Episode 4: From Tax Nightmare to 7-Figure Success: How This Tax Pro Built Her Dream Practice | Interview with Latifa Mwanza
Latifat Mwanza, a business owner and tax professional, shared her journey from starting her solo tax practice four years ago to now managing a team of five.
She highlighted her experience with a fraudulent tax preparer, which led her to pursue her own business.
Latifat emphasized the importance of understanding cash flow and providing comprehensive business consulting, including tax strategies, bookkeeping, and credit building.
She discussed her effective use of social media and ads for client acquisition, managing 10-20 leads daily.
Despite her success, she aims to expand her team and potentially open a brick-and-mortar office, balancing growth with maintaining client value and satisfaction.
Latifat's Journey to Self-Employment
Latifat recounts her decision to start her own tax business after a negative experience with a previous tax preparer. She received guidance from a mentor and began learning how to file taxes.
Latifat pursued a master's degree in informatics and later an MBA, which led to her starting her own business. She now helps clients with business formation, bookkeeping, and credit building.
Challenges and Solutions in Business
Latifat discusses the common problem of clients not understanding their cash flow and financials. She provides examples of how she helps clients strategize and make informed business decisions.
Latifa emphasizes the importance of accurate bookkeeping to understand income and expenses.
She shares her approach to providing value to clients by offering advice and strategic guidance.
Client Relationships and Value Provision
Latifat highlights the importance of building trust with clients and being a reliable advisor. She mentions that clients often seek her advice for various business decisions, including life insurance and tax strategies.
Latifat explains how she helps clients reduce their tax liability and make informed financial decisions. She shares a story about a client who needed advice on business expenses and tax deductions.
Balancing Work and Personal Life
Latifat acknowledges the challenge of balancing work and personal life, especially with an home office. She mentions setting boundaries with clients to manage work hours and avoid burnout.
Latifat discusses the importance of taking breaks and setting time for rest and relaxation. She reflects on the need to improve work-life balance while maintaining client satisfaction.
Daily Routine and Client Management
Latifat describes her daily routine, which varies by season but typically involves client consultations and bookkeeping. During tax season, she works long hours and responds to client inquiries immediately.
Latifat explains her use of a social media manager and SEO specialist to handle online presence and marketing.
She emphasizes the importance of being available to clients while managing her team effectively.
Social Media and Advertising Strategy
Latifat uses LinkedIn, TikTok, Instagram, and YouTube for social media marketing. She runs ads on Instagram and Facebook, focusing on generating leads and bookings.
Latifat explains her strategy of responding quickly to inquiries and booking consultations. She discusses the importance of having a strong social media presence and providing valuable content.
Future Goals and Business Expansion
Latifat expresses her desire to expand her business by hiring more staff and potentially opening a brick-and-mortar office. She acknowledges the challenges of managing a larger team and the importance of training and support. Latifat aims to provide more value to clients and increase her reach and impact. She reflects on her journey and the importance of continuous learning and adaptation in business.