Buying a franchise is a goal for many Americans. After all, who wouldn't like the opportunity to earn significant sums of money while also being their own boss?
It's possible to live the life of your dreams by buying a bookkeeping franchise, but you need to know how to choose the right territory to maximize your earnings.
Read on to learn how to pick the right franchise territory for your business.
Size of Population
One of the key elements to running a successful franchise is the size of the population within your designated area. If the number of people living and working in the area is too small, there may not be enough current businesses to run a thriving franchise.
When deciding how to pick a territory, the local area should have enough potential customers to provide a steady stream of fresh leads, but not so large that you have too much competition.
When buying a Booxkeeping franchise, you receive a geographical area with a population of at least 500,000 people.
This number allows you to get your name out to a large customer base and grow your franchise.
When choosing a franchise territory, it's essential to consider what characteristics apply to the location. Does it have a lot of small businesses? Is the area attractive to businesses who could move their shop into the area?
You also want to ensure there is plenty of footfall to sustain the local businesses that are already there.
Modern technology has reduced the need for a lot of face to face interaction, but sometimes it helps to build a relationship.
You need to be able to meet with customers without spending hours on the road, as the extra fuel costs could impact your profitability.
An easy way to check if your franchise territory is suitable is to look up the area on Google maps and look at the franchise area's size.
Customer Profile When Buying a Franchise
The population may be a perfect size, and the location may be easy to access, but you also need to have the right customer profile.
If you are selling professional services, then a franchise area with a high student population isn't your target market.
Fortunately, there are hundreds of thousands of small to medium-sized businesses based all around the US. Every day entrepreneurs set up their new businesses, and this trend is on the increase.
With uncertainty in the job market, and people seeking a better standard of living, many Americans are now starting their own business. The good news is that each one requires bookkeeping services.
Our Bookkeeping software solves a problem that businesses experience every day. We don't feel like we're selling to our customers, but that we're providing them with an effective solution at an affordable price.
Our high customer retention rate shows our products provide value to their business. To learn more about the opportunity to earn a high income while being your own boss by buying a franchise with BooXkeeping, contact us today.