Having seen a very good article, on Accounting Web, about Accountancy Franchises descend into a bit of a bun fight I thought it was time to have my say about why I think an Accountancy Franchise is an entirely valid option for those starting up an accountancy practice or even those already in Practice.
Accountancy Franchises do have a place in the accountancy practice market place. They may not be for everyone and clearly due diligence needs to be carried out as anyone would do when making any significant business decision or investment.
Why an Accountancy Franchise could be for you
Whether in Practice already or just starting out, there may be areas of operating the Practice where you just need some help. Any intelligent business owner will question their ability to be able to do everything; bridging the gap of things that you are not able to do for whatever reasons, be it funds, ability or time, just makes plain business sense.
A logical approach to accountancy franchise assessment
It seems to me that any savvy business owner would ask themselves a few simple questions to see if an investment in an accountancy franchise is worthwhile for them. The questions to ask are:
Are you able to cover all areas of marketing, selling, delivery of services and operations including regulatory adherence, CPD and keeping up with new developments such as Cloud accountancy, laws & changes? What is your “business gap”?
Where do you need help?
Who can help?
How much will they charge?
What will your ROI be for their help?
Would a franchise address the identified business gap?
How much does the franchise cost?
What would the ROI be on the franchise investment?
Which route is best for you?
If it’s not for you then it doesn’t mean it’s not right for everyone
Luckily we are all very different; if someone decides that an Accountancy Franchise is for them it certainly doesn’t make them wrong – it just makes them different from you.
Vive la différence