If you’re interested in helping other businesses improve their operations and bottom line while building your own successful business, then starting an accounting franchise may be a great fit for you.
When you start an accounting franchise, not only do you get support and a respected name backing you but you also can feel confident that you’ll be using a proven business model instead of starting from scratch.
In this article, we will explore what an accounting franchise is, the benefits of starting an accounting franchise, and provide a list of the best accounting franchises you can start this year.
Accounting franchises provide a number of different services including but not limited to bookkeeping, tax preparation, payroll, expense reduction, loan assistance and financing, invoicing, financial consulting, and more. Some accounting franchises specialize in one category while others may offer a suite of services.
Though many businesses will have a basic understanding of the categories listed above, they often don’t have the time or resources to manage them as effectively as possible. For these reasons, accounting services are always in demand and accounting franchise owners reap the benefits.
A vast majority of accounting franchises offer franchisees the opportunity to run their business online — i.e. from a home office or other remote location. Depending on the services you offer, there may be times you have to meet with clients in person. However, these meetings more than likely make up a small portion of the work you do for your clients.
Additionally, many accounting franchises give you the freedom to design a schedule that fits your needs. Depending on your aspirations, you could work part-time, full-time, or a combination.
Working remotely also gives you the opportunity to work with a variety of clients that may or may not be in the same city as you.
Since many accounting franchises are operated remotely, franchisees don’t need to rent office space or pay for utilities at a separate location from their home. Outside of basic office equipment and the software programs needed to run your business, there are few overhead costs with accounting franchises.
Furthermore, most accounting franchises require minimal to no employees to build a successful business. When you consider the many overhead costs and the number of employees needed for other types of businesses, starting an accounting franchise is quite appealing. When you’re not constantly managing employees, it gives you more time to focus on the key aspects of your business.
Some of the key perks of starting an accounting franchise are that you have a proven business model and a respected name behind you from day one. This takes a lot of the guesswork out of starting a successful business for new business owners.
Additionally, the franchise you choose will provide you with all the necessary resources, training, and support you need to begin your journey of business ownership.
Many accounting franchises aim to build ongoing relationships with clients. Therefore, you can produce recurring revenue that is somewhat predictable each month. Since you’ll be working with many of the same clients each month, that saves you from having to continually find new clients to meet your profit goals.
Services that produce recurring revenue are also often very scalable, meaning you can make more money in less time than with other types of services.
Within the accounting franchise sector, one of the fastest-growing services is cost reduction consulting. By starting a P3 Cost Analysts franchise, you’ll be able to enter this booming industry while helping other businesses improve their bottom line and avoid being taken advantage of by the vendors they work with.
You, with support from P3’s industry experts, will aid businesses in reducing their spending in categories such as utilities, waste management, telecom, merchant processing, copier/print, and more.
Additionally, you’ll have access to P3’s world-class training, coaching, marketing resources, and other forms of support.
One thing for certain is that businesses will always need help preparing and filing their taxes. By becoming a franchisee with Liberty Tax, you’ll be able to enter this lucrative field while leveraging its 25 years of experience in tax-related services.
Liberty Tax offers access to top-notch tax prep and filing software, back-office support, and many useful marketing assets to bring in a steady stream of clients.
As one of the leading tax preparation companies in the country, you can feel confident knowing that you have a well-known name backing your business.
For over 50 years, Succentrix Business Advisors has specialized in providing services such as accounting, tax, and business advice to clients across the country. By starting a Succentrix Business Advisors franchise, you’ll be able to serve clients by helping them improve business efficiency, profitability, and overall success.
Succentrix provides franchisees with comprehensive training, state-of-the-art cloud accounting and tax preparation software, marketing materials, and ongoing coaching to make sure that its franchisees find success.
Payroll Vault offers franchisees the opportunity to run a full-service payroll company with the full support of industry experts and professionals. By becoming a franchisee, you’ll be entering a growing industry that’s showing no signs of slowing down.
Payroll Vault mostly focuses on serving the needs of small to mid-sized businesses and your operation can be run 100% virtually. Plus, you don’t need any prior payroll experience or certification to run a successful Payroll Vault franchise. With its quality training and support, you will be up and running within about 90 days.
Padgett Business Services has been helping aspiring entrepreneurs live out their dream of business ownership since 1988. Having helped hundreds of franchisees find success in the accounting franchise sector, you’ll have a respected name backing you along your journey. As a franchisee, you’ll guide other businesses on how to keep their books in order, process their taxes, handle payroll services, and consult on other important financial matters.
Padgett provides a vast array of support in the form of continuing education, software/technology updates, marketing assets, public relations, and more. An ideal candidate should have strong people skills and a desire to network with other business owners.
By becoming a franchisee with Liquid Capital, you’ll be able to start a business in the growing alternative financing industry. Liquid Capital knows what it takes to help businesses of all sizes succeed, and it is ready to teach you the skills and knowledge needed to find success in this sector.
When you start a Liquid Capital franchise, you gain access to high-quality training programs, back-office support, ongoing mentorship, recurring revenue streams, and more. You’ll also have the opportunity to leverage Liquid Capital’s comprehensive marketing strategies and networking tactics to grow your own business.
Liquid Capital says ideal candidates should enjoy intellectual challenges, possess integrity, and have the drive to help other businesses.
As we’ve seen, there are many great accounting franchises you can choose from when starting your own business. Accounting franchises provide franchisees with a level of freedom and flexibility that many other types of businesses don’t. Furthermore, accounting franchises are highly lucrative and the services offered are always in demand. However, depending on your skill set and interests, one franchise may be a better fit than the others.
Since franchisees are looking to enter a growing industry and to do rewarding work, many decide to start their own cost reduction consulting franchise. By becoming a franchisee with P3 Cost Analysts, franchisees can reach their business ownership goals while having world-class support along the way.
If you’re interested in starting a P3 Cost Analysts franchise, contact us today at 1-877-843-7579 or fill out the form on our franchising page and we will answer any questions you have about the process and opportunity.