• Scorpion Bookkeeping

Should you start up your own business or buy into a franchise?

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Many people who want to start up their own business consider buying into a franchise. Whether a franchise is a worthwhile option depends on your individual situation. It’s important to do thorough research and to get professional advice before you make a decision one way or the other.

Let’s briefly look at the pros and cons of starting a franchise.

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You can potentially:

· inherit proven business systems, processes, models and cash flow.

· benefit from the experience, advice and support of the franchisor.

· take on a business with an established reputation.

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On the flip side, you will have to:

· abide by any limitations in your franchise agreement that conflict with your business ideas.

· pay an upfront franchise fee as well as ongoing fees to the franchisor.

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Starting your own business instead

Now let’s look at the pros and cons of starting your own business from scratch.

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You can:

· make all your own decisions.

· avoid any upfront or ongoing franchise fees.

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You won’t:

· inherit any proven business systems, processes, models and cash flow.

· receive any experience, advice and support from a franchisor.

· inherit a business reputation.

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About us

Whether you decide to go it alone with your business or buy into a franchise, our team at Scorpion Bookkeeping can help you from day one. We can help you to set up cloud-based Xero software to help you manage your business finances and ensure your compliance with any ATO reporting requirements. We are a Xero-certified partner.

We can also provide your business with cost-effective bookkeeping support services. We service a diverse range of clients in South Australia, Victoria and New South Wales.

Contact us today for a free, no-obligation consultation to find out how we can help! We’d be happy to answer any questions you have.

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