I have newly joined the Forum seeking advise and ideas about starting up my book-keeping business. I have found the Forum extremely helpful and have now created a To Do List.
I was wondering if anybody has had dealings with "Rosemary Book-keeping" Franchise ? I have looked into it and it all looks and sounds great, however, the cost is high. I need to weigh up the pros and cons of this and whether going the Franchise route is best or dealing with Seahourseuk for business set up etc. I would appreciate any feedback, negative or positive from any members.
My background is in book-keeping, accounts assistant roles for approx 20 years but have a real desire to start my own business.
I'm new to this forum too so thought I'd say hi. I've been lurking for a while and your post prompted me to take the leap to join in too.
I'm a franchisee of a national book keeping franchise. I can't say which one as our franchisor doesn't allow us to participate in online forums as it's against the franchise agreement. Not sure if thats the case for all franchises but another franchisee recently got into trouble when using a forum (not this one). I know I'm flouting the rules but what the heck!
I've been with my franchise now for over 12 months and it's been a bit of a mixed bag really. I had some book keeping experience prior to signing up and I'm currently studing for the IAB qualification (which my franchisor recommended) so technically I'm finding the work ok. My franchise has a technical helpline but to be honest I've never really used it.
Money wise I'm still living off my original bank loan and it's taken a bit longer than expected to hit targets. My franchisor has been very supportive and they did help to get me my first few clients using leaflet drops, telemarketing, local pr. After the first two months I was really left on my own to do my own marketing, and if I'm honest I really struggled. Got a bit down at about the 6 month stage, and thats when I found being part of a franchise network helped. I had other franchisees to talk too. Although if I'd known about this forum at the time it would have helped for support and to bounce ideas.
Anyway apologises for the rather long intro, I'm told I can talk quite a bit. In answer to your question I don't know anything about Rosemary or Seahorse. For me I'd probably still go down the franchise route, but just be aware it's not all plain sailing like it says in the brochure. I'd also recommend the IAB exams to give you the technical know how and accounting confidence.
If you have any further questions please let me know.
Jan
-- Edited by BlueStar on Sunday 12th of June 2011 01:39:28 PM
I didn't go the Franchise route and to be honest didn't see the point. I have done very well, especially recently. Regarding advertising there are many avenues to go down, I personally advertise in a local business mag monthly which I have got the bulk of my work through, but with Vista print on line there is no stopping you from getting your own adverts/leaflets printed up and distributing them yourselves. When I got my business cards from Vista print they then sent me an email saying that I could have a 100 Postcards FOC and I only paid for postage. They looked very professional and I put them round local shops and kept a spreadsheet of where I'd put them and for how long and the cost. I actually got a couple of good clients from this. So if a Franchisor is only going to help with the marketing for a couple of months you might as well do it yourself and have a go. Nothing ventured nothing gained! If it doesn't work then maybe look at a Franchise. Of course this is only my opinion, but with your experience it sounds as though you may be ok.
See what other say on here, I'm sure there will be others that have done very well through Franchises. The other thing to mention is get in with a couple of Accounts' practices as they really don't like doing the bookkeeping and now things have picked up they will probably be looking to off load the bookkeeping side of things to an outsider.
I look after a bookkeeping network, which is a type of francise (but a lot cheaper!). I suggest potential bookkeepers contact any of the existing members and ask them about why they joined, and find out what they think, how easy they found it etc. I actually encourage all the bookkeepers to join forums as its a great way to network and learn. Bookkeeping can be a lonely business.
The best people to talk to are the people who already are doing what you are think of doing. Ask about the pro's and con's - that way you can decide if its for you or not and why.
Welcome to the forum. Starting your own business is an important step with lots of things to think about. You may have already seen our blog on this subject - Starting your own bookkeeping business.
We actually set up Seahorse (UK) for people in your situation who wanted the support of a franchise but didn't want to be tied in to paying an upfront fee and then a percentage of their turnover every month. We aim to provide the support and guidance of a franchise without the tie in (although a membership option is available for those who would benefit from the savings it provides). We haven't gone for a 'one size fits all' approach but want to be guided by our clients as to what support they want from us.
If you want to have a chat about your personal circumstances please feel free to give us a call - 01268 417631 - (there is no fee and no obligation).
Like you i came across Rosemary bookkeeping franchise. It sounds very good, they give you all the support that you need and I was wondering if you went ahead with a franchise or started on your own as another forum member suggested? And if you did is it worth it?
I have been looking into starting a bookkeeping business but so scared of doing it alone that a franshise sounds a lot better although the start up cost is very high.
If you are still on the forum I hope to hear from you.
Don't believe what they say on the site....look for INDEPENDENT reviews, not reviews embedded within their own site.i wouldn't touch a franchise of any description, the only ones who makes the real profits are franchisors.
They state guaranteed 50% net profit!! That's very low for this industry.
This is a business with relatively low start up costs, so why pay someone 9 grand? Never mind the more expensive packages. Save your hard earned cash.
Plenty of support on this forum.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
. In answer to your question I don't know anything about Rosemary or Seahorse. For me I'd probably still go down the franchise route, but just be aware it's not all plain sailing like it says in the brochure. I'd also recommend the IAB exams to give you the technical know how and accounting confidence.
