Making a career change can be a daunting decision. But if you’re looking to start your own accounting franchise, you’d be going into business in an exciting, varied, and profitable industry. Here’s everything you need to know about making a career change with an accounting franchise.
The pandemic has changed the way that we all do business, but it has affected different industries in different ways. But, as an accountant working in a busy and changing environment, your services are as in demand as ever.
As businesses have had to adapt to hybrid and flexible ways of working, the accounting industry has had to adapt as well. New technologies, software programmes and working schedules are all changing the way that you will be working with your clients, so two days will ever be the same. With accounting an in-demand service, here’s what you need to know about changing your career.
Two thirds of SME decision-makers feel their accountant has met or exceeded their expectations during the coronavirus crisis. And more than a third say they are now more likely to recommend their accountant as a result.
Why start an accounting franchise?
The accounting sector can be a hyper-competitive sector to work in, so having a franchise supporting you all the way can make all the difference.
- You’ll have a pre-existing customer base: As part of a bigger network of business, you’ll already have repeat customers.
- Training and support: Industries are never standing still and as part of a franchise, you’ll be given expert training and comprehensive support to make sure you’re on top of all the latest and greatest skills.
- Competitive advantages: Being part of a franchise gives you a number of competitive advantages over your competition.
- Busy environment: As a franchisee, you’ll always have some projects on the go. Each day is different and every challenge will test you in new ways.
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How to make a career change with an accounting franchise
Making a career change with an accounting franchise can be an exciting and profitable decision. If you like the sound of working as part of an accounting franchise, here’s everything you need to know in order to get yourself started.
1. Understand the accounting industry
This might sound like an obvious point, but it’s important that you understand the accounting industry inside and out. There are of course a number of key skills you’ll need to have, but understanding how the industry has changed during the pandemic, how it will evolve going forward, how to work to best practices, and what trends are emerging in the sector is also important.
Not only will this help you understand how to hit the ground running, but it will also help you pick the right franchise for you. Learn as much as possible about this industry through researching online, speaking to colleagues or attending events.
2. Pick the right franchise for you
One of the most important parts of any franchisee’s journey is picking the right franchise for you. There are many large and exciting franchises working within the accounting industry, but not all of them will be the right option for you.
When looking at which franchises are the better options for you, here are a few key things for you to bear in mind:
- What franchises are more affordable? What are their franchising fees? Total investments? Future revenue?
- Do franchises specialise in different sectors? Are you comfortable working in these sectors?
- What working practices do these franchises have? Can you see yourself working to these guidelines?
- How has the franchise adapted to the pandemic? Is it predominantly remote based?
There will no doubt be a specific set of questions unique to you and you should be honest about which franchises are a better fit than others. However, once you’ve narrowed down your list, you should have a good idea which franchises are a better fit for you.
3. Understand the competition
The research that you have put in will come in very useful as you go forward. Once you’ve decided which franchise you want to work with, you will have a lot of information on your competitors. You’ll have a list of their advantages, disadvantages, strengths and weaknesses, so you’ll have a good insight into the industry.
As you go through the process of starting your own business, you will be able to use this information to your advantage. You could use this information to try and gain a price point advantage, offer new services, market your business differently, or even find a better location.
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- A Day in the Life: What It Takes to Run Your Own Accounting Franchise
- Sector Spotlight: How to Run an Accounting Franchise From Home
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- 8 Advantages of Running an Accounting Franchise
- Jargon Busters: Understanding the Most Common Accounting Lingo in Franchising
4. Put together your business plan
Once you’ve gathered your information, you’ll need to put all your findings into a business plan to be reviewed by your franchisor, financial lender, or anybody else who it concerns.
Every business plan needs to be tailored a little depending on who will be reviewing it, but as a general rule there are some essential points to be included in every version.
- An executive summary
- Overview of pricing
- How the business will be financed
- Expected revenue
- How you will recruit
- Potential premises
- A marketing strategy
Your business plan is a legally-binding document that you need to ensure you fully understand before singing. However, this is also an opportunity to show how much you know about your business and your industry.
Start an accounting franchise today
The accounting industry is undergoing some major changes meaning that in the future, this is an industry in the perfect place to see major growth in the future. If you want to be a part of a growing, enjoyable and profitable industry, there’s never been a better time to make a career change with an accounting franchise.
If running a franchisee business sounds like the right opportunity for you, but you’d like to explore opportunities in other sectors, you can see a full list of franchises on the UK franchise directory.
Elliott Fudge, Point Franchise ©