Always fancied running your own business as an accountant? There are tons of perks to setting up a company in the financial services industry. Read on to find out the top eight advantages of running an accounting franchise business.
If you’ve always been on the fence about joining a franchise, you may be interested in learning more about the model and how it can help entrepreneurs launch stable businesses. Here, we’re looking at the financial services industry and why it’s full of potential for would-be franchisees.
Advantages of running an accounting franchise
Here’s why you should consider joining an accounting franchise:
1. All businesses need an accountant
Managing business finances is hard; there are complex cash flow calculations to do, as well as tax compliance rules to follow. Accountants help take much of the stress out of running a business and give owners the assurance they need to work without the fear of making mistakes.
As you’ll be offering a valuable service, you’re likely to see consistent enquiries throughout the year and into the future.
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2. There is lots of opportunity for specialism
Financial services are in demand across the industries, and encompass a huge range of tasks. For instance, you could choose to work with businesses or go into government services, academia or charity work. What’s more, you have the chance to specialise in a number of areas, from bookkeeping and payroll management, to insurance and consulting.
These sub-sectors are just a small proportion of the opportunities out there, so it’s worth doing a bit of research to work out which areas you might like to enter.
3. You can work from home
Most of the tasks you’ll complete can be done with just a computer and an internet connection. These days, it’s easy to communicate with clients online and use clever software to enhance your productivity (more on that later). Being able to work remotely means you’ll be able to stay in the comfort of your own home and spend more time with friends and family.
Find out more about launching a remote financial services business in our article Sector Spotlight: How To Run An Accounting Franchise From Home.
4. Your potential earnings will be high
Accountants earn a good income in general, but as the owner of an accounting franchise business, you should be able to rely on an even higher salary. What’s more, you can increase your unit’s revenue by adding additional services and developing relationships with clients to encourage repeat business.
5. Everything is logical
In other industries, business owners come across problems that can only be solved with creative, ‘outside-the-box’ thinking. Usually, accounting is fairly logical, and presents issues you can resolve with a methodical approach. To many entrepreneurs, this factor is a huge advantage, as they know they’ll be able to keep working until they discover the right way forward.
6. Being able to help others is rewarding
Many clients are incredibly reliant on their accountants when it comes to identifying lucrative opportunities and making key business decisions. Playing a significant part in the success of others can be highly rewarding, and should provide the opportunity to establish meaningful business partnerships with your clients.
In other words, starting an accounting franchise business allows for high levels of job satisfaction.
7. Tech is there to help
These days, it’s never been easier to manage finances online. Not only are there countless tools for businesses to complete their own bookkeeping and accounting tasks, but there are also software packages designed to support finance professionals in their work. Already, 56 percent of accountants say technology has improved their productivity (Sage).
Take a look at how you can upgrade your efficiency using technology: It's Time To Bring Your Accounting Business Into The Digital Future.
8. There’s potential for strong working relationships
If you decide to hire a team of accounting professionals to work alongside you in your accounting franchise business, you have the chance to build a strong network of peers. It’s likely your employees and partners will be intelligent and self-motivated, which makes for interesting conversations and an ambitious approach to business development.
The current state of the accounting industry
Because of the high demand and high income of the financial services industry, accountancy generates a large amount of capital for the economy. The UK accounting and auditing sector is worth £6 billion in the UK (IBISWorld).
Across the accounting, bookkeeping and auditing sectors, tax consultancy generates a revenue of around £28 billion per year in the UK. By 2024, it’s expected to reach £35 billion (Statista). The top four British accounting firms alone (PwC, Deloitte, EY and KPMG) made a combined income of just under £13 billion in the last financial year (Accountancy Age).
The importance of technology in the financial services industry is also on the rise. In fact, 57 percent of accountants say the ability to use software efficiently is the most important skill for those in the finance sector. The technology is evolving so quickly, just 38 percent of accountants think the training programmes available today will still be effective in 2030 (Sage).
Start a finance franchise business
The franchise industry can support entrepreneurs who are looking for a way into business ownership. With a tried and tested business model, proven strategies and an existing customer base, investors can hit the ground running, launching a profitable business but skipping any potential setbacks.
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If you’re interested in running a franchise unit, you can browse our full selection of investment openings in the financial services sector. As well as bookkeeping and accounting franchises, we have opportunities for mortgage brokers, bartering and those who process property insurance claims.
Alternatively, find out more about becoming a franchisee with our extensive selection of business guides. We create informative articles on every aspect of setting up a franchise unit, including finding the perfect opportunity to match your requirements.
Alice Tuffery, Point Franchise ©