ENT610- Entrepreneurial Creation
SME Interview by Michelle Ballard
May 2, 2016
Business Name: T&T Tax and Notary
Owner: Terra Cornelius
Business Description: Tax Preparation and Financial Planning Company
How did you decide to start the business?
My mom prepared taxes, and she taught me how to prepare them, as well. I found a successful Tax Company in L.A. over 10 years ago. The owner actually mentored me, helped me to get bonded and registered with the IRS and I have been in business since that time.
Did you have any co-founders when you started the business?
No. I decided to go into business alone.
Do you regret your decision (co-founders)?
No, because I like having control of my business.
How do your reward your employees, especially the good ones?
I reward my employees with monetary rewards and paid vacation each year.
How do you avoid or manage high turnover?
I avoid high turnover by treating my employees with respect and I reward them fairly for the work that they do. Many of the rewards are not monetary but a simple, “Thank you” for a job well-done, especially during peak season.
How do you recruit employees?
When I hired my first assistant, I wanted to hire someone that I had worked with before. I also wanted someone with a financial background that I knew would be trustworthy with confidential and sensitive information. After careful consideration, I contacted an associate that I had worked with in the past and offered her the position. She accepted the position and still works for me. That model has worked for me since that time.
Do you have a Marketing Director?
No
If not, how do you market your business?
I market my business primarily through hand bills and client referrals. I offer my existing clients cash for each referral they provide. I have also done drawings for every client referral. When dealing with such a sensitive and confidential issue, word of mouth is the best form of advertising available. New clients want to know that they can trust their accountant.
Is your method of marketing effective?
Yes. Sales have continued to increase year over year as a result of our marketing efforts.
How do you stay current in the way in which you market your business?
I look at my competitors in the industry and how they market their businesses. I offer some of the same incentives that they offer.
What is the secret to your success in the marketplace?
Great customer service and timely follow-up are extremely important in this line of business. I go above and beyond the call of duty for my clients.
What are the benefits of owning your business?
One of the benefits of owning a business is the flexibility it provides. Also, as a business owner, you get to make all of the decisions as it relates to your business. Finally, there is no limit on how much income you can earn.
What are the greatest challenges of owning a business?
One of the greatest challenges is remaining optimistic and positive when there are so many competitors in the industry. Also, in this business, you provide a lot of financial advice and information to clients, which they sometimes don’t follow. As a result, they often return at year-end in distress because they have large tax obligations to the IRS. So, keeping clients compliant is a major challenge.
What advice would you give an aspiring entrepreneur?
Make sure you provide a service that people need or a solution to a problem. Also, make sure that whatever business you choose is one in which you are passionate. This will help to keep you motivated when the challenges of the business outweigh the benefits.
Do you have an exit strategy in place?
Yes, I plan to pass the business on to my niece when the time is right. I train her during the summer months and once she has graduated from college, I will make sure she knows exactly what she needs to do to be successful in the business, as well.
