How did you get into the industry?
I wanted to start a business which could be done around one’s schedule and personal priorities. Since I had a newborn baby, I made a list of things I could do in order to be there for her when she needed me. Bookkeeping/accounting was one idea which came to mind, and it turned out that finance can be very lucrative.
What’s New in the Business or in the Franchise Model?
Tax law is constantly changing, and therefore, the demands on a business owner are greater. A business can no longer tally up a bunch of write offs and call it a day. Bookkeeping and tax prep require knowledge and planning, and we work with each client’s CPA to ensure a smooth tax filing each year.
Where do you See Opportunities or Challenges for the Franchise/Business Moving Forward?
We could always learn more – we are fine tuning our training process so that we are up to date on new tax laws and caveats for different industries. Also, each CPA is different, so one may have certain specifications which are different from other CPAs. We are also cognizant of staying current with technology, which is also ever changing.
What is your Goal for the Business Moving Forward?
100 franchisees nationwide, and for each franchisee to uphold our mission of accurate financials, as well as work/life balance for our staff. My goal is for each unit to promote a culture where the employees love where they work.
Talk to us About Training and Support, How Do You Deliver?
The best part about our training and support is that it never ends! The first part of our program consists of pre-recorded trainings as well as 1-2 weeks of classroom style training. After classroom training ends, our franchisees have access to our Franchisee Specialists, who work full time in order to answer questions and solve problems. Each industry has different quirks, so the first time a franchisee is working on books for a particular industry, they are going to need assistance.
Your most difficult moment at the Franchise Business?
When we are trying our best to serve our client, and it seems that no matter what, we cannot see eye to eye, and that it is best for everyone if the client finds a different bookkeeping solution. We don’t like not being able to solve every problem!
How is your Franchise Model Structured?
- Training and Support Model?
Remote/computer training; One week of training at the franchisor headquarters, one week of training at the franchisee location; On-going support by phone/remote log in from our franchisee specialists for the life of the contract.
- What is the Fee Structure?
$25,000 Franchise Fee, 10% Royalties, 3% local Marketing Fee, 1% National Marketing Fee
- Territory Definition?
100,000 Business Owners
- Day in the life of a Franchisee?
The bookkeepers are working on their clients around their own schedules – they are aware of their weekly or monthly deadlines. Our client specialist is fielding emails and phone calls from our clients, and running payroll for our employees. The Quality Control team lead is checking the bookkeepers’ work and is then sending reports to the clients – she is also answering questions the bookkeepers have as they are doing their work. The owner/operator is overseeing the operating, answering questions which no one else can answer, and is planning and taking steps to grow the business.
What does Your Franchisee Do in the Business Every Day?
Initially, train, sell, train, sell, sell, sell, train, sell. Then, constantly finding ways to delegate each piece of the business, little by little. An owner/operator needs to be confident delegating in order to grow.
Who is the Ideal Franchise Candidate?
Someone who understands and enjoys working with numbers; an organized person who knows where he/she can find something quickly; a person who can communicate effectively and keep a process moving; a positive person who wants people to like coming to work; a person who sees the value in the services we offer business owners.
Success Stories and Failures with Franchisees?
Our first franchisee recently moved to the United States so that his children can have better access to schools than they do in their home country. He saw the value in our model and understands that this is a business which can flourish quickly with hard work, and that he can also find time with his 3 children as they are navigating a new country. I am humbled to help someone realize the American Dream – it isn’t something I considered when franchising.
What Goals Do you Have for the Franchise Model in the Future?
100 thriving franchisees nationwide, where all employees and owner/operators are fulfilled by their work while having work/life balance. I’d also love to be featured in Working Mother Magazine, my favorite!
For more information:http://flahertysolutionsfranchise.com/