Whether you choose to open an independent tax preparation business or a tax franchise, starting your first enterprise within that field can be daunting and full of surprises unless you're prepared. Make sure you go into it with your eyes open by reading these five facts and doing more research of your own. Regardless of what kind of opportunity you're pursuing, knowing as much about it as possible and carefully planning before you get started is the best way to work toward success.

#1: Return Filing Is Highly Seasonal

Your high time will be from January through April. That is the window of time between initial receipt of all forms from employers and April 15th, when all filings must be completed. You may see the occasional customer outside of that time, but for the most part, that's when you'll be doing the lion's share of your business. On the one hand, that's a benefit: you'll need to spend minimal time and effort on your office outside of those times. But you'll also need to ensure that you have enough savings to successfully carry your office when business isn't booming.

#2: You Don't Need To Be An Accounting Specialist

A successful prep office is much more about a business-savvy owner than it is about having someone with an in-depth knowledge of the industry beforehand. If you know the basics of running an enterprise, you'll be able to work out the details of adapting that to the world of IRS filing.

#3: You Don't Have To Limit Yourself To Returns

There can be substantial advantages to branching out and going beyond the simple field of return prep. There are a lot of opportunities that exist in related fields €" business accounting for instance, or even corporate filing. Just make sure that you or someone in your office has the required amount of experience before you try to start that kind of offering.

#4: Franchises Can Be A Good Start

A lot of people don't think about starting up a tax franchise as their first foray into the industry. However, the traditional advantages of having a franchise can be even more pronounced when you're just getting started in return filing. You'll have a name that people trust plus the support of an established, recognized company assisting with marketing and other aspects of business development.

#5: You Don't Have To Hire Only CPAs

Preparation experts aren't always CPAs €" and CPAs aren't always experts at preparing returns. What you want to look for are people who have a particular aptitude and advanced training in the use of the particular software you've selected. Having advanced training and skills to deal with particular complex situations like self-employment is beneficial, but it's not a requirement for everyone who files at your office.

Remembering these five facts will help you efficiently and effectively manage your enterprise. Make sure that you are constantly learning, even long after you open your first office.