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Updated RecentlyEconotax vs Liberty Tax Service Franchise Comparison
Below is an in-depth analysis and side-by-side comparison of Econotax vs Liberty Tax Service including start-up costs and fees, business experience requirements, training & support and financing options.
Start-Up Costs and Fees |
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| Investment | $15,400 - $33,000 | $58,700 - $71,900 |
| Franchise Fee | $10,000 | $40,000 |
| Royalty Fee | 12% | 14% |
| Advertising Fee | - | 5% |
| Year Founded | 1965 | 1972 |
| Year Franchised | 1968 | 1973 |
| Term Of Agreement | 5 years | Perpetual |
| Term Of Agreement | 5 years | Perpetual |
| Renewal Fee | - | - |
Business Experience Requirements |
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| Experience | ||
Financing Options |
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| In-House/3rd Party | In-House/3rd Party | |
| Franchise Fees | Yes/No | No/No |
| Start-up Costs | No/No | Yes/Yes |
| Equipment | No/No | Yes/Yes |
| Inventory | No/No | Yes/Yes |
| Receivables | No/No | Yes/Yes |
| Payroll | No/No | Yes/Yes |
Training & Support |
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| Training | Continuing education seminars | We'll start with a week-long session at our corporate office in Virginia Beach, VA; follow it up with online and printed manuals, traditional and non-traditional training methods, webinars, onsite training, off-site training, conference calls and newsletters. In short, we believe in training. On-The-Job Training: 20 hours Classroom Training: 40+ hours Additional Training: Additional training in various cities |
| Support | Meetings, Toll-free phone line, Internet | Competitive advantage, population trends, traffic counts, visibility and more-you won't go it alone. Our team of experienced Site Selectors works one-on-one to locate, negotiate and sign the perfect location for your Liberty Tax office. And with available territories throughout the US and Canada, we're fairly certain we can find the right location, right in your hometown. Newsletter Meetings/Conventions Toll-Free Line Grand Opening Online Support Security/Safety Procedures Field Operations Site Selection Proprietary Software Franchisee Intranet Platform |
| Marketing | Co-op advertising, Ad slicks, Regional advertising | Ad Templates National Media Regional Advertising Social media SEO Website development Email marketing Loyalty program/app |
| Operations |
50% of all franchisees own more than one unit Number of employees needed to run franchised unit: 3 Absentee ownership of franchise is NOT allowed. (100% of current franchisees are owner/operators) |
50% of all franchisees own more than one unit Number of employees needed to run franchised unit: 5 - 10
Absentee ownership of franchise is allowed. (98% of current franchisees are owner/operators)
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Expansion Plans |
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| US Expansion | - | Yes |
| Canada Expansion | No | Yes |
| International Expansion | No | Yes |
Company Overviews
About Econotax
ECONOTAX is an association of tax professionals, who carefully prepare Federal and state tax returns for individuals, partnerships, corporations, fiduciaries, and other taxpayers. The Econotax system
produces high-quality returns which Econotax is proud to stand behind,
assisting clients on audits and helping them plan to achieve the lowest
tax possible. The success and stability of the Econotax system is
exemplified by the first franchise, established in 1968 in Picayune,
MS., which is still operating under the same owner.
About Liberty Tax Service
Live Your Dream. Not Someone Else's.
You have big dreams. You dream of success. Possess a passion. Believe in yourself. Won't accept average. We know that feeling.
We're looking for dreamers who want to work for no one ... but themselves.
Liberty franchisees are an exclusive group. We're not for everyone. We dream big.
We are forward thinkers embracing proven marketing plans, working seasonally and connecting through cutting-edge social communications. We're high profile. Low investment. Family oriented. And taking the lead.
Have what it takes? Join our dream team. We've been looking for you.
We are talking to motivated people to operate Liberty Tax offices across the country. If you are prepared to jump in with both feet, now is the time. Read some more about us. Then when you're ready, Liberty Tax wants to talk to you.
No Tax Experience? No Worries.
As a Liberty Tax franchise owner, you'll have a proven system to follow that was 40+ years in the making. Our franchisees have access to more than 600 years of managerial experience, tax industry expertise and street-savvy marketing.
Keep Your Day Job-If You Want To.
Our franchisees work really hard for 3 months then spend the rest of the year pursuing other interests. Many of our current franchisees, have kept their day jobs. Many others have found other things to do when tax season comes to a close. Go on vacation. Raise alpacas. Learn to yodel. What you do with your time is up to you.
We'll Take You To Our Leader We are led by International Franchise Association Entrepreneur of the Year, John T. Hewitt. As Liberty's CEO and Founder he has weathered more than 42 tax seasons. He's seen the trends. He knows what's coming. He even worked with two of those other tax prep companies, who shall remain nameless. Based on his wealth of experience, Hewitt has led Liberty to open 3,800 offices in just 14 years-more than three times faster than any tax company-EVER. And Hewitt shares his insight with his franchisees, as a hands-on CEO, hosting conference calls, seminars and personally answering his e-mails.
Low Costs. High Returns. Happy You.
The Liberty Tax franchise investment is one of the most affordable out there. Shop around, look at others, even on this website. Go ahead. We have nothing to hide. It is simply a fact that Liberty Tax start-up costs are lower than many other franchises on Entrepreneur magazine's list of the "Top 500 Franchises". A seasonal workforce keeps overhead lower than nearly any other industry. Being a service-based operation, there is no inventory. No inventory. No worries about inventory loss.
We Are Growing Crazy
Veteran Incentives Special financing
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