What questions should I consider when evaluating a specific franchise?
Among the points BookKeeping Express recommends franchise candidates evaluate are:
- What experience is required to join the system?
- A complete understanding of the business
- Meeting franchisor management team – who will I be working with
- Thorough review of the Franchise Disclosure Document
- Talk to other franchisees in the system
- Understand the financial commitment
What kind of investment is necessary to buy a franchise?
Each franchise has a different set of financial requirements necessary for qualification. Each franchise applicant must be qualified for entry into a franchise system by demonstrating they possess the necessary working capital. Total net worth and liquid assets are the two primary financial criteria BookKeeping Express will review. For full financial requirements and fees, always refer to the Franchise Disclosure Document.
Would I make a successful franchisee?
BookKeeping Express recommends that all potential franchisees first ask themselves: Am I passionate about owning my own business? Am I willing and able to follow a proven system? Do I have a strong work ethic? Do I have a drive to succeed? Business ownership is not for everyone. It takes a mix of business acumen, motivation, capital, and a commitment to succeed.
Do I have to have an accounting or bookkeeping background to own a BookKeeping Express office?
No. Bookkeeping and technical support are available to franchises 52 weeks a year. Additionally, three months of initial training is further enhanced and supported by a comprehensive six months on-line educational curriculum that focuses on both the fundamentals of accounting and bookkeeping principles, cash flow management, and the steps of becoming a successful entrepreneur.
What are some of the benefits of owning a franchise?
Most business experts agree that franchises have a higher likelihood of success than independent businesses. A proven, turn-key business model is already in place – one that has been tried and tested. Franchise systems also offer additional benefits like brand recognition, strategic alliances, and franchisee support. Franchisee support is the critical component of successful franchising – franchise brands provide initial business start-up assistance ranging from strategic guidance and business plan development, to on-going training and business development support. The franchise model works because franchisors are only as successful as their franchisees. At BookKeeping Express we offer extensive support to help franchisees succeed.
What is the “Paying Yourself First” method of business ownership?
The business concept simply states that automatically Pay Yourself First – right off the top of revenues – before paying other bills or payroll. From there, you adjust to run your business with the remaining income. When you pay yourself first, you mentally establish profitability as a priority. Paying yourself first also establishes tighter financial controls. The goal is to make yourself and your investment the priority – a focus on reward for hard work and financial statements that show better returns.
What do I get with BookKeeping Express?
Along with business start-up assistance, training and a continuing on-line education curriculum, and strategic National alliances, you’ll get full access to BKEConnect and our best in breed Information Technology infrastructure, BKE Support System, National Sales & Marketing programs, CPA Express & Franchisor Express, On-Line support, and full access to the BKE’s National Team Center – the domestic outsourced bookkeeping solution for franchisees and clients coast to coast.
How much money can I make?
How much money do you want to make? The biggest benefit to business ownership – it is an investment you can control. BookKeeping Express has a business model designed for the owner/operator who prefers to choose a lifestyle of flexibility and a pursuit of other interests over the management of a growing, scalable business. And, for the individual who seeks wealth with a business designed for replication and scalability – we have an Executive Business Model geared to the individual who prefers a leadership role as CEO of their growing organization. With our low-cost entry and absence of costly build-outs associated with restaurant and retail franchise concepts, return in investment can be achieved in shorter time than most other franchise business models. Coupled with a lack of inventory, receivables, and minimal payroll requirements, the bookkeeping industry has some of the largest profit margins of most vertical markets.
Who is BookKeeping Express’s competition?
The bookkeeping industry is highly fragmented. Most solo practitioners of bookkeeping services work independently from their home serving a dozen or more clients. Often lacking any bookkeeping certification or established methodology or processes, today’s progressive business owner is looking for business solutions that will provide expertise to budgeting, trending, and forecasting – and with a full spectrum of services BookKeeping Express fills the void that exists in the business community today. With our focus on quality, reliability, and sustainability, BookKeeping Express stands apart from current booking companies with over twenty-fives years of standardizing best practices and reporting with best-in-breed technology tools and software integrations that allow BookKeeping Express to deliver business intelligence through client-oriented data tools.
What are some of the drawbacks to owning a franchise?
Franchisors require franchisees to follow their standard operating policies and procedures in order to maintain brand and service consistency across the chain. Franchisees must be willing to follow a system to maintain levels of service and brand standards. Most franchisors also charge ongoing royalties, in exchange for providing on-going support, services, and marketing for their franchisees. As with any business, owing a franchise also carries a risk of failure.
What are some of the benefits to business ownership?
A path to financial freedom is desired by millions in the corporate world. If you’re one of those individuals considering owning your own business, you’ve already considered the unlimited possibilities that accompany new challenges and renewed energy. Motivation increases when you take control of your professional life. With the freedom and allowances to be creative, to explore ideas and accomplish goals, you’ll cultivate leadership skills and discover what other’s already have – the fulfillment of building a successful business! Plus, plenty of tax advantages to being a business owner. Is entrepreneurship for you? Contact us today to learn more.
What is the process of becoming a franchisee?
Step 1: Initial Inquiry
- Submit basic contact information/ and or submit RFC
- Initial telephone contact
- Submit Request for Consideration
Step 2: Qualification
- Initial conversations to review qualifications and learn financial strength
- Franchise Recruitment Webinar
- Business Model Review
- Introduction to Team Center and IT Webinar
Step 3: Discovery Day Meeting
- Meet BKE Team in Tysons Corner, Virginia to learn more about the opportunity
Step 4: Finalization
- Finalize territory and deal terms
- Review Franchise Agreement with counsel
- Formalize and execute the Franchise Agreement
- Payment of franchise fees