Generally, you do not have to be an accountant to run a bookkeeping franchise.
Most franchisors will assess the necessary abilities and provide the training for suitable candidates.
Bookkeeping franchises are safe businesses to run provided that you have (not borrow) the money to purchase the franchise.
Although, the bookkeeping business does not need working capital the returns can be initially disappointing.
Therefore, it is very important that you restrain yourself from borrowing funds to purchase the business.
Ensure that you have enough money to pay initial fees and running costs until you get your first customers.
The great thing about bookkeeping franchises is the fact that you offer a proven service to someone who can be your customer for years to come. Unlike other franchises, the bookkeeping franchise does not need to hunt for new clients continuously. However, statistics claims that the bookkeeping service does not sell like hot buns. Thus, you may need some time before finding the perfect clientele.
Generally, the bookkeeping business is popular in Australia.
There is plenty of independent operators and few bookkeeping franchises.
The main reason why you should join the bookkeeping franchise is to get the necessary exposure.
Franchises have a much better chance to properly advertise their services than the independent contractors.
However, if you had been in the bookkeeping business and you have the minimum number of clients then bookkeeping franchises will unlikely fulfill your expectations. In this case, it is better to invest the money into your own marketing campaigns to attract more customers. It is not difficult to estimate the success of the bookkeeping franchise. The newspapers advertising, internet marketing and the word from other businesses is a good indication of the franchise's performance.
If you are accountant then you must join the franchise which provides both the accounting and bookkeeping services. Otherwise you pay twice for two different businesses.
First Class Accountants is an example of the dual franchise, which offers bookkeeping and accounting under the same umbrella. The same is offered by the Intelligent Accounts. Busy Bookkeeping and Jim's Bookkeeping are more conventional bookkeeping franchises. Nevertheless, both of these businesses have a solid service record among franchisees and customers alike. You should also investigate in more detail franchises such as:
The cost of the decent bookkeeping franchise ranges between $30K-$55K.
Jim's Bookkeeping, First Class Accounts and Busy Bookkeeping sell for about $35K.
The dual operators (accounting and bookkeeping) sells for about $50K.
In all cases you need only minimal working capital (mostly for rent). However, some bookkeeping franchisors have an annoying monthly fee system. Jim's Bookkeeping has a habit of charging monthly fees and excessive call center charges.