Franchise Spotlight: Accountancy
Accountancy franchisees can benefit from a strong, growing client base, with the advantage of working remotely.
Statistics show 87% of Canadian businesses have less than 20 employees; these entrepreneurs are often consumed with the daily operations of their business and many outsource their accounting responsibilities. In the financial services sector, close to 70% of client sales are these type of business owners, which shows the potential and growth opportunities in the industry to establish a strong client base.
Accountancy market analysis
The total number of small business in Canada is close to one million, and that figure is growing; albeit, more slowly due to the impact of COVID restrictions. However, accountancy is considered a pandemic-proof business; it is an essential service that clients will continue to need, and accountancy owners can work remotely. However, with one in six independent businesses at risk of closing their doors due to operational restrictions, the accountancy industry could lose 11% of business overnight.
Many accounting franchises offer industry-specific services tailored to their clients’ need; other companies choose to focus on a specific area of finance, such as auditing. Consider what type of service within the financial sector will best suit your skills, experience, and passion.
Operating as a franchisee offers your prospective clients a level of confidence and trust right from the start, while also benefitting franchisees with proven systems and advance cloud technologies. Franchisees will need qualifications or accreditations to buy a franchise opportunity; experience managing or working at an accountancy practise may also work in your favour. Make sure you do your research and find a franchise that suits the level of support and training you need.
Owning an accountancy franchise can suit both independent entrepreneurs and team players; while working independently lowers your overheads and eliminates staffing issues, building a team will grow the business to achieve more success. Data shows the annual revenue in the accountancy sector ranges from CA$30,000 to CA$5,000,000. Employing a team and manager also means you can delegate responsibilities and enjoy a more hands-off approach in the future.
There are plenty of Canadian-born accounting franchises such as Ledgers, who credit their growing strength in sector to their 100% adaptation cloud technology; or Padgett, who have a network of 400 local owner-operated offices across Canada. Take time to research what opportunity will best suit your skills and what you’re hoping to achieve as a franchisee.