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Main Street Business

#498 How to Build a $50k/Month Tax Advisory Practice

Main Street Business

Mark J Kohler and Mat Sorensen

Management, Tax Tips, Entrepreneurship, Accounting, Business, Business Structure, Estate Planning, Tax Reform, Legal Compliance, Tax Prep, Tax Strategies, Financial Reporting, Irs Updates

4.8584 Ratings

🗓️ 7 May 2024

⏱️ 22 minutes

🧾️ Download transcript

Summary

In this episode of the Main Street Business Podcast, host Mark J Kohler shares an insider's perspective on becoming a successful Tax Advisor. Mark maps out the process, reveals the untold benefits and dispels the common myths of advisory services, and encourages you to take the next step. Here are some of the highlights: Mark urges you to set goals, establish their motivation, and self-evaluate before making the leap into advisory.Mark maps out the technical training steps: becoming a certifi...

Transcript

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0:00.0

So this is the blueprint to making over $50,000 a month as a tax advisor.

0:06.0

For the last 20 years, I built a tax advisor practice and now 10x these revenue numbers.

0:11.0

But now I've turned to helping new tax advisors build their practices and $50,000 a month, child's play.

0:17.0

I'm going to show you how.

0:18.0

Now in this video, I'm going to walk you through the five

0:20.9

major steps to build this practice of $50,000 a month. This information is very hard to come by. You don't learn this in school or in a CPA exam or enrolled agent exam. I didn't learn this at law school. You go out to work in the industry that's already broken and hope they share with you these secrets. They don't. In fact, they're

0:37.5

struggling to build their practices, but I'm going to give you these steps to build a successful

0:42.5

accounting practice. Now, I don't want you to just sit around waiting for the right client to walk

0:46.2

through the door. I want you to be intentional building the business that you want. This means

0:51.8

having powerful consultations where clients pay for what you're worth and you're

0:56.0

making the money to make it a win-win situation in this difficult industry. Now sit back and let's hit it.

1:05.7

Okay, now before we get to step one, we need to talk about a couple preliminary matters,

1:11.7

questions and assumptions. First, a lot of people think to be a tax advisor, I've got to be a CPA. I have to be an

1:16.8

enrolled agent. I have to be a lawyer. I have to be CFP, a certified financial planner. I've got to have

1:22.0

some sort of acronym or designation or degree or credential before I can become a tax advisor wrong. Now, there's going to be some technical training and I'm going to come to that in your five steps. But don't think that you've got to have all this before you start or that it's going to take years and years. Right now in the accounting industry, it's this huge barrier of entry that I've got to be a CPA to succeed as an

1:45.3

accountant. That's not true. And it's a lot of work to become a CPA. I've done it. I've been there.

1:49.5

But there's a lot of great tax advisors out there that don't have a CPA behind their name. So let's

1:55.4

not worry about credentials. Next, let's talk about some financial assumptions here. If we're talking

2:00.5

about making $50,000 a year, I'm talking about gross income. We're going to be talking about net and profit and scaling here a little bit, but $50,000 a month of gross income. In my experience, and this is 20 plus years of experience doing this, the average advisory client is going to be between

2:18.9

$6,000 to $12,000 a year. You're going to meet with them either monthly or quarterly. You might be

2:24.3

providing some tax prep, some bookkeeping payroll, or just simply advice along the way,

2:28.7

being their quarterback. So that would mean that the average tax advisor client is probably going

...

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