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Bookkeeping Franchises, Is a Bookkeeping Franchise for You?
If you have been thinking about how to start a bookkeeping business, you may have thought about your structure, your qualifications and experience and may have thought about what services you can provide. You might then decide it is all too hard to set it up from scratch yourself and doubt your abilities. If you not sure about being being able to start your own business, you may be thinking about buying a bookkeeping franchise.
Franchises can be a good introduction into business if you are not confident about the whole package which is required to be a business owner/operator. They can be however quite costly to but into and a bookkeeping business is often the type of business that people start on a shoestring budget from home and build up gradually If this applies to you, paying upwards of $20,000 can be a big dent in your finances, especially if there are large ongoing fees and may not be suitable for everyone.
If you are looking at buying a bookkeeping franchise to start your own business, do your due diligence, another words, do your homework, look at everything.
What is included in the franchise fee?
What payments are required on an ongoing basis and how much are they?
What do you get for your money?
What support do you get?
What training do they provide?
Do you have a specific area or territory you can market in?
Do they give you clients?
What is the projected return on investment?
How long is the franchise agreement for?
Does the agreement give you enough time to recover your costs, make a profit and experience capital growth?
Are there any legal issues with other franchisees which are not yet evident?
These are certainly not all the important point, but it just gives you an idea of what to look for in a franchise opportunity and how to assess the merits of the different franchise models available. You need to know exactly what you are getting for your money and if it is of value to you. Can you do what the franchise is giving you? Can you keep your money and eventually have what the franchise is offering you from day one?
Overall a franchise might be suitable for you and your personality, but like all business decisions, evaluate your options, do your research, get professional advice from your accountant and lawyer and then select the option that is right for you personally. Have confidence in your own abilities too as when you are in business you need to believe in yourself and keep going when things get tough, irrespective if you have a franchise behind you or not.
About the Author Julia Nitschke is an Accountant, business consultant and author of the book My Bookkeeping Business, How to Start, Run and Grow your Bookkeeping Business. Visit http://www.mybookkeepingbusiness.info
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