New to franchising? If you’re considering buying into a franchise, there are a few things to think about first.
Taking on a business that has already been proven to be successful is ideal for people who haven’t run a business before, or for those who are looking for a new challenge. Franchisees benefit from being able to work with partners (franchisors) who are invested in making the business model succeed and have usually already done it themselves.
Getting started is often the biggest hurdle for new franchisees, knowing who to ask for advice and how to set yourself up for success.
We’ve put together a list of great resources that can help you answer some basic questions about why and how you can franchise. As expert accountants for franchisees and franchisors, we can set you up with the tools to get started.
There are a wide range of resources available to help you find out about how to get started with running your first franchise*.
*Please note that content contained in external links is not the responsibility of Horner Downey & Co and professional advice should be obtained before acting on any information contained.
Here are some of the best websites to guide you through the process and answer your questions:
The Franchising Centre, based in York, UK, helps to guide people who are new to the industry with consultations and advice.
Total Franchise showcases UK franchise opportunities and has plenty of news, features and showcases to help with your research.
The bfa are the UK authority on franchise businesses. Find plenty of resources, plus our official affiliate page
Startups.co.uk have a features section on starting a franchise which is a good introduction plus plenty of how-to guides.
Accounting and Tax Implications:
Once you have grasped the basics, make sure that you research the accounting and tax implications of running a franchise. Accounting for franchises is a little different to accounting for a start-up business as you’ll often have more immediate costs such as licensing or payroll which will need managing carefully.
There are specific franchise fees and taxes when running a franchise operation, as well as reporting requirements.
For more information about getting starting in franchising, check out our free guide 5 things to consider before franchising your business.
Partnering with a chartered accountant with experience in working with franchises is the most sensible approach to ensure your new franchise business is compliant and above board, particularly when it comes to HMRC and tax. Horner Downey are Chartered Accountants and British Franchise Association accredited, meaning we have the expertise and authority to always act in your best interest.
Whether you’re looking to take on a franchise or want to replicate your business, we’re the experts in franchise accountancy.