I need advice - I run a tax relief company and I've gotten no where for five years, I've learned a lot about running a business and having a team but have not made good money for five years. Can anyone recommend if I should try going to a tech bootcamp and transition into tech? I've been thinking about doing this for a while but just kept trying a little bit more a little bit more Tax relief is a scummy industry. I run a honest shop but the big players like Optima Tax and Community Tax have venture capital Our company grossed 500k in 2020 and my profit for myself was 35k, 2021 gross 350k and profit was 55k I've been doing this for five years - I thought by now I would have figured out marketing but nothing in this industry consistently works for marketing. One year radio works the next year Google Ads works for a few months, then it l changes I used to enjoy building this and didn't care about money but I'm 35 years old now, I need to make a decent amount of money. Yes the money I made was worth a bit more than your TCs because I can write off a lot of things, but it's still pretty bad Some cool thing I'm proud of is that I set-up our own custom Salesforce instance that does a lot of things for managing our cases; but other than that we don't really have any assets. Also I'm proud of passing a US tax court exam that has a 15 percent pass rate but whatevet I think I'm decent at coding, I could have done CS for undergrad but went with economics and finance; I see now with these layoffs people are saying coding will always be around - so go do a bootcamp anyways and transition into tech Please if anyone can give me any advice, mentoring or anything I would really appreciate it
Can't you sell the business for a good deal of money?
I don't think so, tax relief firms generally have no recurring revenue and the firm has a 200k EIDL loan (which I'm not personally liable for) - but I should look into this further instead of just dismissing it
just because theres no recurring revenue doesnt mean it wont fetch a good price. not every company on earth is a tech SaaS with ARR lol plenty of unsexy profitable companies out there for sale and being sold
@OP: I like ya sincerity and zeal to work hard. Here are the options ya can explore in IT: >> Get trained in software development or infrastructure operations or product management areas for a steady source of income. Product management has very limited number of jobs with relatively less pays but still it’s a good field. >> Do keep in mind that in tech world, updating ya self on latest technologies is inevitable. So always be ready to become a learner whenever there’s a need and be ready to become a leader whenever there’s a need. I wouldn’t say good luck to ya, i would say Wish ya the best because luck favors hard working folks.
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Talk to the 'Founders Institute', they like working with startup founders doing social good.