By Tracy Mallette
Business services and finance franchises are a great way to segue from business employee to business owner. And, with plenty of options to choose from, including income-tax, accounting, billing, mortgage and payroll services, to name a few, there’s something for everyone.
Why you should consider buying a franchise in the finance industry
High demand: Every business needs financial services, and most of them turn to outside sources for help. According to a research report by The Federal Reserve Board’s Federal Reserve Bulletin:
Nearly all small businesses (about 96 percent) used at least one financial service in 2003, a finding essentially the same as in 1998 … In general, use increased with firm size, and nearly all firms with at least five employees, or with sales of at least $250,000, or with assets of at least $50,000 used some financial service.
And the industry continues to grow.
Recession-proof: Because every business needs financial services, and many individuals seek financial advisors (especially in a recession), this industry does not suffer in a down economy. According to a report by the Bureau of Labor Statistics:
Employment of personal financial advisors is projected to grow 32 percent from 2010 to 2020, much faster than the average for all occupations.
High-income potential: Due to the previous two factors, as well as multiple revenue streams from business and individual clients, a financial services business offers a high-profit opportunity. Also, this skilled field often demands high rates for services, and most franchisees are able to work with franchisors to set their own rates.
Examples of financial services franchises by category
You don’t need experience to own any of these businesses as excellent training and support is provided.
- Guidant Financial is a self-directed IRA and small business financing leader.
- The Loan Consultants is a loan broker and financing specialist.
- SBF Payroll Services provides small businesses with HR support through its payroll program.
- American Business Systems offers medical billing services.
This is just a sampling, but there are many diversified financial services business opportunities to choose from.
Tracy Mallette is Marketing Coordinator for Franchise Solutions and can be found on Google+