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Description

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.

A broad sector defining similar types of franchise businesses.

Industry

Tax Franchises
A more specific division within the broader industry.

Category

Tax Preparation
Available financing options to help start the franchise.

Funding Year

2014
The main organization that owns the franchise brand.

Parent Company

Toro Tax Franchising LLC
The key individuals guiding the franchise’s strategy and growth.

Leadership

Nick Maldonado
The official business address of the franchisor’s headquarters.

Corporate Address

6130 Elton Avenue, Las Vegas, Nevada 89107
The total amount required to launch the franchise.

Initial Investment

$17,835 - $79,150
The initial fee paid to join the franchise system.

Franchise Fee

$40,000
Ongoing percentage of revenue paid to the franchisor.

Royalty Fee

10%
Regular contribution toward the franchise’s advertising fund.

Marketing Fee

5%
The minimum liquid capital you must have on hand.

Cash Required

$17,835 - $79,150
The minimum total assets (minus liabilities) you must possess.

Net Worth Required

$100,000
The typical yearly revenue generated per franchise location.

Average Revenue

$18,336
The middle value of yearly revenue among franchise locations.

Median Revenue

$32,500
The smallest reported annual revenue among franchisees.

Lowest Revenue

$22,500
The largest reported annual revenue among franchisees.

Highest Revenue

$85,000
The estimated timeframe to recover your initial costs.

Breakeven Time

12 Months
The estimated period to recoup your total investment.

Investment Payback

36 Months

Toro Taxes Franchise Unit Growth Summary

A breakdown of corporate, franchised, and total units, with yearly net changes shown in the chart and table.

The overall number of operating franchise locations.

Total Units

18
The number of locations owned by independent franchisees.

Franchised Units

4
The number of locations owned and run by the franchisor.

Corporate Units

14
Units 2021 2022 2023
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.