Why the franchise business model is suited bookkeeping business?

Why the franchise business model is suited bookkeeping business

?

Franchise model of doing business is one of the ways of being a business owner. The other famous models are those of taking over of a business meant for sale and/or starting a business afresh. The franchise model is said to be one of the fastest growth model and is suited for some of the business to a great extent. This is typically the case with the education business. Whether it is the imparting of education or training for some professional courses or the mainstream education, owning a franchise is a way to quickly grasp the business fortunes. So, franchise in those niche segments of education is more fruitful which have favorable demand and supply factors. Bookkeeping is one such niche of education where there is a good demand from the seekers as well as employers. The bookkeeping franchise is, therefore, a very good business opportunity.

What are the reasons which make it so?

1. Both franchisor and the franchise is a winner: If the terms of mutual engagement between the two parties are well balanced then there are profits to be reaped for both of them. Franchiser will be able to grow fast even in case of limited finances and capture the market. The franchisee would gain from the brand name of the franchiser and get crucial resource support for effective and efficient providing of training in the bookkeeping business.

2. Minimal location based constraints: If it were some industry, its location could have been influenced by many factors like the availability of raw materials, labour, markets, government policy, etc. But, in case of education, there are no such location-based constraints. In fact, there is always a need of education and the need of bookkeeping services providers is going to remain there. Due to these reasons, this business can be operated on successfully at different locations where there is good market. This can be achieved by the giving out bookkeeping franchise to a number of different people at different locations.

3. Better control over quality and proper management can be ensured: There have been many instances where a business has suffered losses due to the loosening of the control. But, in the franchise model, there are two tiers of managerial controls present to ensure that the quality is not compromised. Even if the franchisee drops the guard, there is the franchisor to pull up the strings. Further, the franchisor can exercise control over the factors and have a say in the running of the franchisee at those levels which it thinks are important to deliver quality as per its brand name.

While the franchisee might feel proud to be associated with a reputed brand say, by taking a Jim's Bookkeeping Franchise, it is important that they do get equitable returns from the investments. It is however suggested that neither the franchisee not the franchisor shall develop a laid back attitude, expecting others to do the needful all time.

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