If you’re starting to think about buying your own franchise, you’re probably asking yourself what it means to buy an accountancy franchise, and how that might compare to the other kinds of franchises available on the market. Buying an accountancy franchise can give you three main benefits, which are listed below.
Take the stress out of business ownership
Want to start your own accounting business? Make sure you take into account these three benefits of buying an accountancy franchise when you’re trying to decide whether it’s right for you. No matter which way you go, owning your own business comes with stress and responsibility—but accountancy franchises have a higher success rate than independent accountancy businesses. If you have entrepreneurial experience, know something about accounting, and have extra money set aside for startup costs, then buying an accounting franchise might be a good fit for you. A well-established brand will be less risky than starting up on your own and won’t require as much investment upfront. And perhaps most importantly: if you buy an existing practice rather than going independent, your chances of success are higher because other businesses have already done all of the groundwork.
You receive help from other franchisees
The best thing about owning a franchise is not being on your own and having other franchisees to turn to for advice. Although you buy into an accountancy business that’s already been established, there are plenty of ways you can share your expertise with other franchisees. If you have good bookkeeping skills, why not volunteer at a local school as an accountant? Many accountants also specialize in specific types of businesses—if you know real estate inside and out, consider giving free advice to struggling brokers looking for help keeping their books organized and orderly. Similarly, if you feel like starting your own accounting firm but want to ease into it first, buying a franchise might be a great way to test the waters before making any major moves.
Become your own boss
If you’re just starting out in your career, buying a franchise might be an excellent way to become your own boss. Being able to call all of your shots and decide for yourself what kind of company you want to run is a huge perk. Many entrepreneurs say one of their main reasons for buying a franchise is because they can exercise control over every aspect of
running their business—and that gives them peace of mind. Whether you want to run an accounting firm or open up a restaurant, being able to put in place exactly what you want from day one is likely something that appeals greatly.
Would an accountancy franchise be right for you?
Are you struggling to make it as an independent accountant? Do you dream of running your own accountancy firm but don’t have time to wait years before it’s profitable? Buy a franchise. It can be quicker and cheaper than starting up a new business—while also offering established support, resources, and training. Investing in an accountancy franchise can mean moving from employee to employer in less than a year.