Being your own boss and running a successful, lucrative finance franchise is the dream of many. If it’s an ambition of yours, you would do well to arm yourself with all the best tips for how to truly shine in this thriving but competitive sector. Within this article, you’ll discover the best ways to stand out from the rest and ensure your finance franchise runs smoothly from day one.
There are an enormous number of fantastic finance franchises out there keen to attract the next ambitious franchisees to their business. If you’ve been considering making a career change with a finance franchise, you’ve picked a brilliant industry to invest in. You’ll find your skills are always in demand, and your own personal financial future will be secure.
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Why start a finance franchise?
If you’ve got the drive and determination, you’ll do well in the vitally important financial services sector of the economy. At the beginning of 2020, 3.2 percent of all employed individuals in the country worked in the financial services sector [UK Parliament website] - that equates to a whopping 1.1 million people.
It is a competitive but highly desirable sector, and the services of those in finance franchises is always going to be in high demand. From small businesses to larger enterprises, everyone knows the importance of keeping their finances in order. Running a finance franchise is a great way to break into this desirable sector.
Buying a franchise means you don't need to come up with a business idea or start completely from scratch. Instead you benefit from the reputation, experience and expertise of an established business. Franchisors want their franchisees to succeed, which is why they provide support through training, product development, marketing, advertising and management services.
- Startup Donut
4 tips for running a finance franchise
Now you’ve decided that a career shift into the finance sector is for you, it’s time to do some thorough studying. Read on for our top tips on how, once you’ve done your research and chosen the finance franchise that’s right for you, you can ensure you run your franchise successfully.
1. Make sure you have all the relevant skills
When doing your research into the top finance franchises in the UK and the opportunities available with them at the moment, you’ll soon discover that there’s all sorts of different skills in demand in this sector. Which skills you will need will vary depending on which franchise you decide to invest in.
The good news is that not every franchise will require you to have previous experience in the financial services sector, or specific qualifications. However, this doesn’t mean you should go in blindly - there are a lot of applicable skills that you’ll likely have picked in your career so far.
Common transferable skills that will hold you in good stead to stand out in the financial sector include:
- Being able to communicate clearly
- Being highly organised and great at time management
- Being able to keep calm and quickly solve problems as they arise
- Being able to lead others confidently and fairly
- Being business savvy and having commercial acumen
- Being able to build rapport with a client base
- Being digitally proficient and able to learn new software quickly
2. Choose the kind of finance franchise that suits you best
The easiest way to ensure you are excited to start your new career in financial franchising is to do all the necessary research beforehand and select the franchise that suits you, your skills and your career goals best.
When you choose the finance franchise that’s right for you, you’ll hit the ground running filled with bags of enthusiasm. Make the wrong decision, and you’ll be hampered before your new business venture has even opened its doors - not a great start.
The finance sector is wide and varied, so you’re sure to find an opportunity that suits you. You can choose from:
- Investing in an accounting or bookkeeping franchise
- Investing in a banking franchise
- Investing in an investment management franchise
- Investing in a finance brokerage franchise
- Investing in an actuarial franchise
- Investing in an insurance franchise
Weigh up your options, assess which skills you already possess and which you made need to work on, and make the best choice for your financial franchising journey - you’ll thank yourself later.
3. Get your own finances in order before making any investment
If a career in the financial sector appeals to you, you are likely someone who is very financially capable themselves. As such, this tip might seem obvious to you - but it is one of the most important ones in the entire list.
In order to get the ball rolling on a new franchising enterprise and enjoy all the advantages that running a finance franchise offers, you will first need to make sure you have the money set aside to make this dream a reality.
Once you’ve made a firm decision on which franchise you’d like to invest with, make sure you have enough to meet the minimum investment requirement. For example, aspiring TaxAssist Accountants franchisees need to make a minimum initial investment of around £39,950 +VAT. Or if you think a career with financial brokerage franchise Brokerplan is for you, you’ll need to make a minimum initial investment of £9,000.
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4. Create and follow a clear, strategic business plan
Another way to arm yourself against any potential bumps in the road along your franchising journey is to establish a clear and informative business plan.
This may be something your chosen franchisor will assist you with in return for your investment, or it may be something you have to spend time doing yourself. Either way, your business plan should outline your goals and expectations, but also adhere to your franchisors expectations. Make sure you know and incorporate everything about the outlook for the financial sector so your business plan can offer you the best possible chance of success.
Start a successful finance franchise today
Whether you’re making a career change with an accounting franchise, or bookkeeping franchise, or anything in between, the top tips above should give you a running head start against the competition. Explore the UK franchise directory today and find the investment opportunity to suit you best.
Lily Sweeney, Point Franchise ©