Expand Your Accounting Business with Franchises

Business meeting
Expand Your Accounting Business with Franchises  

Franchises are a great way for new entrepreneurs to get started in a business of their own.  And having franchises as clients is one angle with a couple of advantages to growing your business.  In this article, we’ll discuss the advantages and how to find franchise clients.

Franchise Advantage

A cool thing about franchises is that the franchisor provides a framework for the franchisee to get started.  That includes branding and marketing, operations, and accounting.  Once you have done the books and taxes for one franchise in the chain, your learning curve is shorter for the next franchisee you attract in the same chain.  Some franchise owners also have multiple locations, which is like having multiple clients in one in exchange for one marketing effort, keeping your time and costs low.

How to Find Franchisees

There are many ways to start wiring with franchisees.  The easiest way is if you are already working with one or more of the many franchise businesses already.  Let’s say you are working with a Subway shop owner already.  Do you want more Subway clients?  If so, you can ask your current client where they meet for franchise education, and visit that group.

If you don’t have any clients who are franchises or you want to go after a particular franchise, then you’re in luck.  There is an entire industry that serves franchisees, and you will be able to find potential clients there.


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Attend Franchise Events and Conferences

You can Google “franchise conference” and come up with a flurry of options.  Look for conferences for established franchisees as well as individuals looking to start a franchise, depending on whether you want to work with startups or not.  At these conferences, you will have a roomful of potential clients.

Share Your Expertise

If you’re a writer, submit an article on franchise accounting to a franchise magazine.  Write frequently enough, and you will develop a reputation as a thought leader in the franchise space.

The articles you write may lead to speaking invitations, or you can solicit those on your own.  Contact the conference organizer to find out who selects the speakers.  You may also be able to find local speaking opportunities from meetups or local chapters of franchise associations.
Pound the Pavement

If you know what franchise you want to go after, you can gather a list of local franchises in your zip code and visit each store.  Introduce yourself, give the owner a free report or something else of value, and offer a complimentary consult.

The top eight franchises in number of units, according to the June 2016 Entrepreneur magazine, are:

  1. 7-Eleven (56K)
  2. Subway
  3. McDonald’s
  4. Kumon (25K)
  5. KFC
  6. Pizza Hut
  7. Dunkin’ Donuts
  8. Jan-Pro (7K)

According to the International Franchise Association, there were 770,000 franchise establishments in 2014 employing 8.6 million people.  That’s a big enough pie for all of us to grab a slice.