Many people who want to leave their present line of work to become their own boss and build and grow a business are unsure of which path they should follow: buying a franchise or starting a new business from scratch.
Which is the better option will depend on the individual and his or her situation, but it is unfortunate that there are many widespread myths about franchising. These myths can cause businesspeople to err in either of two directions: thinking too negatively about franchising or thinking of franchising as an easy “get rich quick” scheme.
Below, we dispel some of the common myths about franchising, paying particular attention to accounting franchise opportunities:
Myth #1: I need to have previous experience owning my own business to start a franchise.
This is the most common franchising misconception. It is an understandable assumption, but if you think it through, it doesn’t make sense. Do you need previous experience owning a business to start a non-franchise business? No. Why can’t a franchise be the first business you own? It can. You can learn skills useful in starting a business, such as financial and relationship management, in a variety of ways. Additionally, your franchisor will provide you with the necessary business management training.
Myth #2: The franchisor will do all of the work, while the franchisee reaps the benefits.
This is a mirage. When you open a franchise location, you enter into a partnership that puts both franchisor and franchisee under certain obligations. It also brings both parties benefits. The franchisee gets to use an established brand name that can help him or her tap into a large, loyal customer base and benefits from the initial and ongoing franchise support network. In exchange, the franchisee must follow the terms of the franchise agreement, work hard, and take risks to make his or her franchise unit prosper.
Myth #3: The franchise gives you minimal support; you’re essentially on your own.
This is rarely the case, and it is never the case with a good franchisor. Many accounting franchise opportunities, for example, will give you extensive support to get you started, including site selection, market analysis, help securing financing, franchisee and employee training programs, and much more.
A good bookkeeping franchise will also offer you valuable resources to use going forward, such as marketing materials, “help desk” support for both you and your clients, access to advanced software platforms, and connections with preferred vendors.
Myth #4: When you become a franchisee, you give up all freedom and creativity.
While there are limitations to how you can run the franchise, which are designed to ensure a relatively uniform customer experience throughout the franchise chain, there is much room for innovation. You will be in charge of hiring/firing, managing payroll and employee scheduling, overall management style, creating your own schedule, and, to a degree, marketing, building renovations, and other aspects of doing business. If you think about it, the parameters within which you must operate are things that have proven to be effective.
When you get past the myths and see what being a franchisee is really like, and if you decide to become one, the next step is to select the franchise in which to invest.
Since the 1990s, accounting franchise opportunities have been an especially appealing prospect because small businesses have been increasingly outsourcing all non-core business functions.
To learn more about accounting franchise opportunities with Supporting Strategies, call 888-631-8922.