For a potential owner just getting started on their journey, the thought of becoming part of an accounting services franchise can be exciting and the realization of long-held dreams. It’s the kind of life-changing experience many people work toward their whole careers.
Every journey toward ownership is a personal and unique one, but each prospective accounting services owner should plan on asking the following questions as they work to find the right brand for them.
“How’s the Accounting Services Industry Doing?”
A review of the industry can tell a person a lot about the business that interests them. It should be the first stop for any future accounting-services franchise owner and can reveal all kinds of data to help inform their decisions along the way.
Past performance should include sustained and continued growth. The industry should also be projected to have additional expansion potential in the years ahead, and a market sizable enough to support brand development.
For an accounting services franchise, the industry under the microscope is one that’s been growing for decades and shows no signs of slowing.
A brand that offers franchise accounting services is part of a business with a history almost as long as the country itself. It’s a market worth $133 billion, and one that has seen 2% expansion over the past five years.
And the industry looks to have room to grow. It’s expected to maintain upward movement for at least the next five years, as businesses and individuals increasingly turn to accounting firms to assist with tax and financial issues.
“Which Brand is Right for Me?”
Every industry is different, but most of them share a common approach to commerce that provides room for a wide range of styles. Once a potential accounting services franchise owner has reviewed the industry, they should start looking at the individual brands inside the overall business.
There’s likely to be a franchise right for every prospective owner — they just have to know where to look, and what to look for.
Start by doing a basic survey of the accounting services franchises that stand out. What are their features, do they have a specific market identified, and have they developed a business plan with modern operations in mind?
Look for brands that keep the overhead low through minimal staffing requirements and modest office needs, and make sure the franchise has a fee structure and entry costs within reach.
Fortunately, today’s brands provide Franchise Disclosure Documents to help give future owners the most essential information in a single read. Review them thoroughly, and ask additional questions to narrow the selections down to the franchise that best fits.
“Can I Meet the Leadership?”
We’ve gone through the legwork portion of the franchising experience and identified the most likely brand. Now we’re getting to the good stuff.
Finding the right brand can be a quick or long process, but the end result should be a potential accounting-services franchise owner prepared to move ahead with their plans to sign, and a leadership team standing by to get to know them on a more personal level.
I have the Accounting Services Franchise I Want, What’s Next?
This is the moment everyone has been working toward, and it’s the point at which the facts and figures on paper start to change into real life. It all starts with a series of meetings.
Each franchise should hold a Discovery Day — it might have a different name, but the goal is always to have all parties sit down together to find out how well they might work as a unit. During Discovery Day, the prospective owner meets with the brand’s CEO and other key senior accounting franchise team members.
It’s a combination of getting-to-know-you and in-depth business evaluation, and it helps everyone involved feel comfortable proceeding with plans to sign on and build a new location.
“What Kind of Support Can I Expect?”
Speaking of building a new location! That’s the first order of business for a new owner, and it’s a process that can be aided by support from their accounting-services franchise team.
Support should be a key aspect of a brand, and can be the invisible foundation that keeps the business running smoothly. Robust franchise assistance helps owners face any issue, and gives them experienced, expert care they can turn to when needed.
A franchise with a solid support policy should have a team ready to help an owner find the ideal territory and location, build the site out and equip it for operations, and train up the staff to begin serving their client base.
Grand Opening shouldn’t be the end of that support, either. Look for a brand that believes in delivering quality support to their owners whenever the situation calls for it, with return spot visits, updated training, and meaningful assistance available for issues no matter when they arise.
Own an Accounting-Services Franchise with Line Upon Line
What goes into a promising accounting and tax preparation brand? At Line Upon Line, we work toward the future of the business.
We’re in an industry with growth in its past and more expected in the future. Our brand was designed to keep entry costs low, with a green, cloud-based business model and outsourced accounting network, and it doesn’t stop there. We work within the underserved and growing Hispanic community, delivering a critical service to a market that’s fast becoming a force to be reckoned with.
We recognize the crucial role owner support can play in brand growth and center our operations around providing them with effective, responsible assistance on a daily basis.
Line Upon Line is preparing to move into new territories, and we’re on the lookout for future owners to join us.
Interested in getting more information? Let’s start a conversation today, contact us here!