Beginner’s Guide to Starting Your Own Franchise Business – Part Four: The Sum of All Parts

The last three blogs have been a whistle-stop tour of setting up a franchise business and the options and ways for you to do that. I’m sure you’ve found this out yourself, but it’s not for the faint-hearted! It requires resilience on your part, and support from your family, friends and mentors that you trust. But starting your own franchise company can be exciting, rewarding, and empowering.

The types of business

Whichever route you decide to take, whether it be sole trader, LLP, partnership, or limited company depends entirely on the type of franchise business you wish to set up, as well as your ambitions and those of possible partners and people who will be working with you.

At the outset remember to always have an open understanding and constant dialogue with your co-workers, employees, contractors and those who support you, including your accountant!

The right people

Getting professional advice from legal experts, accountants and insurance brokers is vital from the outset. They can guide you through any changes that need to be made to an emerging enterprise.

And don’t forget the often overlooked value of business mentors, who, with expertise in setting up, running, and growing their franchise companies, can give you vital information and guidance on the pleasures and pitfalls.

As any sporting fan can tell you, having a first-rate attack (in this case, you) won’t guarantee a winning team without the first-rate line of defence. The right accountant and solicitor are your best defence. Their skill can help you save money that in turn can be used to increase profits.

Who?

Remember those people at home? Or the friends in the next street, or the network in the next town? These people are your cheerleaders, your support and your grounding. Think about how it will impact them if you’re concentrating on your work most of the time. You don’t need to get them involved, but be mindful of their role in your life, and yours in theirs, away from your growing role as a franchisee.

Payroll and tax and insurance, oh my!

This short blog series has been about guiding you through the financial, tax and accounting considerations of starting a successful franchise business. We hope that it’s been put in simple enough terms for you to make the first steps in putting all the advice into practise. There’s a whole raft of information at your fingertips on the internet: you can find out about key Government regulations regarding business entity selection, employer obligations, and tax responsibilities. But often, this can be overwhelming for you as you start out.

Starting your own franchise business entails a multitude of choices, whether it be the best contractor or the most efficient account system, and the decision to register for VAT or not. The Franchise Accounting Specialists has the knowledge and experience to consult and support you through your journey.

Also, we understand that you’re not just in business to pay everyone else. The whole point behind doing this is to realise your dreams and ambitions: to buy that sports car; to provide an education for your kids; to make fantastic memories on great holidays… 

Our service packages put you at the centre. The first thing we do is listen to what you want, what your goals are, and where you want to be in five years time. Then we tailor our services to fit.

We wish you the best of luck, no, the best of systems, on the road to a successful and rewarding business.