Twenty percent of small businesses fail within their first year.
Keeping your finances tidy and in check is not only a vital part of your new business. It is the glue holding everything together, and the difference between success and falling into that statistic up there.
Without a solid financial model to follow, your days of running your new startup are limited. You simply can't afford to overlook a factor this crucial to helping your business stay afloat.
Fortunately, you don't have to do this alone! There are communities of professionals ready and waiting to provide you the support, encouragement, and tools you'll need to make a name for your small business.
One great way to stand out from the crowd is through owning your own bookkeeping franchise, like with BooXkeeping. This field has grown exponentially, to a now $4.2 billion industry, for many reasons.
If that sounds a little intimidating at first, don't worry! That's what we're here for, to make life a little less complicated for you.
Follow this simple playbook to take your business to the next level!
Prepare Yourself and Your Work Space
With the growing popularity of business professionals working from home, making sure that your workspace is set up properly will help things throughout the workday go smoothly.
These tips apply whether you're at home or at a public place of business. Being prepared puts less stress on yourself, which will trickle down to your clients.
Finding the Right Spot
If you're searching for a place to call your home office, try out a room with an abundance of natural sunlight. This boosts serotonin, the happy hormone, and can help you feel calm and collected no matter what stress comes your way.
Make sure your office has access to the right materials. BooXkeeping recommends that your setup includes two computer monitors and a laptop or desktop computer as well. Therefore, reliable access to the internet and a phone line are also a must-have.
If you're a parent, try to find a place that will be relatively quiet.
Many people working from home have also stated that waking up and getting out of the house by going on a walk or sitting on the porch with a cup of coffee helped to boost their creativity in the morning and put their mind in the right headspace to get things done.
Not working from home? That's okay too! Go out for lunch whenever possible to get a break from your surroundings. This will get you plenty of fresh air and peace of mind.
Now that your workspace is ready for success, let's make sure your schedule is.
How can potential clients or guests know when to reach you if you don't know your availability?
If you have the blessing of building your own schedule, try to keep it as regular as possible. Keeping to specific hours helps declutter your mind, makes you more efficient, and creates a structured day you can actually plan!
There's no reason you have to be stuck in the classic nine-to-five, so find the hours you need and stick to them.
One of the many unique features that BooXkeeping offers is its business model built around people working from home. In this age of social distancing, it's important to practice safe workplace standards for you and your employees!
By utilizing the latest and greatest tools in communication, BooXkeeping actually allows its franchisers to create their own schedule. Unlike with the other franchise competitors, you will actually be able to balance your family time, hobbies, meetings, and school while also running a successful business that you're proud of!
Check out some other super cool science-backed tricks to make the most out of your workday in a home-office.
Make Sure There's a Spark
There's a reason passion ranked highest on Forbes "Seven Steps To Running A Successful Franchise."
Having a genuine spark for your own business will make you want to get up in the morning and go to work, and it can be seen by your clients and guests. This passion translates really well into being a successful bookkeeping franchise owner.
If you're still laying the groundwork for your small business, it helps to figure out who you want to cater to. Do you enjoy talking to people all day? Maybe you'd be happier sitting behind a computer in the comfort of your own cubicle instead!
The perfect business niche for you will almost always be found in the area where your skills align with the people you want to serve.
It is here where you'll have the best chances for success.
Decide if a BooXkeeping Franchise May Be Right for You
Buying into a franchise can definitely be a lot to handle unless you're working with a company like BooXkeeping. Because their whole model is built around small and medium-sized businesses, they don't expect you to have everything figured out yet.
Designed With You in Mind
BooXkeeping franchises are created for the first time business owner.
Maybe you're fresh out of college with an incredible idea and passion galore, but you don't quite know where to start. Perhaps you've spent the last forty years working for a company you love, but now you're retired and have some dreams still left to explore. Wherever you are in life, BooXkeeping will meet you there.
If you or your spouse has served in the military (or is currently serving), BooXkeeping especially wants to give back to you. With franchises available all over the country, there is no doubt that they can help you find the perfect opportunity wherever you are stationed.
And, a 30% discount on top of that just to say thanks.
Even if you're not from the United States, you can still pursue your dream by opening a franchise with BooXkeeping. They'll even help you obtain your E-2 Investor Visa. While you focus on your customers, they'll gather all the necessary documents and provide you with tips for your interview at an American Embassy or Consulate.
When becoming a part of a small business franchise, it's important to find one that has your priorities in mind. With BooXkeeping, you'll never have to worry about slipping through the cracks.
Know the Tools Available to You
If you're already realizing that owning a bookkeeping franchise is what you’ve been searching for, wait until you realize the extent of the benefits.
Not only does BooXkeeping stand out from their competitors by offering such personal, detailed training in the beginning, but if you're one of their franchisees, you're in good hands for life.
Bookkeeping is the backbone of every small business. Essentially, it's how you keep track of all of the numbers.
And there are a LOT of numbers.
Any smart business person knows that trying to balance everything alone can often lead to failure. Opening your own franchise is the perfect way to get the support that you need so you can keep focusing on what's important: your customers.
Through cloud-based online software, all of your data will be entered in tidy ways that are easy to access. BooXkeeping will prepare all of your financial information for you, like balance sheets, invoicing and billing, payroll reporting, and all of your other day-to-day or big picture finances.
They'll cover the boring paperwork, leaving you with more time and freedom to put into your business.
Imagine the ease of having someone else prepare your taxes for you!
When it comes to customer support, BooXkeeping knows that no one knows your clients as you do. They'll have all of your vendor bills, payments, and invoices readily prepared so that you can keep your customers coming back for more.
Be Eager to Learn and Grow
When starting your own franchise, it's important to realize that you're becoming part of a business model that has been tried and true. The benefit of working with your franchiser is that you'll have professional, one-on-one help with leaders in your industry. However, it's up to you to put their advice into practice.
In their article about owning a successful business franchise, British Business Bank went so far as to say that not adhering to your franchise's model can put the whole business in jeopardy.
With BooXkeeping, they keep it simple so you'll know exactly where to start.
Training for a Bookkeeping Franchise
It's called BooXkeeping University, and you'll have a degree in Success once you're done! During your two weeks of initial training, they'll walk you through everything from sales and networking to marketing and SEO in great detail.
Training is composed of onsite and offsite visits.
But, let's be real.
Not everything about running a successful business can be taught in two weeks. That's why they'll provide you with hundreds of pages (literally) of step-by-step guides to answer any questions that you could have.
If that's not enough to convince you that BooXkeeping cares about your success just as much as you do, they'll come to prove it in person.
Discover more about their teamwork and personal training methods here. Because they have leaders all over the country, you can have someone from their management team travel to you and your employees wherever you are. They'll teach you the latest marketing tricks one-on-one.
Social Media, online profiles, and sales scripts are just a few of the topics they'll provide expert training in.
Learn at your own pace now, and watch your business skyrocket later!
At any point during your journey, you can always check out the FAQ's that other BooXkeepers have asked. Their easy-to-navigate website offers multiple opportunities to submit your own questions as well, and one of their friendly team members will reach out to you shortly.
Communication Is Key
Owning your own franchise doesn't just mean people are going to talk at you all day. After all, is that why you started your own business? You get to be your own boss now!
Still, communication goes both ways.
The final play in this playbook relies on building trust between you and your franchiser.
Keeping in close contact allows relationships to grow so that you can feel comfortable asking for help when needed. Not only that, but you'll be more comfortable speaking up if there's an issue that needs to be resolved! If you've been in contact with your parent company, they will be eager to listen to any of your concerns.
Together, you'll be able to come to resolutions quickly and more efficiently than if they rarely hear from you!
According to another article about business franchising, "you may find yourself with additional opportunities if you keep the franchisor on your side". It highlights the story of an individual who was chosen first for promotion opportunities within the franchise. Stories like his are not uncommon, so invest in your franchiser and they will invest in you!
Get Ready for Growth
With this playbook, you've been able to understand the tools you'll need to run a successful bookkeeping franchise. Most of them are already inside of you just waiting to be accessed!
Let BooXkeeping be the key that makes this whole thing a bit easier on you, so that you can keep doing what you do best.
No matter your schedule or business type, they have the industry-leading skills and experience to put you on top. If you're ready, they are too. Learn about the application process, or chat with them to get a bit more information.