Our world is awash in a sea of products that nobody wants and nobody needs. OK, there are exceptions. The pet rock was a huge hit when it was introduced thirty years ago.
The novelty of the pet rock was a hit because people understood how ridiculous the product really was. They bought it for a laugh. It was a huge success – but it could have been a disaster.
It’s less risky and much smarter to get into a business with a huge, hungry demand! All you have to do is fill the demand and you’ll make money.
That’s how I’ve been successful over and over again in the Professional practices that I’ve owned and operated.
I owned multiple, thriving, Bookkeeping and Accounting Practices, which were highly profitable because people wanted and needed expert professional advice. They had surprisingly little knowledge of or understanding of the IRS and how it affected their pocketbook.
[bctt tweet=”I owned multiple, thriving, Bookkeeping and Accounting Practices, which were highly profitable because people wanted and needed expert professional advice. ” via=”no”]
In fact, after receiving the endorsement of one of the major local financial institutions, my practice grew into one of the largest tax preparation businesses in the community!
Why? Because I received third party endorsements and there was HUGE DEMAND for which I filled the need!
You see, most people don’t know and can’t understand the intricacies of the tax code, and they don’t want to. And, even if they did, most wouldn’t be willing to take the time to break away from their main interests and learn.
When I sold my first practice for a handsome profit, and opened my second, I began to think about my next big “home run” in the accounting business.
I looked around for a need – and I found it!
Think about this. Every business with employees has to report tithe IRS, right?
And none of them want to worry about getting hit with tax penalties!
And the best way these companies use to avoid penalties, and be sure that all reporting requirements are met, is to hire a payroll service.
There’s just no better way to get in compliance with the IRS – and stay that way – than with a professional payroll service.
And that’s why you should be offering a full service payroll service. No matter what type of services you offer, you need ask yourself : “is there a HUGE demand for my product or service?” If the answer is anything but yes, you may want to keep looking:)
Next week I’ll discuss another critical element of a successful business -“Low Maintenance.”
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Best to you and yours,
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