Opening a bookkeeping franchise business can be an exciting prospect for a potential owner. It’s often the natural next step in a career and can help develop leadership and management skills in a daily setting that requires dedication and a deep understanding of the business world.
For many people, franchise ownership is the goal. But it can be difficult to know how to get started and identify the right bookkeeping franchise opportunity that best connects with their approach to the business.
Prospective owners should take a step-by-step, methodical approach when looking into owning a franchise, and that’s what we’ve developed in this article. Using the Line Upon Line franchise as a model, we cover the must-dos for people looking into ownership.
Steps to Select the Best Bookkeeping Franchise Opportunity
- Industry review
- Brand selection
- Meeting with leadership
- Building out and opening for business
Our look at the key steps to take when encountering a bookkeeping franchise for sale can take you from inquirer to future owner with confidence and a better understanding of the business.
Let’s get started!
1. Review the Bookkeeping Franchise Industry
Every potential franchise owner should know as much about the industry that interests them as possible before making any commitments. Industry health is a crucial indicator for potential franchise growth, and a close review can help prospective bookkeeping franchise owners get familiar with the ins and outs of the accounting business.
Dig into the public record, and see how the industry has performed in the past. Future expectations for expansion are equally important, so take as much time as is needed to learn about industry expectations.
Line Upon Line is part of the larger accounting industry. That places us in a field that’s seen growth for years.
And the industry is projected to continue that development in the years to come, as businesses and private investments increase and demand for traditional accounting services rises.
The accounting industry is expected to grow for at least the next five years, and that could make Line Upon Line bookkeeping franchise opportunity a smart option for future owners.
2. Find a Bookkeeping Franchise Brand that Fits you
After taking a look at the accounting industry and determining that a bookkeeping franchise is expected to expand for years, potential owners can turn to individual brands.
Franchises are built by individuals, and each one has its own personality and particular features that set it apart from the others. This is the moment when a future owner can delve into each brand to find out which one could best fit their needs and way of working.
Fortunately, franchises are required to provide public records that lay out their business practices and expectations.
For example, Line Upon Line has a Franchise Disclosure Document available for prospective owners to review. It lists our obligations as a franchise as well as the owner’s and gives future owners a clear idea of what to expect in the way of franchise bookkeeping costs, expected return, and much more when they sign with us.
This review should take as long as needed until the potential owner has found the brand that works best for them.
3. Connect with Brand Leadership
Finding the right brand is an essential part of the journey toward ownership, and can help prospective owners identify the best bookkeeping franchise opportunities for their business approach. It’s also the last step before getting to know the franchise leadership.
Meeting the brand’s senior team is an important step — it’s the opportunity to sit down with the brand’s key players and dig into their philosophy, business practices, and personality. During this period, future owners should make sure to get all their questions answered and take the time to satisfy themselves as to how well they might work within the franchise model.
Line Upon Line understands that potential owners need to feel confident in their situation before signing on, and we’ve developed our Discovery Days to give them access to everything, and everyone, they need.
Prospective owners meet with our senior leadership, including our founders Aquila Chisolm and Hugo Montoya, as well as members of our franchise management team. It’s a kind of audition for all parties and helps our new owners feel confident in their decision before signing on.
4. Build Out, and Open for Business!
It’s been quite a journey so far — our steps toward owning a bookkeeping franchise have taken us from industry review to examination of specific brands, to one-on-one meetings with leadership at the franchise and preparing to sign on as a new owner.
Now, it’s time to have some fun.
After signing with the brand, owners can start planning out the particulars of their new business. For Line Upon Line owners, that means having access to our branding and turnkey package of office equipment and software.
Building out with Line Upon Line is often a simple affair, thanks to our streamlined operations that can be run out of the home or modest office space. We train our owners in the way we do business, connect them with our outsourced team of tax-preparation specialists, and help them raise their online and local profiles to help them generate business.
We’re there to help them out when they open their doors, and we provide ongoing support as well. Our owners know they’re never alone, and that we’re always there to lend a hand when it’s needed.
Is a Bookkeeping Business Profitable?
Yes, a bookkeeping business can be a very profitable business venture. In addition to having the potential to generate a steady stream of income, bookkeeping businesses also benefit from typically having low overhead costs.
Additionally, more businesses are outsourcing bookkeeping needs, which is increasing the demand for bookkeeping services and allowing bookkeeping businesses to offer competitive rates.
Owning a Bookkeeping Franchise
Franchising is a way for businesses to enter the bookkeeping industry, increasing their profits without bearing all the risks and costs of setting up new locations. It involves a contractual agreement between the franchisor (the original business) and the franchisee (the person or company purchasing the franchise)
In exchange for the franchisee paying franchise fees and royalties, the franchisor typically provides a business system, including the trademark or brand, marketing and operations support, initial training, and ongoing assistance.
Start Your Bookkeeping Franchise with Line Upon Line
Owning an accounting business with Line Upon Line can help you provide essential services to your community, and access a potentially underserved market for bookkeeping services.
At Line Upon Line, we’ve built a brand for tomorrow. We’re in a growing industry, we’ve got a franchise model and leadership that’s flexible and adaptable to modern needs, and we make it easy to get started.
Line Upon Line is on the move, and we’d love to find potential owners to grow along with us.
Want to learn more? Let’s start a conversation today, and get your own journey underway!