You’ve known for years that you want to be your own boss. You’ve been searching out work-from-home opportunities and decided that bookkeeping is a great option for you.
But starting a business from scratch seems daunting.
Fortunately, you can simplify the process by owning a bookkeeping franchise. Choosing to own a franchise gives you the opportunity to buy into an already established business.
A business plan will help you succeed in a franchise. Read on to learn how you can create your bookkeeping business plan.
Planning Your Bookkeeping Franchise
Many new business owners get overwhelmed when it comes to writing out a plan for growth. But creating a business growth plan doesn’t have to be stressful. Start out with a simple one-page outline.
Put the values of your bookkeeping business at the top of the page. What do you do, and why are clients better served by your business? Make this clear.
How will you work with your clients? Many bookkeepers with clients virtually, while some work in person. Determine which method works best for your business.
Write down what funding you will need to get started. In order to own a franchise, you must purchase it. You may have personal funds available for this, or you may need to take out a loan.
You’ll also want to include your budget and your estimated sales for the first few years. Having your finances spelled out in your business growth plan helps keep your goals clear.
Determine how you will meet the target market in your area. What methods of marketing will you use?
Writing out your business milestones will give you actionable targets to reach. It will also give you measurable ways to determine your success.
Identify the team you will work with. Will you need to hire employees? Consultants and contractors are part of your team as well.
And finally, determine what your contingency plan will be. What will happen if your budget falls short of expectations? It’s not always pleasant to think about, but being prepared for problems will give you a roadmap to working through them.
Tips for Success
Treat your business plan as an evolving document. This will change, and a successful business owner will have a plan for adapting.
Set small goals, but don’t forget about the long-term. Having small goals may help motivate you and give you a good way to measure early growth. But a long-term focus will see you through the ebbs and flows of your business.
Keep focused only on quality opportunities for growth. Some new business owners see many opportunities for growth. They include them all and their business plan becomes unfocused.
Make sure to budget for the growth of your business. Growing your business can cost more than you expect.
Get Started Today
Now that you know how to create your business plan, it’s time to look into a BooXkeeping franchise. If you dream of working from home, owning a bookkeeping franchise is a great option.
Contact us today and let’s set up a time to talk.
