As the world slowly moves back towards business as normal, there’s never been a better time to invest in a finance franchise. This bustling sector has always been a moneymaker - and in 2022, the story is no different. If you want to get a head start on the competition, there’s no better way than by devising an unbeatable business plan.
The world of accounting can seem time consuming and complicated to those not familiar with its inner workings. For that reason, successful and reliable finance franchises have always been in high demand.
From helping businesses and self-employed individuals sort out their accounts properly, when you make a career change with a finance franchise, you’ll be working in one of the most satisfying roles around - helping your local business community to thrive in the process. If you're considering making this career shift, a strong business plan is vital for paving the road to finance franchising success.
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How to build a business plan for a finance franchise
You’ve got a head for numbers, an enthusiasm for all things accounting, tax and finance - or simply a burning desire to explore your career options and see if you can make your mark in this desirable and lucrative sector. Whatever the reason, the next smart step is devising a savvy business plan that will set up you apart from the masses.
Although you will want your business plan to have many unique elements that stand you out from the crowd, it’s important that your business plan covers the essential information, first and foremost. Every financial business plan should include the following pages as standard:
- An executive summary
- A business description
- A description of all products/services your business will offer
- A management summary
- A market analysis
- Details of how your business operates
- Details about your business’ premises
- Sales and marketing plans
- Financial projections and requirements
A fair few fields to cover, but if you’re serious about becoming a franchisee in the finance sector you’ll need to make sure you have a plan for all the most important elements of franchising.
Some franchises will offer help getting your business plan up to scratch, so if that's something that’s important to you, be sure to thoroughly check which of the top finance franchises in the UK will offer you this help when you invest with them.
But for more top tips on how to craft the ideal business plan to ensure trading success when you finally set up shop, keep reading.
1. Define your franchise’s unique selling points and target market
As emphasised already, the financial sector is a very lucrative and desirable industry to work in - and, as such, this means that competition is rife. In 2021, 2.2 million people in the UK workforce were part of the financial services sector - 73% of all employed individuals [TheCityUK]. It’s a sector that attracts millions, so you’ve got to find some way to make sure you - and your franchise - stand out from the crowd.
If you’ve decided to make a career change with an accounting franchise, it will pay to do some thorough research into your chosen franchise to identify what its unique sellings points (or USPs) are. For example, Accountants247 prides itself on its low fixed monthly fees and the quick, fuss-free nature of their services.
Equally, if you’re making a career change with a bookkeeping franchise, employ the same thorough research here. Identifying your franchise's target market and appealing to them directly is also incredibly important. If you invest with Rosemary, your business plan should emphasise the franchise’s focus on bookkeeping services for small and medium-sized enterprises.
2. Research your competitors and find help define your niche
Slotting in nicely alongside your research into which finance franchise you’d like to invest with will be doing a thorough assessment of all your competitors as well. This will in turn help you identify any gaps in the market and the niche your business is going to occupy.
There are lots of different specialist financial services out there. You’ll be up against a wide range of competitors in your subsector of the finance industry depending upon which avenue you decide to go down. Different types of finance franchise include:
- Account and bookkeeping franchises
- Actuarial franchises
- Banking franchises
- Investment management franchises
- Insurance franchises
- Finance brokerage franchises
Once you’ve chosen the finance franchise that’s right for you, it’s time to assess the competition within your subsector and work out how you’re going to keep your franchise one step ahead of them. Find a niche that no one else has tapped into yet, and watch clients and customers flock to employ your services.
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3. Set goals that are realistic and easily measurable so you can check your progress
As attractive as it may be to set lofty ambitions and strive to reach ever greater heights within the world of finance franchising, this isn’t actually a smart business move. When crafting a sensible and useful business plan, the best kind of goals to outline are attainable ones.
A handy thing to remember when outlining your goal in your business plan is the acronym, SMART. SMART goals are:
You want your business to have goals you can keep coming back to and measuring to see if you’re where you thought you would be. It’s also important to constantly reassess these goals and make amendments along the way if necessary - these goals are not fixed in stone, and should be changed where appropriate.
Use these tips to help craft a smart and useful business plan today
If you can’t wait to start enjoying all the advantages of running a finance franchise, using the business plan building tips outlined in this article is a great way to set you on the path towards franchising success before you’ve even started trading.
It’s also important to do your research on tips for running your finance franchise once the doors are open and business is booming. Check out the UK franchise directory and explore all the franchising options available to you right now,
Hannah Burnett, Point Franchise ©