Even as the nature of business evolves, two business support services will always be in demand: bookkeeping and accounting. If you’re considering starting a bookkeeping and accounting business, you probably envision starting it from scratch. While this is an admirable endeavor, there’s another option that offers all the advantages of your own startup without the stresses: buying a bookkeeping and accounting franchise. Starting your own practice without franchise support requires quite a bit of investment in marketing. However, as a franchisee, you’re buying into an already established system with a stellar reputation and instantly recognizable brand. By paying royalties to a franchisor, you get the right to use the franchise’s trademark, and you’ll most likely have access to proprietary software, marketing assistance, plus any other products and services specific to that franchise. But, the advantages don’t stop there. Here are some of the top reasons for owning a business support services franchise.
Advantages of Running a Bookkeeping and Accounting Franchise
A franchise is sometimes called a business box because you get everything you need to set up a successful business, from market-tested products and services to detailed operations manuals. Buying a bookkeeping and accounting franchise can give you a significant head start in the following ways.
1. Instant name recognition
Buying a franchise means running your own independent business under an already established brand name. When you open a business under a franchise, people will automatically know what services you provide and the level of quality they can expect from you. Plus, brand recognition means you won’t have to build a customer base from the ground up. In other words, you get to hit the ground running.
2. Business assistance
Franchisors don’t just provide you with a recognizable brand name. Depending on the terms of the franchise agreement, you might be provided with equipment, supplies, and even a marketing and advertising plan – essentially everything you need to run a successful business. Also, you get access to a deep reservoir of business knowledge and research, which can give you a leg up on your competition.
3. Lower failure rate
Typically, franchises have lower failure rates than solo ventures. When you buy into a franchise, you’re joining an already successful network of bookkeeping and accounting franchises. Such a network comes with access to proven operational systems and vast resources. Additionally, new business owners often make a ton of mistakes when they’re starting out – it comes with the territory. However, as the franchisee, all the kinks have already been worked out for you.
Are Accounting Franchises Worth It?
A common misconception is that buying a franchise means giving up control as a business owner. While you’ll be subject to certain rules regarding customer service and advertising, you’re essentially your own boss but without the risk of starting an independent business. Ultimately, there’s strength in numbers. If you’re looking to join a franchise, it’s important to take some time to investigate which bookkeeping and accounting franchise is the right fit for you. Contact TheOfficeSquad online or call at 702-649-3495 to grow your firm faster, better, and smarter.