Alright – so today we’ve got the honor of introducing you to Ed Franco. We think you’ll enjoy our conversation, we’ve shared it below.

Ed, looking forward to hearing all of your stories today. One of our favorite things to brainstorm about with friends who’ve built something entrepreneurial is what they would do differently if they were to start over today. Surely, there are things you’ve learned that would allow you to do it over faster, more efficiently. We’d love to hear how you would go about setting things up if you were starting over today, knowing everything that you already know

Over 20 years ago, I graduated from college and went into the workforce. I spent years trying to climb the corporate ladder within the financial services industry only to be disappointed with each promotion or change of role. What I learned later in life is that as an aspiring entrepreneur, I did not have the mindset of a traditional 9-5 employee. I wanted more but didn’t know what that was or how to get there. So if I had the opportunity today to start over, I would bet on myself and my skillset and jump in head first. The fear of failure and setbacks prevented me from believing in myself and allowing myself the bandwidth to take chances.

As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?

My name is Ed Franco and I am a licensed tax professional. I’ve worked in the financial services industry for over 20 years in a number of roles including cash management, accounting, taxes and bookkeeping as well as expense management. Prior to becoming a licensed tax professional in all 50 states, I spent years preparing tax returns for friends and family as a favor to them because I had the knowledge and ability to do so. When the opportunity was presented to me to obtain my license and make a career out of helping others with their taxes and bookkeeping, I went all in.

One of the best things I can do for my clients is help them pay less taxes by maximizing their deductions and credits they’re entitled to. I’m also very proud of having the opportunity to help some friends of mine start their own businesses by providing my guidance and helping them navigate their federal and state requirements. One of those instances was my friend who is an amazing photographer and videographer. He had been working freelance for years and wanted to establish his own firm in order to better meet the needs of his clients. I helped him obtain his tax ID, establish his business structure, obtains loans to purchase the additional equipment needed for his mobile studio and after 2 years in business, I was able to help him expand his firm and hire employees.

What’s worked well for you in terms of a source for new clients?

In my line of work, word of mouth is the best way to meet new clients and grow your business. After all, people are trusting you with their most precious asset, their data. Your reputation and the impression you leave on others is the deciding factor between staying stagnant and growing exponentially. With all that in mind, there is one tool that cannot be overlooked, social media. Social media platforms are such a key source for networking, sharing and receiving information, that if you don’t have a presence there, are you really maximizing your potential?

How did you put together the initial capital you needed to start your business?

Starting an online tax preparation business is not as costly as one may think, you just have to trust the process and believe you can make it work. Apart from our day jobs, my wife and I had been running a small but successful catering business from home. The business was seasonal and challenging but it provided a nice bump to our earnings. So when the opportunity came up, we used the earnings from the catering business and put all of it into the tax business. First thing I needed was a dedicated laptop to house the secure software needed for processing tax returns. Next came the licensing fees and training requirements. The commitment to building my tax and bookkeeping firm put a strain on the catering business so we decided it was in our best interest to focus our time and efforts there.

Contact Info:

• Website: https://www.truthfultaxes.com
• Instagram: https://www.instagram.com/francotaxsolutions/
• Linkedin: https://www.linkedin.com/in/edwinfranco

Image Credits

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