Bookkeeping is a growing industry, and it's home to titanic corporations as well as small, individual practices. With high demand and accessibility, the field is becoming increasingly attractive for many different kinds of people. If you've been reading about the convenience and flexibility that running a bookkeeping business entails, you might have the impression that it's too good to be true. There's no need for doubt, though, because small businesses in this field are highly profitable.
Bookkeeping Businesses — Profitable?
Bookkeeping is one of the most consistently profitable endeavors where you can start a new business. Solo practices as well as larger companies that rely on employees consistently post impressive profit margins. Entrepreneur wrote a piece on profitable industries for small businesses that went into this topic. The article revealed that the accounting, tax preparation, bookkeeping, and payroll services industry is not only profitable but the most profitable industry for small businesses. It's also expanding at a rate greater than the general economy, with an average growth rate of 3.5% a year.
If there are two reasons for the profitability of bookkeeping, the first is that it's a highly valuable service. Companies can save money by outsourcing their bookkeeping to a dedicated practice rather than establishing a bookkeeping department. Second, the operational costs are remarkably low as there's no special equipment or other requirements for bookkeeping. This ease of entry is one of the main points in favor of starting a bookkeeping business.
What About a Bookkeeping Franchise?
Opening a new business can be a challenge, which is why many people turn to a franchise instead. You have autonomy and control of your own business, but have some degree of support from a corporate organization. This can be as simple as marketing, or it can be much more extensive and cooperative. The answer to whether or not you should join a franchise depends on the specific franchise you're thinking of joining, but BooXkeeping is an excellent choice to consider.
Open a BooXkeeping Franchise
If you're looking to open a bookkeeping franchise, joining the BooXkeeping team is one of the best choices you can make. With a low initial investment and modest royalties, you'll benefit from our expert lead generation and the support of our helpful bookkeeping community. Even if you have no experience, BooXkeeping is ready to offer all of the training and guidance you need to become a successful bookkeeper.
Our system has proven consistently successful, with the average BooxKeeping franchisee earning six-figure profits with a margin of almost 40%. If you remove larger practices with employees from this equation, solo BooXkeeping franchises gross less revenue but still see an impressive profit margin above 50%. When you become a member of the BooXkeeping family, you'll enjoy:
- Entering a high-demand industry with a proven business model
- Lavish support and training
- Effective lead generation and marketing
- Low Fees and Royalties
If you're interested in starting a BooXkeeping franchise, you can learn more from our blog or get in contact with us over the phone at (855) 935-2669.