If you’ve got a keen eye for numbers and want to help individuals and business owners keep on top of their finances, you might have considered starting an accounting franchise. We provide our top five in the UK below.
Though the franchising system was once restricted to a handful of industries, it has now been adopted by a diverse array of businesses. One of the key areas of growth for franchising in recent years is accountancy services. In the UK, accountancy businesses can adopt a number of different business models. Within the sector, some accounting franchises specialise in serving individuals, others focus on start-ups and SMEs, and some assist larger businesses. Let’s have a quick look at why starting an accounting franchise is a great idea before we dive into the top investment opportunities in the UK.
Why start an accounting franchise?
1. Stable and growing industry
Accounting businesses aren’t going anywhere anytime soon. The majority of businesses either need an accountant or an accounting team, and many individuals need to use their services at some point or another. So, in theory, as long as businesses are in operation, there will be the need for accounting businesses.
2. Flexibility when it comes to where you want to settle down
With some other business opportunities, you might need to uproot your life and move to an area which is a hub of that particular industry. Whether you want to live in a large city, small town or by the ocean, with so many sectors needing the services of an accounting business, there is flexibility when it comes to choosing where to base yourself.
3. It’s rewarding
As an accounting franchise unit owner, you are supporting clients all day long. Playing an important role in helping people achieve their business goals and navigate challenging periods can be incredibly rewarding.
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Top accounting franchises in the UK
Certax Accounting helps its customers with routine bookkeeping, accounting, auditing and company secretarial requirements. This national accounting franchise has been welcoming and training up franchisees since the turn of the millennium, so it has plenty of experience when it comes to expanding the business. Today, there are more than 100 franchisees spread across the UK.
- Becoming Certax Accounting franchisee: This franchise offers its franchisees the choice of three franchise packages: the Bookkeeping package (£9,995 franchise fee), the Full Accountants package (£21,750 franchise fee) and the Qualified Accountants package (£11,750 franchise fee). The one you choose should depend upon your level of experience and the services you intend to provide.
- How much you need to invest: You can become a Certax Accounting franchisee for a minimum investment of £11,750.
- What you get for your investment: You’ll be able to rely on expert technical support through the Certax Accounting helpline, where the team can offer up-to-date accountancy and taxation legislation, so you’re never in the dark. Also, a bi-annual seminar will offer you the chance to mingle with other Certax Accounting franchisees and engage in franchise-wide discussions.
Rosemary specialises in providing bookkeeping services to small and medium-sized enterprises (SMEs) in the UK.
- Becoming a Rosemary franchisee: Rosemary looks for entrepreneurs that have IT knowledge, are dedicated to succeeding and are eager to build long-lasting relationships with clients.
- How much you need to invest: A franchise unit costs around £16,970 to get started and a large percentage of this can be financed by an agreement with one of many major lenders.
- What you get for your investment: All franchisees are provided with their own exclusive territory and given access to a comprehensive support system.
3. The Financial Management Centre
The Financial Management Centre (FMC) also specialises in providing SMEs with accountancy services. The FMC has a global focus and hopes to expand in both domestic and international markets over the coming years. It also benefits from a technologically-oriented approach, in which it welcomes the integration of new tools and technologies wherever possible.
- Becoming a The Financial Management Centre franchisee: FMC wants to hear from qualified accountants with fantastic people skills, who are keen to help SMEs in their accounting.
- How much you need to invest: An FMC franchise unit requires a minimum investment of £19,500.
- What you get for your investment: In return you will take part in a comprehensive training programme that gets you to grips with all aspects of the business model. The first part focuses on building a business and the second part concentrates on building a solid client base.
4. TaxAssist Accountants
One of the best accounting franchises out there is TaxAssist Accountants. It provides finance professionals to clients across the country, offering a range of different services, including bookkeeping, business plans, payroll, employment law, year-end accounts, pensions and debt recovery.
There are now more than 200 franchised regions in the UK that are covered by the TaxAssist brand, which are home to a combined total of more than 71,000 clients. TaxAssist Accountants has been around since 1995, taking advantage of a gap in the market by providing its services to clients with a turnover of less than £2 million.
- Becoming a TaxAssist Accountants franchisee: By joining the financial services firm as a franchisee, you can get involved in a huge range of varied tasks, such as managing profitability, arranging marketing campaigns, providing customer service and networking.
- How much you need to invest: A minimum investment of £39,950 is required.
- What you get for your investment: You will be able to enrol onto a six-week training course to hone your skills and get access to the franchise’s technical helpdesk, webinars, masterclasses and update days for you and your staff. The franchisor will offer support with site selection, lease negotiation and acquiring planning permission for renovations. But it doesn’t end there – they’ll also be right behind you as you recruit staff and organise the big launch day.
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If braving the commute and trudging into the office every morning is getting you down, take a look at our home-based franchises. Brokerplan is just one of these. It operates a team of finance brokers to provide online financial services such as commercial and business loans and mortgages, development funding, equity release and personal loans. As the UK’s top commercial finance network, Brokerplan works with payments of several thousand pounds up to £10 million.
- Becoming a Brokerplan franchisee: This franchise is ideal for entrepreneurs who want to keep costs down or have existing commitments, as it can be run from home.
- How much you need to invest: You should be prepared to invest at least £5,995.
- What you get for your investment: All franchisees get an extensive business launch package. This includes a two-day business training course, as well as a professional email address, business cards and important documentation.
Start an accounting franchise unit today
By now, you should have a better idea of why investing in an accounting franchise makes solid business sense. Perhaps you are tempted by one of these investment opportunities in the UK? If you’re not sure about these, why not check out our list of finance franchises?
Becky Martin, Point Franchise ©