that.

BEC - PASS JULY 2014
FAR - PASS DEC 2014
AUD - PASS FEB 2015
REG - PASS MAY 2015

[mhueycpa]

I'm not in manhattan, and I've done research on the rent, which actually is reasonable for the area I'm in. Plus there are some retail/office space that has been vacant for a while now, so even with the rents being reasonable I could probably negotiate a lower amount. Some cash flow is better than none. Also, I don't see HR Block and Liberty Tax as “direct competition” these are people and locations that are around jan-apr out of the year. They seem to change employees every season, etc. So if I can add a premium to the prices they currently charge, I think I can get a number of customer right away. Would you pay someone who's not licensed/ has little to no experience $200 vs, paying a CPA with 5+yrs of experience say $250-$300 for the same return? I'd personally pay the premium and know that the person is there year round, etc. Thank you all for the advice and good luck with your firms/employment!

THE 300 CLUB WILL DO JUST FINE!

[Author]

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