How to Choose a Finance Franchise That's Right For You
Hannah Burnett, writer
Published at 14/03/2022, Updated on 04/05/2022 , Reading time: 5 min
If you’ve got a flair for finances and a burning interest in being your own boss and running your own business, we’ve got great news for you - there’s really never been a better time to be considering a career change with a finance franchise. The big question is, how does an aspiring franchisor in the thriving franchise sector go about choosing the right franchise for them? This article will help answer that question.
The numbers speak for themselves: in 2021, employees in the financial services sector accounted for 7.3% of the entire UK workforce - that’s 2.2 million people [TheCityUK]. This sector is booming, and the number of fantastic franchisees looking to make a career change with a finance franchise is higher than ever.
The decision to make a career shift into the finance sector might be a smart one - but with so many different finance franchises to choose from, how do you decide which one is the right one for you? To assist you with making this tricky decision, this article lays out some of your most likely options below.
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- Franchise Financing: Which Option is Right For You?
- How to Evaluate Franchise Costs
- Top 4 Finance Franchises in the UK
- Sources of business finance
- Start an accounting franchise
For a business that’s both financially rewarding and has guaranteed longevity, look no further than the accounting sector. It is an industry that businesses and individuals the world over depend upon to keep their own finances in check - so you can be sure that there’s never going to be a lag in demand for your services.
When you become part of an existing and successful accounting franchise, you’ll benefit from having a pre-existing customer base, plus all the support and training that comes from joining a franchising network. Working in accounting is exciting, busy and competitive - it will bring you job satisfaction and financial success.
How to choose the right accounting franchise
If making a career change with an accounting franchise sounds like the right move into the financial sector for you, you might want to consider investing with TaxAssist Accountants.
This excellent franchise is the largest network of accountants in the whole of the UK - so you’ll be in very good company if the accounting sector is of interest to you. This franchise is dedicated to assisting with the financial issues of small businesses and self-employed individuals who need help crunching the numbers.
Help your local economy thrive and take a central role in shaping your small business community. Offering much more than just accountancy services, you’ll become an invaluable trusted advisor to small business owners – and have a real impact on their lives and livelihoods. At the same time as improving their lives, improve yours too by waving goodbye to long commutes, late nights and work life dominating personal life. - TaxAssist Accountants
But if this franchise appeals to you, it’s time to ask if you’re a good fit for the business. So what exactly does TaxAssist look for in a franchisee?
TaxAssist is looking for driven and determined individuals, with some background experience in commercial activity. On a personal level, you’ll be an excellent problem solver, have great communication skills and be capable of managing your time wisely around an organised schedule.
An important part of franchising with TaxAssist Accountants is being ready and able to follow their model for business success. Your franchising journey with them is mapped out from the start, from a comprehensive six-week initial training course, to building a successful accounting business and leading it yourself.
You can become a part of the TaxAssist Accountants team by making a minimum initial investment of £39,950, with franchise fees of £39,950 +VAT. The franchise will then provide you with ongoing support and training for operating at the highest professional standards. TaxAssistant Accountant franchisees also part-own c.40% of the business as a whole, and have the option to buy a stake in the business via shares.
- Start a bookkeeping franchise
Another excellent option for any aspiring franchisee in the financial sector is an investment in a bookkeeping franchise. Much like accounting, there is and always will be a strong demand for this sector, and plenty of lucrative opportunities available within it.
In the bookkeeping industry, you’ll find lots of rewarding work - your standard day will involve helping people with their finances and finding the answers to queries and problems. You might also be able to enjoy flexible working options, such as working from home or moving your working hours around to best suit you.
How to choose a bookkeeping franchise
Like any dramatic shift in your working life, making a career change with a bookkeeping franchise will involve assessing your skills and finding the right franchise for you. A great option within this sector is Rosemary, a business which specialises in doing the bookkeeping of small- to medium-sized enterprises and SMEs.
Launched in 2002, this franchise has gone from strength to strength since its establishment, providing accessible and affordable bookkeeping services for all manner of clients. To franchise with Rosemary, you’ll need to be committed to understanding its business model, and have an excellent understanding of how to build client relationships and rapport.
You’ll need to make a minimum initial investment of £18,370 +VAT to become part of Rosemary, with franchise fees of £18,370 +VAT. In return, you will be trained in how to launch and run your business, including help with marketing, business development and sales techniques.
- Start a finance broker franchise
If you can see yourself launching a finance brokerage franchise and helping other businesses source funding to finance their goals, a career in this space could suit you. These roles will be varied and exciting, and you’ll get to meet lots of different people and connect with a wide range of industries - depending on who you choose to finance with.
How to choose a finance broker franchise
If you want to start your own finance franchise and think a career as a broker is right for you, embark on a franchising journey with Brokerplan. As one of the UK’s most trusted finance brokers, Brokerplan offers business owners the chance to source funding for their goals and ideas from a huge portfolio of high street banks.
You don’t need prior industry experience to invest, but you will need to make a minimum initial investment of £9,000 to franchise with Brokerplan. If that sounds like a lot, in two years you could be earning a revenue of around £150,000. For your investment, you’ll receive a comprehensive training package, a full business launch package, and ongoing development and support.
>> Read more:
- 7 Tips for Choosing a Franchise with the Right Culture For You
- How to Evaluate Whether a Franchise Opportunity Is Right For You
- Mythbusters: Starting a Franchise Is Ultimately the Franchisee's Decision
Enjoy running your own business in the finance sector today
The outlook for financing in the financial sector is fantastic, so there’s really never been a better time to invest. If you can’t wait to enjoy all the advantages of running a finance franchise, stick around on Point Franchise and investigate all the opportunities that are out there currently via the UK franchise directory.
Hannah Burnett, writer