Working as an accountant is an ace way to fill your time. As a mum with professional aspirations, you can gain a lot from starting your own franchise focused on accounting. Studies have shown that mere 28% of women own franchises as opposed to their male counterparts. This can work in your favor if you choose to focus your branding on the fact that you are a franchise led by women.
Recent statistics show a steady median income for Australian households which means that this is an opportune time for franchise development. However, getting all the hens in one basket can be tricky as with any other business. You could end up spending a lot of money for a doomed cause. Let’s take a look at some pointers and information about accounting franchises and how you can start your own.
- Set goals and finances
Chances are that you are working on a limited budget. Cash has always been an issue and not only for working or home mums. In order to make the most of your project, make sure that you know what you are getting at. Develop a business plan with goals and very strict budgets.
Since we are talking about accounting, you won’t have to invest much into logistics apart from office supplies. However, even with lowered spending, you still need to be careful of the money you allocate. The sum can grow exponentially without you even realizing it.
- Consider the risks
The risks of failure when franchise development is in question are very real. Accounting franchises don’t suffer the same pressure as the food or clothing industry due to the nature of work involved. Even so, an accounting franchise which you may launch can fall on hard times fairly quickly:
- Bank loans can create a great deal of trouble if you falter financially. Ensure that your budget and household income can handle it.
- Hiring office employees and an accountant cost precious resources. You won’t be able to handle everything on your own so don’t even try to do it.
- Consider the Australian franchise fees and government taxes for running an accounting firm before making rash decisions. These taxes come on a monthly basis and can put quite a dent in your revenue.
- Depending on your first few months, you may not be able to fully sustain your accounting franchise. Government loans are available for startups and ambitious businesspeople but they have their own catches as well.
- Potential for investors
Think about why you want to start a franchise – especially in the accounting niche. Being different from the competition is the only way to truly stand out on the market, especially in a country the size of Australia.
These questions can give you an insight into what makes your ideas special. You can use these ideas to create long-term plans for your franchise and attract investors to help you out. Don’t think that you are at a disadvantage simply because you are a housewife or a mum – business decisions rarely mix with personal relations.
- Track from the get go
Collecting oil from the beginning is just as important as setting plans early on. Try to keep tabs on everything you decide to do with your franchise even before you fully develop it. One of the worst mistakes you can make is to lose an important piece of document and spend time, patience and money due to negligence.
As for the method of tracking information, this is up to the artist’s choice. You can use notebooks and pads if you like writing or opt for online tools and text editors. It’s also good game to keep several professional writing services in mind.
You never know when a potential business deal might rear its head and you might need help from some of the best and largest translation companies out there. These can not only translate your writing for international projects but also help you format your books and keep tabs on all the oil you have accumulated so far.
- Don’t do it alone
You might not be married or don’t want to ask your husband for help with your side project – that’s totally okay. Talk to your mates, ex colleagues or people that might want to work on developing a franchise with you. The important fact is that you should absolutely have a helping hand in the “CEO” department.
Being the sole person responsible for big decisions can be stressful and you will eventually buckle. Someone should always be next to you to give advice, question your decisions and lend a help in a pinch. In financial terms, you can lose a lot of money simply for overlooking a booking error that your partner might have seen if they were present.
- Separate personal from professional
Taxes for franchises vary depending on the expansiveness and revenue they make. However, the expenses your franchises makes can easily go unhinged due to one simple reason – using the common fund for personal reasons. As a franchise owner, you will be responsible for maintaining a steady financial status of your firm, especially since you are interested in accounting.
Set an example for your clients and peers by treating your own employment in the firm with professionalism. Don’t open the cookie jar for personal or family reasons without going through the necessary paperwork. Separate your personal life as a capable woman and a mum by doing what is right. Only then will your franchise have hopes of growing and developing into something you can be proud of.
Drawing the line (Conclusion)
There is a lot to take in before you make any decisions about your future accounting franchise. If nothing else be sure that you have the support of your friends or family who will stand beside. Developing a franchise of your own is worth every penny and minute spent. The road to success however won’t be an easy one. Prepare yourself mentally and financially before taking the leap of faith.