Five Professionals Who Can Kickstart Your Franchise Journey
As you begin your franchise journey, entrepreneurship looms large like a mountain, intimidating and tempting you at once with its many roads and challenges to be climbed and conquered.
The first step is always the hardest. A mixture of fear and trepidation stop many in their tracks. After all, entrepreneurship is a risky journey. But, as Seth Godin, founder of Squidoo, author and blogger says, “the only thing worse than starting something and failing…is not starting something.”
To kick start your franchise journey - your ‘something’ - here are five professionals perfectly placed to help and support.
The Accountant
Your local accountant could be your start up saving grace. Once tarnished with a staid and boring brush, accountants these days are working hard to shake off their shabby exterior. Helping you with cash flow planning, tax planning, bookkeeping and more, accountants have the skills and knowledge to make a profitable difference to your business.
These helpful professionals will be able to shine a light on exactly how to manage cash flow and maximise tax savings. Furthermore, as a franchisee it’s likely your franchisor will request that your accounts follow a certain format. Having an accountant explain exactly how to do that is invaluable.
The Attorney or Solicitor
An attorney or solicitor can aid your start up journey by ensuring you have the right legal framework for your new business. Frameworks differ from country to country but broadly speaking they can be categorised into sole ownership, partnership and limited liability. A legal specialist will be able to advise which is most suited to your circumstances and ensure you have the appropriate assurances and policies in place.
The Bank
Banks are surprisingly supportive of new entrepreneurs. It’s not unusual to find financial institutions involved with local start up communities, providing free expertise, hosting events or sponsoring incubator schemes.
For new entrepreneurs, free business banking is often available releasing you from irritating monthly charges. They may also provide you with stellar advice on where and how to save, when to watch out for fees and general good will and support. Your accountant and franchisor will likely know which banks are best for franchise-specific support.
The Government
There are numerous government grants, events, mentors, training and start-up programmes available to new businesses. The trouble is, not enough people know about them! As a new business owner, you have access to an immensely powerful pool of expertise.
Anyone funded through the government will have been thoroughly vetted, ensuring the support you access is top notch. It’s a safe place to source vital expertise and it won’t cost you an arm and a leg.
The Franchise Broker
Franchise brokers are highly skilled individuals who rarely charge for their services. These professionals can advise you on which franchise opportunities best suit your situation but do keep in mind brokers are paid a commission when you buy a franchise from one of their clients.
Ensure your franchise broker represents a wide collection of reputable franchises and be sure to seek out additional advice. While well-versed in franchise logistics, they are ultimately a sales force.
Take Action
As Seth reminds us, starting something is better than starting nothing at all. Which one of these professionals can you speak to today to kick start your franchise journey?
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