After doing some searching for a bookkeeping franchise, I found two. One seems to be out of business and the other operates in the U.S. and Canada. It is called Bookkeeping Express. The franchise fee is $30,000 with start up costs ranging from $50,000 to $75,000. A franchisee will pay ongoing royalty fees of 6% and Advertising fees of 2%.
I won't get into the pros and cons of franchising here. What I would like to do is pose a question. Why not start your own bookkeeping business system? It seems to me that for a fraction of the franchise fee alone, I could start a business, brand it, advertise it, and sell it's services aggressively. I could hire an attorney and a CPA to help me plan my business properly before I begin. Even if it cost me $30,000 or more to do so because I had a really big plan, the fact that I wouldn't be giving away over 6% of my profits every month for the life of the business would be worth it.
I know that starting a business can be overwhelming. There is a lot to consider up front. Sometimes the key is to just start. Start a small freelance bookkeeping service. The cost would be near zero. If you do this on the side while keeping your regular job, you could use the money you earn to begin building your business plan.
If you have been thinking of buying a bookkeeping franchise, consider building your own dream business. Think big and plan big. Reach out to mentors who can help you get started. Begin to build your team of advisors. Find a qualified attorney and a CPA who understand how to build a business plan. Find an advertising firm that can help you brand your business and get the word out when the time is right.
Plan to hire bookkeeping employees. If you are building big, you will need them. You will multiply your abilities with their help. If you aren't comfortable with interviewing and hiring, see if you can find a local agency that can do this for you.
This can seem like a lot to do and seem expensive. But if you could come up with the capital to buy a bookkeeping franchise, you could certainly do the same for your own bookkeeping business. It can seem like a lot of work, but believe me, if you buy a franchise you will have to begin work immediately or risk losing your franchise early on. By taking these steps with your own business, you can set your own pace and quite possibly without so much money at risk.
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