5 Advantages of Running a Finance Franchise

Elliott Fudge, writer

Published at 12/03/2022, Updated on 04/05/2022 , Reading time: 4 min

5 Advantages of Running a Finance Franchise — Photo © 5-Advantages-of-Running-a-Finance-Franchise.jpg

Finance franchises play a vital role in the local business community. From helping businesses take care of some of their most important financial responsibilities, you help them focus on doing what matters most - running the business to the best possible standards.

Finance franchises aren’t just ways for ambitious franchisees to generate revenue - they help their local business community to thrive. From ensuring local businesses are managing their finances, taxes and budgets correctly to helping them make insurance claims when they need to, as a finance franchisee, you’ll be doing much more than just running a business.

And the advantages don’t stop there. As a franchisee, you will have the opportunity to run a business proposition unlike any other. Running a finance franchise is an opportunity unlike any other, so if you were looking to discover more about the different advantages of this opportunity, this article is for you.

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Why start a finance franchise in 2022?

Financial services are the bread and butter of not just businesses, but the entire UK economy. Financial services make up hundreds of billions of pounds to the economy, making it a go-to sector for individuals looking to make a career change. And the best news is that despite already being one of the country’s most profitable sectors, there’s no sign that the finance industry will be slowing down.

In fact, the outlook for 2022 is better than ever. Having navigated the complex world of furlough, income support and the various other legal challenges that the pandemic threw up, more businesses than ever before have realised just how much they rely on financial businesses to take tricky financial issues off their plate. So whether you want to work as a financial broker or an accountant, your services will never see a lag in demand.

5 advantages of running a finance franchise

1. Job security

It’s been a tough time for almost all businesses, but as a finance franchisee, you can rest assured knowing that there is plenty of job security. Businesses in your local area will always have need of trusted finance professionals to help them keep accurate accounts. So with the right planning and strategy, winning over some big local clients can quickly see you becoming an essential staple of your local business community.

But job security goes beyond just this. The world of financial services is broad and diverse, meaning that while you could start your franchise operating as an insurance broker, you could very quickly grow your business to encompass a wide range of different insurance services.

There is a lot of room for specialism and diversification in the finance industry, so don’t be afraid to try and grow your business to attract more customers.

2. Being your own boss

Ultimately, starting your own business is about enjoying all the rewards that come with being your own boss. Whether you’re looking to find a job that balances your work-life commitments, want a working pattern that suits your needs or want a role that encourages you to take responsibility for the day-to-day running of a business, franchising could be for you. And if you were worried about your days becoming repetitive, you don’t need to worry. From one day to the next, you could be:

Processing invoices
Recruiting new team members
Liaising with clients, virtually and in person
Maintaining and updating your knowledge of financial legislation
Making recommendations to your clients

3. Affordability

Because lots of finance franchises can be run virtually, or at the very least without a central headquarters, they don’t have many of the common overheads that some other businesses might have. When you consider that the average cost of starting a franchise in 2018 is £42,200 [British Franchise Association], there are some very affordable finance franchises open to you:

Certax Accountants requires a minimum investment of around £9,995 + VAT
TaxAssist Accountants asks for a minimum investment of £39,950
Aspray asks for a minimum investment of roughly £15,000

4. New trends

The world of financial services hasn’t always been the most high-tech industry around, but that is no longer the case. Thanks to complex technology, artificial intelligence, machine learning and algorithms, financial professionals have a wide range of tools at their disposal to help them carry out the most efficient job possible.

If you’re tech-minded and are keen to see how technology can run your business efficiently, running a finance franchise could be for you.

5. Cutting to the chase

Franchising is a business model that helps you cut to the chase. Whereas your competitors will need to invest heavily into building a brand, developing a reputation and convincing customers to use them, you will already have a tried-and-tested reputation and customer base to make use of. This means that you’ll be able to cut straight to the chase.

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Start running a finance franchise today and see how this opportunity can work for you

Franchises aren’t the same as every other business. As a franchisee, you’ll be working to a business model that has been perfected over several years. The advantages of the franchising business model are renowned, so if you have a good eye for numbers and are ready to start developing your own business in the financial world, why not have a look at some of the above franchises.

But if you’ve decided that franchising isn’t for you, have a look at the UK franchise directory for a complete list of other sectors and opportunities - one of which is sure to be a great fit for you.