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MAP Money Advice Planning
MAP Money Advice Planning
Charter Hall Asset Finance
Charter Hall Asset Finance
Accountancy & Financial Franchise Opportunities
There is a huge variety of accountancy & financial franchise opportunities for sale in the UK. It's hardly surprising really when you consider the importance of the City of London in terms of the global economy.
Accounting & bookkeeping franchises are ideal for people that are either already in a similar role, or are great with numbers. These business models have also been proven to be extremely stable long-term.
For others that are maybe more outgoing & not as good with numbers, there are also other financial franchises options. These may require more sales skills, than number crunching.
These could include business finance franchises including commercial leasing & finance broker franchises. They could also include financial investment, car leasing franchises, property investment & financial planning franchises.
Business consulting generally is a huge sector for the UK. This sector is also set to increase with more people & business requiring accountancy & financial advice. Accountancy & financial franchises, not always but often also offer a chance to work from home.
Many people now are seeking better work & life balance. If you are providing accountancy services or financial advice generally all you need is a laptop & a phone. These businesses, therefore, can provide a great opportunity to work more flexibility, even working from home.
How to choose the right accountancy and financial franchise for you
Are you thinking of starting a financial franchise opportunity? There are thousands of companies with openings for people interested in owning an accounting, financial or lending franchise,
The obvious question then is, “how do I choose the right accountancy and financial franchise?” We’ll take you through the entire process to ensure you get the best deal.
Conduct due diligence
In business, no decision should be made without prior research. This also applies when it comes to investing in the financial franchise business. There are plenty of accountancy franchise businesses, but profitable accounting franchises that aren’t hiding any skeletons in the closet are hard to come across.
When you come across a viable investment opportunity, dig into the company’s financial status, major contracts, reputation, and any outstanding litigation. Look into company’s history, including its leaders and board of directors. The people at the top play a critical role in the company’s success, so they should be industry leaders with vast experience in your niche.
Get facts from current and former franchisees
Ask the franchisor if they can provide you with the contact details of some franchisees. It’s always a great idea to interview people who already work under the franchisor that interests you. The goal is to have their feedback, suggestions, and unbiased opinion to understand whether the franchise opportunity is right for you. Be wary of a franchisor preventing you from reaching out to current and former franchisees.
Get clarity on fees
The initial investment alone doesn’t offer a clear overview of the total costs of buying an accountancy franchise for sale. The FDD has documented all costs like the monthly development fund and royalty fees. Others like office supplies, marketing costs, and office management costs are hard to identify as they aren’t part of the initial franchise fee. Other additional expenses include insurance, electricity, and legal fees. All these extra funds will be provided out of your pocket.
Identify your financial capacity to buy a franchise
Once you have a clear picture of the monthly fees to be paid to the franchisor, you can start to set your budget. Item 7 of the FDD lays out the costs required to start and run your franchise for the first three months. Use that information to narrow in on a franchise that aligns with your budget. The amount you are ready to invest in the franchise must correspond to available funds.
Depending on the agreement, it might take months for the financial franchise to start operating as the franchisor might include a training program for you and your staff. You won’t be making money during this initial phase. Therefore, ensure you have some extra cash to cover it.
Study the Franchise Disclosure Document
When looking for a financial franchise for sale, ask the franchisor for the Franchise Disclosure Document (FDD). Study the entire document and understand all crucial information about the franchise. The contents of this document will be helpful when you meet a franchisor. It will give you ideas and good questions that need to be asked before you invest in the business.
Schedule a meeting with the franchisor, and don’t be afraid to ask the hard questions. Are they making a profit? Is the franchisor willing to negotiate the terms of the franchise agreement? What are their criteria for choosing a franchisee? How much money can a franchisee make? How do they resolve disputes? Answers to these questions can help you make an informed decision.
Hire a franchise lawyer
Going through the entire FDD is an intimidating and tedious endeavour. You might not completely understand the fine details of the financial franchise business agreement you’re about to sign. Franchise lawyers know how to unearth red flags in the disclosure document. They can also help you should things go south after signing the agreement.
Think long-term when choosing a franchise
A franchise agreement can last for periods as short as five years and as long as 30 years. However, the average duration of a franchise agreement is ten years. With that in mind, the relationship between a franchisor and franchisee is similar to a marriage. There would be disagreements on some things, arguments, and occasional fights. But both parties will broadly share a common goal – to get the most out of a financial franchise opportunity. As you bring skills, hard work, energy, and ambitions to the table, the franchisor should reciprocate by providing training, marketing, and a profitable business model.
Looking forward to investing in an accounting franchise? Franchise UK offers franchise listings, expert advice, and franchise information from across the UK.
Statistics around the Accountancy industry:
We will now list a few statistics around the accountancy industry in the UK. These statistics are from a reliable source which is called Ibisworld they are a credible website where you can get statistics around most industries in the UK.
- The total accountancy market size in the UK alone according to Ibisworld is worth a staggering £6 billion.
- There are over 7,400 accountancy services businesses currently operating in the UK.
- The accountancy industry is also great for employment opportunities for people in the UK. Because the accountancy industry in the UK alone according to Ibisworld has a total industry employment of 49,000
Franchise UK have a wide range of accountancy & financial franchise opportunities listed here. Browse our accountancy & financial franchises & find your ideal franchise.