If you're thinking about going into business for yourself as an accountant, you might want to consider investing in a small business accounting franchise, such as our Supporting Strategies franchise, instead of starting your own company from scratch.
There are many benefits to investing in an accounting franchise that you won't enjoy if you decide to start your own small business. However, before you make your decision, there are a number of things that you will want to know about opening a franchise. The following are some important things you should know:
Do you need business experience?
When it comes to starting a company from scratch, business experience or education is practically a must—whether you're starting your own accounting firm or another type of business. You'll need to know how to create an effective business plan, how to properly budget your expenses, and much more.
If you invest in a franchise, you won't necessarily need the type of business knowledge that you will when starting from scratch. This is because most franchisors provide in-depth training as well as an established and proven business plan to work from.
Do you need to know about marketing?
If you're starting a company from the ground up, then you're going to go nowhere fast without an effective marketing strategy. This means that if you have no marketing experience or expertise, you're going to have a very big hill to climb.
With a franchisor, you'll be buying into an established brand, which means that the initial survival of your franchise won't be as heavily dependent on your marketing efforts. Additionally, an established franchise will provide you with marketing materials and guidance—and you'll be able to take advantage of their national marketing campaigns.
Will you be dealing with a lot of people?
The answer is yes. Not only will you be working with clients and potential clients, but you'll also be dealing with your franchisor on a regular basis. Not to mention that if you decide to grow your business and open up more than one accounting franchise, you'll have to hire other accountants and staff members, all of whom you will have to deal with. This means that if you like being around and meeting new people, then being a franchise owner might be a great choice for you.
Will you be on your own?
With a startup business, you're all on your own as the sole owner. However, with a franchise, you'll be given full support by the franchisor. A franchisor does not want you to fail, which means that they will provide constant support both before you open your business as well as after. Here at Supporting Strategies, we provide our franchisees with access to helplines, technical support lines, and even mentors with whom they can seek guidance and advice.
Will you have free reign?
Although you'll get to be your own boss, you will have to work within the structure and system set up by the franchisor. A franchisor won't want you to take huge risks or to deviate from their proven business plan, after all. This isn’t necessarily a bad thing, though, as a franchise business model is already proven to work.
These are a few things you should know before opening a franchise. For information about our accounting franchises, contact Supporting Strategies today.