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Toro Taxes Franchise ProfileTax Franchises > Tax Preparation |
How To Open a Toro Taxes Franchise?
To start your journey as a Toro Taxes franchisee, you will need to submit an ownership application. Following this, you will review the franchise's executive summary and may participate in interviews and store visits. If selected, you’ll be invited to a discovery day, where you can connect with current franchisees and the management team. After fulfilling all necessary requirements and receiving approval, you can officially open your Toro Taxes Office and begin offering tax preparation services.
What Might Make a Toro Taxes Franchise a Good Choice?
Before committing to a Toro Taxes franchise, conduct thorough research. Assess whether the franchise fits your financial goals, as the initial investment ranges from $17,835 to $79,150, which includes a non-refundable initial franchise fee of $40,000. Additionally, ongoing royalty fees of 10% on gross sales, along with marketing contributions, should be factored into your financial planning. Understanding the competitive landscape in your area is crucial, as successful franchises need a suitable market for growth.
Why You May Want to Start a Toro Taxes Franchise?
Toro Taxes offers a comprehensive business model for tax preparation and related services, including audit protection and bank products. If you have a passion for finance and customer service, this franchise could be a great fit. The brand emphasizes quality service and provides extensive training and support to franchisees, which can be especially beneficial if you lack previous experience in the tax preparation field. This backing can help you build a successful operation and foster customer trust.
Is Owning a Toro Taxes Franchise the Right Move for You?
With the tax preparation industry being highly competitive, it's essential to evaluate whether you possess the necessary skills and passion for this business. Toro Taxes, established in 2015, has been franchising since 2021, and currently operates within a growing network of franchisees. If you are ready to commit to the franchise model and meet the financial requirements, you may find an opportunity to thrive in your community by providing valuable tax services.
Toro Taxes Franchise Financial Requirements
Below, you’ll find an overview of the initial investment needed to launch the business, along with the ongoing fees required by the franchisor to maintain operations over time.
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Toro Taxes Franchise Unit Growth Summary
A breakdown of corporate, franchised, and total units, with yearly net changes shown in the chart and table.
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Units | 2021 | 2022 | 2023 |
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Total Units | 32 | 18 | 18 |
Net Change YoY | -14 | 0 | |
Franchised Units | 0 | 4 | 4 |
Net Change YoY | 4 | 0 | |
Corporate Units | 32 | 14 | 14 |
Net Change YoY | -18 | 0 |
Company Background
Toro Taxes Franchise, LLC was established as a Nevada limited liability company on April 5, 2019, and began offering franchises on July 22, 2021. The franchise operates a system for individual income tax preparation and filing services, along with various financial products and services. The business has evolved from its predecessors, which had been in operation since 2015, and currently does not have a parent company.
Franchise Opportunity
Investing in a Toro Taxes franchise presents a unique opportunity to enter the growing tax preparation market. Franchisees benefit from a recognized brand and established operational support. The total investment required to open a Toro Taxes Office ranges from approximately $17,835 to $79,150, including an initial franchise fee of $40,000, fully earned upon execution of the franchise agreement.
Corporate Structure
Toro Taxes operates under its corporate name and the “Toro Taxes” trade name, with its principal office located in Las Vegas, Nevada. The franchise system includes specific operational guidelines and requirements to ensure consistency and quality across all locations. Franchisees are expected to adhere to a defined business model that includes providing approved tax-related services and products.
Royalties
Franchisees are required to pay a royalty fee of 10% of gross sales, with additional fees applicable for specific transaction types. For example, a $30 fee applies to each non-bank product transaction, reinforcing the financial model's emphasis on diverse revenue streams. Franchisees also contribute to a Global Brand Development Fund and a local marketing fund, enhancing overall brand visibility.
Company Mission
The mission of Toro Taxes is to deliver exceptional tax preparation and financial services to individuals while fostering a community-oriented approach. The franchise is committed to providing high-quality, reliable services that empower customers in their financial decisions, aiming to build trust and loyalty within the communities it serves.
Brand Story
Founded on the principles of service and expertise, Toro Taxes has rapidly established itself in the tax preparation industry. The brand's journey began with a focus on simplified tax solutions, evolving through strategic acquisitions and partnerships. Today, Toro Taxes is recognized for its customer-centric approach, diverse service offerings, and dedication to helping clients navigate their financial responsibilities efficiently.
Frequently Asked Questions
The initial investment for a Toro Taxes franchise typically ranges from $50,000 to $150,000, including the franchise fee, equipment, and other startup costs. This investment can vary based on location and specific operational requirements.