The 5 Best Tax and Financial Franchises You Can Open This Year
With a delayed tax day, PPP loans and government bailouts, personal and business finances have rarely been as confusing as they are in 2020. Helpful experts are vital right now, and these financial businesses can provide a much-needed boost to their environments.
Whether you already have your own tax service company or lack experience in the insurance industry, one of the top five entries in the financial services sector of our Franchise 500 can help you make a good investment … and help your clients make one, too.
1. Goosehead Insurance Agency LLC
- Entrepreneur Franchise 500 Rank: 129
- Franchising since: 2011
- Initial investment: $41,500 to $116,500
- Initial franchise fee: $25,000 to $60,000
- New units in 2019: 111 units (+26.2 percent)
Goosehead Insurance Agency LLC manages a portfolio of A-rated insurance carriers, allowing its franchisees to focus on sales and new business. The company, which started franchising in 2011, has shown tremendous growth over the past three years in particular, adding 345 U.S. franchises (a 181.6 percent increase).
2. Jackson Hewitt Tax Service
- Entrepreneur Franchise 500 Rank: 197
- Franchising since: 1986
- Initial investment: $45,130 to $110,255
- Initial franchise fee: $15,000 to $25,000
- New units in 2019: 33 units (+0.6 percent)
Jackson Hewitt Tax Service offers a mentorship program and has regional directors who can help franchisees create their business strategies. Its Walmart kiosks expand the company’s brand across the country, and the year-round tax service specializes in computerized federal and state preparation for individual returns.
3. Brightway Insurance
- Entrepreneur Franchise 500 Rank: 254
- Franchising since: 2007
- Initial investment: $42,300 to $178,916
- Initial franchise fee: $30,000 to $60,000
- New units in 2019: 25 units (+15.1 percent)
Brightway Insurance prides itself on being accessible to those without experience in the field. “In fact,” states the company website, “half of all Brightway locations with Books of Business over $10 million are owned and operated by people with no prior insurance background.” The company has seen strong growth over the past three years, going from 123 units to 191 since 2016.
4. H&R Block
- Entrepreneur Franchise 500 Rank: 306
- Franchising since: 1956
- Initial investment: $31,557 to $149,398
- Initial franchise fee: $2,500
- New units in 2019: -564 units (-5.2 percent)
Founded by brothers Henry and Richard Block in 1955, H&R Block has since prepared more than 600 million tax returns. The company offers an array of financial services to its customers as well as to potential franchisees — tax business owners can sell their business to H&R Block and work with the company on a personalized exit plan that offers competitive buyout packages.
5. Fiesta Auto Insurance and Tax
- Entrepreneur Franchise 500 Rank: 336
- Franchising since: 2006
- Initial investment: $67,052 to $120,599
- Initial franchise fee: $10,000
- New units in 2019: 11 units (+5.6 percent)
Fiesta Auto Insurance and Tax was originally founded to meet growing demand for auto insurance within underserved Hispanic and blue-collar communities in Southern California. In the past decade, the company has seen strong growth, tripling its number of units from 68 to 207 since 2010.