Surviving the Transition of Owning a Franchise

Opening a franchise is a big deal. It’s not only a major career shift, but it’s also a pivotal moment in your personal life.

You’ll be investing a tremendous amount of time, energy, and money into this business venture. And while we know you’re mentally prepared to be your boss and start your own business, doing so won’t come without a transition period. 

That’s why we’re writing this blog post – we know how rewarding an investment in a bookkeeping franchise like Supporting Strategies can be. You’re putting your financial background and skills to work while making your dreams of getting away from corporate life come true with this bookkeeping franchise opportunity, but we want you to be able to overcome the hurdles you’ll face – especially in that first year. 

Here’s a look at a few of our favorite tips for surviving the transition to owning a franchise.

You’re Making a Difference

When you’re exploring bookkeeping franchise opportunities, you need to strongly consider Supporting Strategies. Why? We make life better for the people that matter in your local economy.

Supporting Strategies is an bookkeeping franchise that works specifically with small businesses who employ fewer than 100 people, and provide them with the cloud bookkeeping, accounts payable work, payroll administration, financial reporting, and other bookkeeping needs they have to have. We’re really a small business bookkeeping franchise at the core.

And by helping the “little guy,” you’re not only helping your dreams come true, you’re helping theirs.

So, if the hours of work begin to feel cumbersome, it helps to take solace in that fact.

Save Money

We’ve touched on this in previous blogs, but there are a lot of costs associated with franchising you might not have thought about.

 Beyond the initial investment, you’ll also have to have plenty of money saved up because you don’t know when you’ll start profiting – and, as with any business, it could take some time, no matter how hard you’re working.

Plus, there’s a difference between making money and profiting, and the savvy thing to do is continue to reinvest revenue into the business until it becomes self-sustaining. But that means until you pass the breakeven point, you might have to survive on savings.

It’s just another hurdle involved with being a business owner, but one that with hard work and determination will pass quickly.

Lean On Your Support Structure

Whether it’s your family or friends, it’s important just to have people in your life who believe in what you’re doing. Sometimes, they’ll leave you alone to let you work into the night. Others, they’ll drag you out for a beverage and lend a listening ear. It’s all part of helping you succeed, and having them there to support you will do just that. 

Learn the Business

We know you’ve likely got a bookkeeping or financial background if you’re making this leap, as well as some experience working in the financial sector. But there are still plenty of aspects to running a business that you might not quite have in your tool belt just yet.

That’s why franchisees with Supporting Strategies get loads of support in a variety of manners. For example, we give our franchisees access to our proprietary technology, which provides a proven business development system, service delivery, business management, hiring and team management, as well as a help desk with IT support, document scanning, and other management help.

 Other resources at the disposal of Supporting Strategies franchisees that come with your investment:

• An exclusive marketing territory that gives you the rights to operate your Supporting Strategies franchise within your designated territory.
• The Supporting Strategies operations manual.
• Marketing Kit: We provide much of what you need to start marketing your franchise. Brochures, folders, popup banner, website, business cards all included.
• Cohort assignment and launch event: As a new franchisee, you will be assigned to a cohort group, where you will work with a group of approximately 5 other new franchisees on an ongoing basis to offer each other support and advice as you all grow your individual Supporting Strategies offices.

For more information on franchising with Supporting Strategies, contact us today to speak with a representative.