Prince Donnell calls himself “The Pastor of Business” and these days his congregation includes over 200 offices. His company, Jumping Jack Taxes, is a tax franchise that offers personal and business tax preparation services. More importantly, the company’s business model allows for everyday people to benefit from a service that we all need. The company has over 200 franchisees and that number is still growing.
The two certainties in life are death and taxes. In that taxes are certain, the tax preparation business is a particularly unique opportunity. It is first and foremost recession-proof — every American is legally required to file tax returns. In 2018 the IRS forecasted 250 million returns and that represents a lot of potential customers for those in the business. All that is to simply say that Donnell is on to something and there is enough business to go around. In fact, small businesses dominate the tax preparation industry — 37% are run by a single person, while 53% employ less than ten people.
Included in those 250 million or so returns are tens of millions of Black people and Black owned businesses. As we pay taxes, it just makes sense that we should benefit. Jumping Jack Taxes has created a viable model in helping average people to do so and certainly there are many others. Ultimately, the larger point is that every routine and universal need we have as Black people represents an opportunity for us to create wealth in our community. From tax services to laundry detergent to car washes, there are an unlimited number of opportunities for us to service our own needs and in doing so, build on self determination.
Perhaps this year you didn’t buy Black when you filed your taxes. There is always next year and beyond. After all, death and taxes are certain, right? Perhaps you are looking for a new career opportunity and aren’t sure where to look. This just might be a pathway for you to consider.