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What is a franchise?

The British Franchise Association defines franchising as the following:
 
"Business format franchising is the granting of a license by one person (the franchisor) to another (the franchisee), which entitles the franchisee to trade under the trade mark/trade name of the franchisor and to make use of an entire package, comprising all the elements necessary to establish a previously untrained person in the business and to run it with continual assistance on a predetermined basis."

Some facts about franchising: -
  • There are 759 franchise systems in operation in the UK (increase of 6% in last 12 months)
  • There are an estimated 364,000 people employed in franchising
  • 92% of franchisees claim to be profitable
  • The average turnover for franchised businesses is £318,000
  • The franchise industry as a whole now contributes £10.8 billion of revenue to the UK economy, an increase of £0.5 billion in the last year alone.
(Source: 2007 NatWest/British Franchising Association Survey)
 
 
Some of the companies which franchise include, Subway, Marks and Spencer, Dominos Pizza, O2, Scottish and Newcastle, Thresher, and many others.
 

Why would I want to become a bookkeeping franchisee of The Local Bookkeeper? I can just setup my own bookkeeping business.

  • Setting up a bookkeeping business is extremely hard work. It is a lot harder than just working out how much you are going to charge and how you are going to get clients. There are service management issues which need to be considered, what credit terms are you going to offer, what software are you going to use, when you employ staff - how will you ensure you attract the best people (remember any service business is only as good as the people) and many many more. By becoming a franchisee of The Local Bookkeeper, you will be operating our business model which has been proven and tested over the past 12 years. This allows you to focus on being successful!
     
  • In business, mistakes cost money. When you setup in business, there is limited funds available. Can you afford to make mistakes? Not only will you be using a proven and tested business model so you do not make those mistakes but also you have the support of accountants, bookkeepers, and marketers.
  • Growth. We have a proven methods to acquire and retain clients. Marketing is more than advertising. This is something we are extremely successful at doing, and so will you when joining the franchise.
  • National accounts. We have relationships with many national organisations which refer business to our franchisees. Including the UK's leading British Franchise Associations affiliated accountancy firm - Franaccounts.
  • Who will cover your clients when you are on holiday or ill? We provide all our bookkeeping franchisees with cover when on holiday or illness. This provides the client with a highly competitive service which ensures client retentions.

Why would I want to become a franchisee of The Local Bookkeeper? I am already running a good business

  • Very simply, it could increase your annual gross sales by anything from £70,000 to £100,000+ after 3 years and you would benefit from being part of the UK’s first, and only, national brand of professional bookkeepers.
  • Our bookkeeping franchisees also have a selection of competitive advantages that include the delivery of a unique customer experience, unique brand strategy and also a unique Internet strategy, all of which is aimed to grow and retain their business.
  • To protect your existing business and clients. We are going to have over 450 franchisees across the UK. This means the vast majority of small to medium sized business within the UK will come into contact with the brand at some point.
  • Ongoing support in all aspects of your business