Over the last few years there has been an emergence of successful franchising opportunities, in fact there are now more than 500,000 people in the UK who own and operate a franchise business earning a higher income than they would otherwise achieve in employment.
For an accountant, their specialist skills may not include marketing, branding, web design, I.T, PR or advertising. Of course these can all be out-sourced, but the business owner would still have to be in charge of steering the company in the right direction.
Franchising is a perfect solution for someone looking to set up a practice with the support of a recognised brand. There are other benefits for both the franchisee and the franchisor. Franchisee fees and on-going royalties help to build the group’s brand, train and support franchisees, improve services and move the business forward.
The franchisee also has a higher chance of success with on-going support, assistance in maintaining a web presence, the power of a known brand, lower cost through group purchasing, national advertising, leads, annual conferences, partnerships and a network of peers. Training and support in respect of technical aspects is also hugely advantageous for accountancy franchisees who (for example) may need help in keeping up to date with endless tax changes.
The franchisee has an opportunity to own a direct stake in the business and this incentive helps to drive business for both the franchisee and the overall group. The steps to starting an accountancy franchise can be relatively simple; initial communication, a qualification check and an assessment to see if both the franchisee and the franchisor have the same focus.
You could be up and running in no time. If you haven’t thought about an accounting franchise before, maybe now is the time.
This article was contributed by AIMS Accountants for Business, the largest franchise network of professionally qualified accountants operating their own practices in the UK.