For those that aspire to be business owners but don’t want to begin from scratch, starting a financial services franchise is an excellent option.
As a franchisee, you get the support and resources of a respected franchise while gaining the freedom and profit potential of owning your own business.
There are many types of financial services franchises, and depending on your skillset and prior experience, one franchise will be a better fit than the others.
In this article, we’ll explore what makes a great financial services franchise and provide examples of some of the best franchises you can start this year.
Not all franchises are created equal and there are certain criteria that you should keep in mind when choosing which franchise you want to start. Let’s explore what you should look for in a franchise before committing to the engagement.
Almost all financial services franchises can be operated from the location of your choice. Instead of having to choose specific brick and mortar locations as is the case with retail or restaurant franchises, you can simply set up a home office with the tools or equipment you need to run your business. If you do need a traditional office, you usually have flexibility in where you open up shop.
In most cases, you can also continue to run your business while traveling if you have a laptop and an internet connection. This type of freedom is one of the key reasons people choose to start a financial services franchise.
A key factor when selecting which franchise to start is the level of support that the franchise provides to its franchisees.
Any respected franchise should support their franchisees in the following ways:
The upfront expense of starting a franchise is an obvious consideration for any franchisee. Some will be more expensive than others, and it’s up to you to decide which franchise aligns with your current capital availability. Some franchises offer financial assistance through their company while others work with third-party financing organizations if you are in need of assistance.
For a franchise to be successful, there needs to be a demand for its services. Luckily, since many financial services franchises are remote operations, you don’t have to rely on just a local pool of clients. You can market your offerings to people all across the country, or even internationally, depending on your service and other regulations.
As a franchisee with P3 Cost Analysts, you’ll consult businesses on how to cut costs on their utilities, waste management, telecom, merchant processing, copier/print, property tax, and uniform and linen expenses. You get to leverage P3’s decades of industry expertise and proven system of reducing expenses for businesses in all industries.
Franchisee support from P3 is extensive, giving you all the necessary tools and training you need to execute on your operational and consulting endeavors. If you have a passion for helping people save money and avoid being taken advantage of by the vendors they work with, becoming a franchisee with P3 Costs Analysts is a great option.
One certainty amidst any economic conditions is that people need help with tax preparation and filing. As a trusted national brand for over 25 years, Liberty Tax gives franchisees the opportunity to provide tax-related services year-round.
As a franchisee, you’ll be entering a recession-proof industry and be able to get up and running quickly. Their process makes it easy to start and ultimately scale your business to reach your financial goals. If you desire to work with a respected national brand in the tax services sector, Liberty Tax is a go-to option.
With over 30 years of experience in the commercial brokerage industry, Transworld Business Advisors has helped businesses all across the country buy, sell, or grow their businesses.
This turnkey opportunity will allow you to help other aspiring entrepreneurs find a franchise that fits their needs, guide business owners on how to turn their business into a franchise, and support business owners on how to buy or exit their next business.
As a franchisee, you’ll be given the training and support needed to leverage all three profit centers available to Transworld Business Advisors. These include Franchise Consulting, Franchise Development, and Business Brokering.
With over 25 years in the medical billing industry, American Business Systems has the proven expertise needed to help you become a successful franchisee. The health services sector is poised for growth and you can take advantage of this profit potential without any prior medical or billing experience.
You’ll gain access to the American Business Systems toolbox for practice management, revenue cycle management, and other essential solutions for this industry. They also have a 100% money-back guarantee if it’s not a good fit within the first 30 days of operation.
Money Wise Financial has developed a proven system of delivering investment services to a wide variety of clients and industries. As a franchisee, you’ll be able to leverage the tools, training, and operational support provided by Money Wise Financial Services in order to start your business in this growing industry.
As a turnkey operation, Money Wise is structured to let franchisees focus their efforts on their pool of clients instead of spending too much time acquiring these clients. They will help you build strong relationships with clients while also maximizing your ROI. For day to day operational issues, software troubleshooting, and customer service problems, the Money Wise support team is able to assist you.
An ideal franchisee will possess a strong work ethic, integrity, business management skills, and a desire to build professional relationships.
As we’ve seen, there are some great financial services franchise options to choose from. Before jumping into any opportunity though, we encourage you to do your own research and reflect on which franchise aligns best with your skills and interests.
Profit potential is obviously a factor when choosing which franchise to start, but what’s equally important is choosing one that will stay interesting and keep you engaged as you grow the business. The franchise’s mission and ongoing support will play a key role in this long-term satisfaction.
For these reasons, many new franchisees choose to take the path of cost reduction consulting because of the tangible impact it has on their clients’ lives. It’s extremely rewarding to help businesses of all sizes reduce costs and pay fair prices for their essential business expenses.
If starting a cost reduction consulting franchise sounds like a good fit for you, get the P3 information packet from our franchising page.