Financial Freedom and Business Growth Realized By Tax Prep Owner
Written by: Lauren Groccia
Written by: Lauren Groccia
Since Falicia Newsome first started working when she was 13 years old, she dreamed of being her own boss. After years of working in the corporate world, in 2014, Falicia decided she was going for it – start her tax preparation business.
Falicia began her business by doing her clients’ taxes from home but knew she needed her own office space to see her company grow. She wanted a place to meet with customers and build the legitimacy of her business. It wasn’t until Falicia received her first round of sales-based financing from Forward Financing in April 2021 that she could make this aspiration a reality.
Her business has tripled over the past few years, and she was eager to keep her company moving forward. Falicia used a portion of the capital to pay for an advertisement on a public bench in downtown Tampa.
“There’s a lot of competition for tax preparation in Tampa, so I knew I needed to do something to stand out,” said Falicia. “You have to spend money to keep up, and if you don’t have the capital for it, you’ll lose out.”
For the first seven years of Falicia’s business, she described her company as a “one-woman show.” Since she was doing taxes by herself five to seven days per week, Falicia couldn’t return the taxes to clients as promptly as she wanted to.
Bracing herself for the busiest tax season she’s ever had, she also used the working capital from Forward Financing to hire two new employees. With more people on her tax team, her business has expanded to notary work, trademark registration, and other services she couldn’t do on her own.
“The funding from Forward has opened so many doors for me. It allowed me to take on more customers and improve my turnaround time. A lot of my customers this year were impressed with how quickly I was able to get their taxes done, and it made me feel proud of the business I have built.”
The easy, fast process is the main reason why she wanted to work with Forward Financing. 90 minutes after submitting her initial application, Falicia found out that Forward approved her for funding.
When her revenue dropped temporarily, Falicia took advantage of the payment relief that comes with working with Forward Financing. Her payments were adjusted accordingly, and once she had paid most of her balance, Falicia was excited to hear from her Account Executive that she was eligible for additional capital. Now on her second round of funding, Falicia’s looking forward to expanding Newsome Notary and Professional Tax Services and helping more customers.
“Forward Financing is one of the easiest funders to do business with. The capital gave me financial freedom and the ability to grow my business. I would definitely recommend them to other small businesses,” said Falicia.
Are you looking for additional capital for your small business? If you’ve already received funding from Forward Financing in the past, reach out to your Account Executive. Or if you’re new to working with us, submit your application today!