What are the top 5 accountancy & financial franchises in the UK?
The wheels of industry and business requires careful accounting & financial planning of course and the rise of accountancy & financial planning franchises over the last 15 years has been huge, but why? Well speaking as an entrepreneur I have always found many accountants and financial advisors tend to lack any business or entrepreneurial flair and I believe that’s why many accountancy franchises do so well because they can communicate far more effectively to a small business owner, an entrepreneur as they are one themselves.
So in my opinion what are the top 5 accountancy & financial franchises?
I really like the following type of accountancy & financial franchise businesses;
- Accountant franchises – These offer a fully qualified accountancy service to small businesses. Some offer a retail, store front presence, great for small business owners to drop in documentation, arrange meetings etc and others offer an online accountancy service. To call yourself an accountant you need certain qualifications so the downside of these franchises are that because of the increased training & support required the costs of these franchises are generally higher and may take longer for you to launch.
- BookKeeping franchises – You will obviously need to be great with numbers and trained but bookkeeping franchises generally have few barriers to get started, they require less training and usually less financial investment. Downsides? Well you do not have the kudos of being an accountant and there may also be certain services you are unable to provide therefore reducing potential earnings
- Commercial leasing & finance franchises – With these franchises effectively you work as a commercial finance broker using the franchisors connections and/or software/website platforms to promote and sell leasing packages. This leasing could be for capital equipment, office equipment, in fact anything a small business needs and commission rates can be very lucrative. Some finance franchises also offer other finance to small business as well such as factoring, loans, equity finance and other lending which again can create good commission rates. The good thing about these franchises is often investment is fairly low and many you can operate from home, the downsides are that you will need to be able to approach business and sell.
- Cost reduction franchises – These business offer other small businesses a win/win scenario. What they offer usually is a free review of a businesses overhead costs and using a network of suppliers switch them to other suppliers for non core business purchases saving them money, these savings are they split between the cost reduction franchises and the customer. The great thing about this business is its an easy sell, the customer usually pays nothing upfront and the franchise only gets a % of what they save. Often these franchises can be run from home, great for anyone seeking a better work/life balance.
- Will planning franchises – With property prices soaring in recent years estate values have risen a lot so its vital to have a great will and estate plan in place. Will franchises offer this service, usually these franchises are run from home so can offer a great work/life balance business.
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