H&R BLOCK Franchise Startup Cost, Profit & Opportunities
H&R Block is in the business of business consulting, banking services, personal finance and payroll services.
If you have been looking into taking up a franchise in any of these above-mentioned sectors, then you might have to consider the H&R Block franchise.
In this article, we are going to look at the franchise opportunities that H&R Block franchise offers entrepreneurs and business-minded individuals. We will also be looking at the history of the company, its services, and activities. We are also going to know the training and supports that H&R Block offers its franchisees.
At the end of this article, we will also be able to understand the H&R Block franchise agreement and possible renewals.
Is H&R Block a Franchise?
H&R Block is a franchise that started 63 years ago in the year 1955. H&R Block is a financial services company that is based in the United States of America.
The services offered by H&R Block include payroll services and tax return services. Other services offered by the company include tax preparation, personal finance advisory and electronic filing.
The history of H&R Block started way back at Kansas City in the United States of America when two brothers by the names Henry Bloch and Richard Bloch started the company in 1955. A year later in 1956, H&R Block started franchising.
The name H&R came from their names Henry and Richard. Block came from their last name, Bloch.
Henry and Richard decided to adopt the name Block instead of the real name Bloch in other to avoid confusion in name pronunciation so that the name Bloch would not be pronounced as “Blotch”. H&R Block became a public corporation in 1962 with the Ticker Symbol HRB.
The H&R Block brand is well known in the United States, Brazil, Australia, Canada, and India with more than 12,000 locations.
H&R Block has more than 1,720 international units. H&R Block franchise has more 3,550 of its franchise units in the United States.
In its history, H&R Block has prepared more than 720 million tax returns. H&R Block has its headquarter in Kansas City in the State of Missouri.
H&R Block corporate headquarter address is located at One H&R Block Way. Kansas City, MO 64105.
The current Chief Executive Officer (CEO) of H&R Block is Tom Gerke. Tom Gerke has been serving as H&R Block’s General Council since 2012.
How Much Does H&R Block Franchise Cost?
H&R Block franchise requires its franchisees to pay an initial security deposit of $2,500 (U.S. dollar), this is alongside other fees that must be paid by the franchisee.
H&R Block Franchise Fee
H&R Block does not charge a franchise fee, but rather, it charges its franchisees an initial security deposit of $2,500 (U.S. dollar). H&R Block also charges its franchisees a royalty fee of 60% of the first $5,000 (U.S, dollar) of annual gross revenue.
H&R Block Startup Cost
For entrepreneurs who wish to take advantage of the H&R Block franchise opportunity, a startup cost at a low of $31,557 (U.S. dollar) or a high startup cost of $149,398 (U.S. dollar) will be required.
H&R Membership Training, Requirements and Support
H&R Block provides training and support for its franchisees. The H&R Block training is an onsite training which is conducted at the company’s corporate headquarters. The onsite training has a combined duration of up to 300 hours.
H&R Block franchise also provides ongoing online training for its franchisees. H&R Block also provides its franchisees with support. The support provided by H&R Block to its franchisees include;
- H&R Block supports its franchisees with email marketing.
- H&R Block supports its franchisees with site selection.
- H&R Block provides its franchisees with online support.
H&R Block Application and Terms of Agreement
For franchisees of H&R Block, the initial franchise agreement has a length of 10 years. H&R Block does not offer franchise agreement renewal. This, however, is not a final decision as the company can decide to offer the renewal option to a franchisee.
How Much Does an H&R Block Franchise Make?
The amount of money an H&R Block franchise can make is not known. It all rests on the entrepreneurial skill of the manager. But franchisees stand a good chance of success with the brand due to its popularity and wide acceptance.
How to Open an H&R Block Franchise
H&R Block is currently in the search for international franchisees so this is a great opportunity to seize if you are interested in becoming a franchisee with them.
To open an H&R Block franchise, the franchisee would have to contact the company through its website at www.hrblock.com.