Earnings Claims of Top Franchises Revealed

Earnings Claims of Top Franchises Revealed

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Looking for a Tax Preparation Franchise? Check Out the H&R Block Franchise Opportunity

by Franchise Chatter on June 22, 2011

in Franchise Reviews, Tax Preparation Franchise

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The Franchise Chatter Blog’s List of 17 Things Every Prospective Franchisee Needs to Know Before Investing in the H&R Block Franchise Opportunity

H&R Block Franchise Business Model

1. H&R Block is one of the world’s largest tax services providers — delivering trusted tax advice to clients through a variety of  delivery channels, including tax return preparation services in-person and through “H&R Block At Home” online and desktop software products.

2.  Market research shows that H&R Block enjoys unaided brand recognition that is almost five times higher than its nearest franchise competitor.

3.  H&R Block offers a wide array of client focused tax and financial products, as well as service guarantees.

  • H&R Block Guarantee – if penalty and interest charges are owed due to H&R Block’s error (on federal, state or local returns), those penalties and interest are paid. If the IRS audits the client, H&R Block will assist in answering questions regarding the client’s return.
  • Peace of Mind Extended Service Plan – for an additional fee, a client is assured that any additional taxes assessed (up to $5,000) because of H&R Block’s error will be paid. In addition, H&R Block will represent the client in the event of an audit and guarantees individual federal, state, and local returns for three years after the filing deadline.
  • Refund Anticipation Checks
  • Quick E-filing ensures clients get their refunds fast.
  • Second Look – a professional review of the client’s current-year tax return, filed or not, for just $29. Or a review of up to 3 years of prior tax returns for a small fee. With this review, the returns are now covered by H&R Block’s service guarantee.
  • Maximum Refund Guarantee
  • Emerald Advance – customers gain access to a line of credit that gives them the ability to borrow money up to a maximum amount determined by the bank.

4.  H&R Block has an established program in place allowing owners of existing tax businesses to convert into a H&R Block franchise.  H&R Block offers these business owners royalty rebates on existing clients, and in certain cases, they may qualify to receive cash conversion payments.

5.  EXPRESSTAX, a subsidiary of H&R Block, was established in 1997 to introduce tax preparation to existing non-tax businesses with a solid client base.  EXPRESSTAX offers one of the lowest start-up costs of any franchise in the tax industry.

H&R Block Franchise Photo by Jermil SadlerH&R Block Franchise History and Growth

6.  H&R Block has served more than 500 million clients since 1955.  Today, H&R Block has more than 14,000 domestic and international offices — about twice as many as its nearest competitor — and more than 100,000 highly trained tax professionals.

7.  H&R Block prepares 1 in every 7 U.S. tax returns; has a retail office within 5 miles of most Americans; delivers customized tax advice for more than 400 occupations; and has helped clients obtain more than $50 billion in tax refunds, credits, and other government benefits in fiscal 2010.

H&R Block Franchisee Training

8.  New franchisees take part in an orientation training program that covers operational issues, business planning, local marketing, branding, client experience, among others. Ongoing basic and advanced training are available through income tax courses, seminars, and national operations meetings.

H&R Block Franchisee Support

9. New franchisees can purchase specially designed office furniture and décor from H&R Block’s exclusive supplier, and a very reasonably priced insurance program. For a minimal fee (sales tax, freight, and installation), H&R Block provides signage and proprietary tax software. Pre-opening support is available on matters relating to payroll, office design, professional fees, start-up supplies, zoning fees, utility deposits, and office leasing.

10.  H&R Block franchisees benefit from superior software, office technology, and products to help them provide their clients with the best experience possible. H&R Block’s tax software is unmatched in the industry and is used by tens of thousands of tax professionals to accurately prepare client returns quickly and conveniently.

11. H&R Block franchisees receive ongoing support from dedicated field management team members who are available to assist any time with all facets of business operations.

12. H&R Block spends significantly more on national marketing and advertising than its nearest competitor.  Best of all, franchisees are not required to contribute any additional fees for national advertising campaigns.

13.  In addition, H&R Block offers franchisees free local public relations and marketing support through an entire staff dedicated to assisting with marketing in local communities.

H&R Block Franchise CostH&R Block Franchise Photo by Makaiinc

14.  The H&R Block franchise opportunity is unique because there is no initial franchise fee, other than a fully refundable $2,500 security deposit, and no monthly advertising fees.  However, the royalty fee is an astounding 30% of revenues (according to Entrepreneur Magazine on its website).

15.  The total initial investment to open a H&R Block franchise ranges from $34,438 to $110,033.

16.  Prospective franchisees who choose to buy an existing H&R Block franchise may qualify for financing from Franchise Partner, Inc., an affiliate of H&R Block.  There are 2 options available: an annual payments term loan and a revolving line of credit.

H&R Block Franchise Accolades

17.  In 2011, Entrepreneur Magazine ranked H&R Block #27 in its Franchise 500 list, #63 in its list of Fastest Growing Franchises, #7 in its list of Low Cost Franchises, and #25 in its list of America’s Top Global Franchises.

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