Franchise Spotlight: Accountancy
Accountancy is a recession proof industry and offers many franchise opportunities.
The accountancy sector covers services such as payroll, tax preparation, book keeping and auditing. In the US, statistics show that the accounting industry generates roughly $156 billion in revenue, and is predicted to hit an impressive 4% growth by 2029. With this billion-dollar industry comes a wealth of franchise brands.
Accountancy industry analysis
When choosing your franchise brand, be sure to do your research. It is important to select a brand that has a historical strong track record and shows continued growth. The longer the franchise has been running successfully, the more valuable the brand name is going to be for you to capitalize on when attracting new customers.
The set-up of accountancy franchises varies. Smaller businesses may allow you to work from home or operate as a one (wo)man band, if work load permits, which keeps overheads low. Others may require an office presence and a team of staff. Be sure to assess your own preferences in order to obtain the right franchise for you and your success.
One of the many benefits of accountancy is that it’s a recession proof industry. Even during economic change and downturns, accounting is a hard cost that businesses simply can’t go without. Furthermore, this can be a highly lucrative and rewarding industry to be a part of.
Accountancy, as a trade, has been around for hundreds of years. Franchises offer a robust and reliable business model and looks set for a strong, long-term future.