If you have been thinking about how to start a bookkeeping business, you may have thought about your structure, your qualifications and experience and may have thought about what services you can provide. You might then decide it is all too hard to set it up from scratch yourself and doubt your abilities. If you not sure about being being able to start your own business, you may be thinking about buying a bookkeeping franchise.

Franchises can be a good introduction into business if you are not confident about the whole package which is required to be a business owner/operator. Franchises can be quite costly to get into and often bookkeeping businesses are started on a very small budget from home.

If you are looking at buying a bookkeeping franchise as a way of starting a bookkeeping business, do your due diligence, another words, do your homework, look at the following aspects:

• What is included in the franchise fee?
• What payments are required on an ongoing basis and how much are they?
• What do you get for your money?
• What support do you get?
• What training do they provide?
• Do you have a territory or a specific area that you can market, are you limited?
• Do they give you clients?
• What is the projected return on investment?
• What is the duration of the franchise?
• Does the agreement give you enough time to recover your costs, make a profit and experience capital growth?
• Are there any legal issues with other franchisees which are not yet evident?

These are certainly not all the important point, but it just gives you an idea of what to look for in a franchise opportunity and how to assess the merits of the different franchise models available. What exactly do you get with the franchise agreement and is it really of value. Can you do what the franchise is giving you? With some effort, can you achieve what the franchisor is giving you straight away?

Overall a franchise might be suitable for you and your personality, but like all business decisions, evaluate your options, do your research, get professional advice from your accountant and lawyer and then select the option that is right for you personally. Have confidence in your own abilities, business can be tough and you need the right mindset to succeed, not just a franchise.