Close search field

Case Study

Tax Planning Side Hustle Able to Replace Full-Time Job for 52-Year Old by Investing in 7 Figure Firms

Goals Goals

  • Build a profitable tax firm from the ground up to replace his current business
  • Get latest tax savings methodologies to upgrade knowledge and offer more value to clients
  • Have accountability and someone to push him on a weekly basis

Key Benefits Experienced Key Benefits Experienced

  • Tax firm revenue can now replace previous business income
  • Acquired knowledge and skill set to sell and deliver high-value tax plans
  • Consistent flow of quality tax planning leads from newly implemented LinkedIn marketing process

“If I didn’t have access to 7 Figure Firms, I know my tax firm would have just sold tax returns, probably at a discount. This is because tax preparation would have been my natural default if I hadn’t learned about the magic of selling tax plans.”

DAREN ANDERSON

Daren Anderson owns an energy firm that does renewable energy projects, but in 2018, he decided to look for another source of income as it wasn’t as profitable as it used to be. Having experience in years past with a public accounting firm, Mr. Anderson had an idea to start a tax firm to make a career shift. Not wanting to make a drastic decision, he began to dip his toes into this new idea by first investing in the Corvee 7 Figure Firms coaching program with the goal to eventually completely replace his income from owning the energy firm. Today, by focusing on tax planning, he now has the option of selling his other business and to live off the income from his newly created tax firm. 

Creating a New Tax Planning Side Hustle to Give Yourself Options

Already owning an energy firm, Daren Anderson decided in 2018 to pursue a second income generator by creating his own tax firm. The goal of this new entity was to eventually replace the income from his first business, the energy firm. “It began to get more difficult finding new contracts with the power plant, so I began to explore the idea of opening a tax firm,” Mr. Anderson explained. “In May 2018, I first talked about investing in some coaching, and promised myself that if by August I still had no new contracts, I’d commit to pursuing this tax firm. Sure enough, August came and with not much happening with my other company, I jumped in and purchased some coaching.”

Initially, Mr. Anderson was not able to generate clients for the new tax firm because he still was focused on the energy firm. Procrastinating for nearly a year, he finally committed to attend a 7 Figure Firms event in the spring of 2019 to get help with marketing a tax firm. “The biggest problem in starting a new business, in any industry, is finding your first clients. I was never a marketer and didn’t know how to get leads for my tax business.”

The event helped Mr. Anderson understand a LinkedIn marketing process to secure tax planning leads. Over the coming months, he slowly began to implement the LinkedIn marketing strategies he’d learned, and by July of that same year he had his first sale. Today, he is sending out 1,200 LinkedIn messages per week and has the process ironed out, but it wasn’t so smooth in the beginning:

The LinkedIn marketing strategies I’ve implemented have literally given life to my tax firm, but I was never great at putting together all the technical parts, so eventually I outsourced the LinkedIn process to someone more tech savvy, and now I can solely concentrate on phone calls and strategy sessions.”

Growing Tax Planning Side Hustle to Replace Main Income

With a successful marketing system in place, the leads roll in. With the turn-key tax planning sales deck inside 7 Figure Firms, Mr. Anderson feels comfortable talking to prospects over Zoom calls and actually enjoys the strategy sessions. He closes about 20% of the people he talks to. 

Between July 2019 and July 2020, Mr. Anderson went from zero to 65 clients. His energy firm contract ends in October 2020, and he now has options—he can sell it or keep it. If he does keep the energy firm, he’d like to treat it more as an outsourced CFO job for his tax firm so that it takes up less of his time. In essence, he is turning his side hustle into his career, and turning his old career down to a side hustle. 

In addition to tax planning, his firm offers tax preparation, but Mr. Anderson is able to hand that work over to his employees. In fact, he hasn’t had to do one single tax return yet, for which he is thankful. “If I didn’t have access to 7 Figure Firms, I know my tax firm would have just sold tax returns, probably at a discount. This is because tax prep work would have been my natural default if I hadn’t learned about the magic of selling tax plans.”

The Perfect Tax Firm Model

Happy doing tax planning work, Mr. Anderson’s goal now is to sell one tax plan a day at an average price of $4,000. This would bring his tax firm to a million dollars in sales. “I still need to hire a tax manager that would handle the increase in tax preps with all the added tax planning clients,” explained Mr. Anderson. “The tax prep side of the business will continue to grow as I add more clients each month.”

With two productive team members and outsourcing the LinkedIn marketing, Mr. Anderson is free to concentrate on selling and delivering tax plans to clients. “I saw this tax planning system working for other firms when I got into the 7 Figure Firms coaching program, and I knew if it worked for them, it could work for me.” By simply following the processes outlined in the materials, he is able to make a six-figure living selling tax plans and has the option of making it his full-time career now.

I love having the weekly accountability call with my Success Coach for 7 Figure Firms. The day before a call, if I haven’t made a sale, it makes me start calling people. It’s the push I need regularly that I know I wouldn’t be doing if I hadn’t joined this program.

Mr. Anderson went on to say he uses the resources inside 7 Figure Firms program every day, and the accountability is similar to having a personal trainer at the gym—the community of accountants and tax professionals inside the program help him be his best.

Ready to add tax planning to your practice?

More Case Studies


See How You Can Optimize
Your Tax and Accounting Firm
with Corvee

Want to Learn More?

Please fill out the form below.

  • This field is for validation purposes and should be left unchanged.

Interested in Partnering?

Fill out the form below, and we’ll be in touch.

  • This field is for validation purposes and should be left unchanged.

Want to Learn More?

Please fill out the form below.

  • This field is for validation purposes and should be left unchanged.

Want to Learn More?

Please fill out the form below.

  • This field is for validation purposes and should be left unchanged.

Want to Learn More?

Please fill out the form below.

  • This field is for validation purposes and should be left unchanged.

Want to Learn More?

Please fill out the form below.

  • This field is for validation purposes and should be left unchanged.