Bookkeeping Franchise

[reseach22]

Hi

I am looking for some real direction. First of all i think people here is doing great by offering there advise and guidance from there own field.

I need help regarding Franchise i am looking at i am working in Finance industry as a analyst. however i want to jump and start my own business. i dont have any real knowldge of accounting. i have been offered a bookkeeping franchise cost of starting business and fees would be 8k with this company.

Not sure if market is great for bookkeeping i am willing to work hard and i think i am also good at sales. my understanding is accountants offer bookkeeping work to this franchise and they are getting paid £18 to £20 and hour. As per first year and second year figures are given to me that confirms 40k earning in year 2.

i can put 40 hours a week to work and sales. i need to understand if the market offer work at moment and if so what would be hourly rates for it.

As main work is coming from accountant are there any accountant offer this kind of work to bookkeeper to do bookkeeping on software like sage and few other software..

Can some one let me know if its a good business to get in or not please.


James

 

[Jenni384]

i dont have any real knowldge of accounting.

If you don't have any knowledge of it, how are you going to offer your services to people?

If you want to become a bookkeeper, get trained and get some experience before you fork out money on a franchise.

Once you are qualified and have experience, you may find you can start your own business without having to join a franchise.

 

[elaine@cheapaccounting]

Totally agree with Jenni.

And I am rather more harsh, the rates you quote - no chance. And by year two you would have lost a load of clients down to the fact that you do not know what you are doing!!!

Go on a college course - it is much less than the £8000 and you will learn a lot more to help decide if you are up for this type of work.

 

[KM-Tiger]

Please, please, don't empty your wallet into the pocket of a franchisor. Apart from the £8K upfront you will probably also be committing to ongoing fees and the result is likely to be misery and/or bankruptcy.

There is no way in which "buying a franchise" will give you the knowledge and experience to command the earnings described. That would take many years of both study and work.

Do please read the Franchising section of this forum. Look out for posts by admagic and shearcastle, who both talk a lot of sense.

Franchising is never the easy or safe way to start a business of any kind.