>To Adapt to Economy, Smart Tax Sparks Growth by Eliminating Franchise Fee for Current Franchisees
BROOKLYN, NY – While many businesses have slowed growth due to the rocky economic climate, Smart Tax franchise, a newly launched 10-unit tax preparation concept, is just starting to speed up. In an effort to adapt to the economic climate and spark growth within the Smart Tax system, Smart Tax has eliminated the franchise fee for existing franchisees signing a franchise agreement in 2010, allowing Smart Tax franchisees to continue developing the brand despite the economic climate and mature their franchise portfolios in multi-unit ownership.
“Despite being launched in the rocky economic climate, Smart Tax has continued to grow due to the dedication and passion of the franchisees in the Smart Tax system,” said Steve Beagelman, senior franchise advisor to Smart Tax and Founder of SMB Franchise Advisors, a franchise consultancy firm. “To reward its franchisees and strengthen its systems further, Smart Tax has decided to eliminate the franchise fee to spark growth with existing franchisees who have already found success in its system and desire multi-unit ownership.”
The current economy has been labeled one of the worst in centuries and the franchising industry as a whole has seen a decline in development. As a way to reduce barriers of entry and continue growing, Smart Tax CEO Nick Rizzi has eliminated the franchise fee for franchisees already involved in the system to allow these entrepreneurs to take advantage of the prime real estate market.
This program has allowed Smart Tax franchisees to bypass the financial crisis and continue building the brand throughout the U.S. More than 80 percent of the franchisees are taking advantage of this initiative, allowing Smart Tax to open up five new locations in Texas, New Jersey, and New York.
“I saw this as an opportunity to strengthen my franchise portfolio by adding a new location,” said Mike Leibowiz, Smart Tax’s first franchisee and owner of three Smart Tax locations in Staten Island and Bayonne, NJ. “From the moment I made the decision, Nick Rizzi and I have been scouting out new real estate and planning my expansion strategy to further build the brand in the area and increase the impact of localized marketing efforts.”
Brooklyn franchisee Yvonne Murray agrees. The franchise fee elimination together with the success of her Brooklyn franchise has inspired Murray to sign on for her second Smart Tax location in Brownsville, NY, which will open for tax season 2011. The financial liberty has also allowed her to focus on what she considers the most important aspect of running a good business: community involvement. She has funded summer programs and other charitable initiatives, and even been able to start a Smart Tax Little League organization.
“It’s all about community,” Murray says. “A thriving business has a responsibility to give back. Smart Tax understands this and has allowed me to do a lot of really great things for the neighborhood I love so much. It doesn’t get much better than this.”