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Financial franchises offer services within the financial service industry. Financial franchise opportunities range from small business financing to tax preparation, bookkeeping, insurance and more. Some of the financial franchise brand names are very recognizable…H&R Block, Allstate, H&R Block, Liberty Tax Service to name a few. However, if you are considering a financial franchise, there are a lot more options that you may may want to consider.
There are many opportunities for a financial franchise to assist us in paying taxes, opening businesses, financing, paying employees, insuring, etc. According to Barry Eitel, writer for Lendio, a small business financial franchise, there are five key categories in the financial services industry.
Some financial services can be combined in the same franchise. This makes the business appealing to a wider array of customers and the revenue potential higher.
One of the most profitable types of financial franchises is a small business lending company. These types of financial franchises find loans and other funding for small businesses. In many cases, a physical office is not needed and the liquid capital needed to start is only around $55,000 to $65,000.
A very common form of financial franchise is tax preparation and services. You do not need to be a CPA or tax professional to open some tax preparation franchises, because they put you through extensive training. Since businesses and consumers will always need help with their taxes, these types of financial franchises are popular.
Since many entrepreneurs are not proficient in accounting, bookkeeping and payroll, these functions are often outsourced. You may not need to be credentialed to open an accounting franchise, but it will help to be a licensed CPA or CFA.
A financial franchise that installs and maintains ATMs are a great way to get into business without a huge infusion of startup capital. This type of franchise offers flexible hours and can be a strong fit for an entrepreneur wanting to be on the road more and in the office less.
The insurance business is large enough to be considered its own field, but it is technically part of the financial industry. Many insurance franchises provide all of the training; hence you don’t already have to be an insurance agent to get started. There are many forms of insurance that you can specialize in including home, auto, life small business, rental and event insurance.
Selecting the right franchise is about finding the best fit for you and the market in which you intend to operate. Do you want to serve the business community or would you rather have a consumer market? Are there accountants and insurance providers teaming together in your market area or are there only a few local options available? Are you interested in investing in a storefront or is a home based business, with relatively low initial fees, more appealing to you?
Because every situation is unique, consider the following key points when making a decision on which financial is best.
The financial services industry leverages a very important part of the economy. There are many different directions that you can go in your search for a financial franchise. While corporate jobs in the financial services industry come with iffy job security, financial franchises keep the economy going with in-demand services.
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