When you speak to the experts on this topic the replies are varied. Some say in January, some say after the school summer holidays. The truth is, it really depends on the industry, the potential clients and with the biggest differentiator being the new business owner themselves.
It’s been a successful Q1 for Rosemary Bookkeeping Franchisees with more satisfied new clients than ever! The number of small businesses operating in the UK has been steadily increasing. In the last 24 months alone there’s been 146,000 new businesses formed, taking the total number of SMEs to around 6 million. That’s a huge market! It’s no wonder Rosemary Bookkeeping are seeing even more small business clients coming to them to keep their books tidy and up-to-date.
The how, what and when to business!
With business ownership being such a fashionable and attractive route to earning a living, many people turn their thoughts towards how they will make good money and in what sector to start in. The beauty with franchising is the greatly reduced risk in using someone else’s tried, tested and proven business model. Let them make the mistakes, so you can avoid them and fast track your own success – it’s a no brainer really. That’s why franchising has an over 97% success rate (according to the bfa/NatWest annual survey). Plus, there’s already a market need established – vital if you want to get ahead.
So, we go back to timing – the when. If you are considering a service based business, then the first rule of thumb is to make sure you have a good, solid target market. We’ve already explained that business ownership is on the increase (check out recent stats on the FSB website too). Rosemary Bookkeeping is so successful because their franchisees help small firms to intelligently process and keep financial records. Yawn yawn ,boring boring some might say, but hang on a minute! Having clear and meaningful accounts isn’t just something the banks like to see when considering lending. If you’re serious about growing, you’ll need to look weekly and monthly at meaningful management accounts: profit levels and payment schedules alone help clients understand what is happening in their business so they can make decisions about how to grow, what support they need or when to get finance.
What a client says:
“I’ve always been interested in how businesses make decisions to grow and what information they use. Our Rosemary Bookkeeping franchisee provides super tailored reports before our board meetings so we can really see what is happening,”
Sarah Carlile, Director at Coconut Creatives Ltd.
The Rosemary Bookkeeping franchise has over 20 nationwide franchised offices with a potential market size of approx. 6 million individual businesses. The franchise is based on a solid business concept established in 2002 with a unique charge-by-transaction bookkeeping service. It’s clear to clients exactly what they’re paying for which offers complete transparency for new sole traders or Ltd companies. Franchisees obtain huge flexibility with superb work-life balance – they work the hours they want, around their own commitments.
If you would like to find out if the Rosemary franchise would suit you please contact our Franchise Team on 0845 862 0072 for an introductory chat.