I really feel I'm an expert on this subject. I was a franchisee for 3 ½ (long!) years, I’ve served my time and I’ve paid a very full price – before my escape.
If you want to know my complete and unabridged thoughts on Accountancy Franchises, then please, send me a quick email and I’ll forward a report I’ve prepared to you.
So why might you be tempted to join a franchise? Why do sensible people (me!) do it?
What are the advantages? In summary you get:
• The brand (if they have one that’s established).
• The know how to set up a practice.
• Training and support.
• Software.
• A business model that is proven.
Sounds good doesn’t it. What could possible go wrong? Here’s what:
• Up to £35,000 in initial fees.
• Say 12% of your revenue going in their various costs.
• Exit fees.
• The biggest franchises have an aging compliance based business model.
• Your reputation is, in part, affected by the franchisee in the next area.
But mainly it’s the money. Let’s think about the 12% you give the franchise:
Accountancy practices traditionally run on the model of 1/3 each for, staff, other costs and the owner(s). If you’re in a franchise the cost of your staff doing the work will be the same, your rent, phone, computer costs et al will be the same. So where will the costs of the franchise come from? The only place they can come from – your profit!
If you want my report on the UK Accountancy Franchise market, please send me a quick email and I’ll send it off to you - heather@theaccoutancypeople
ChartStart was created so you can have all the know how you get from a franchise but at a fraction of the cost and with no on going financial commitment.
If you want to know my complete and unabridged thoughts on Accountancy Franchises, then please, send me a quick email and I’ll forward a report I’ve prepared to you.
So why might you be tempted to join a franchise? Why do sensible people (me!) do it?
What are the advantages? In summary you get:
• The brand (if they have one that’s established).
• The know how to set up a practice.
• Training and support.
• Software.
• A business model that is proven.
Sounds good doesn’t it. What could possible go wrong? Here’s what:
• Up to £35,000 in initial fees.
• Say 12% of your revenue going in their various costs.
• Exit fees.
• The biggest franchises have an aging compliance based business model.
• Your reputation is, in part, affected by the franchisee in the next area.
But mainly it’s the money. Let’s think about the 12% you give the franchise:
Accountancy practices traditionally run on the model of 1/3 each for, staff, other costs and the owner(s). If you’re in a franchise the cost of your staff doing the work will be the same, your rent, phone, computer costs et al will be the same. So where will the costs of the franchise come from? The only place they can come from – your profit!
If you want my report on the UK Accountancy Franchise market, please send me a quick email and I’ll send it off to you - heather@theaccoutancypeople
ChartStart was created so you can have all the know how you get from a franchise but at a fraction of the cost and with no on going financial commitment.
