At first glance, practice owners rarely see any value in franchising their practice. In fact, most practice owners are initially resistant to the idea of franchising the business they have built up over many years.
Practice owners face all the challenges which stand in the way of regular business owners. In addition, they also have to deal with unique challenges found only in the accounting profession.
It is a known fact that start-up businesses experience a very high failure rate within their first few years.,Statistics differ by industry and researchers, but on average, you will find that nearly 70% – 80% of small business in South Africa.
We all know that customer service is an important aspect for the success of any business. Accounting firms are generally not regarded as poor in this department, but who just wants to be average?
We have observed some interesting developments in the midst of the Coronavirus pandemic which may permanently change the way people operate once everything returns to normal.
The average time it takes for a start-up practice to make sufficient profit is between 3 and 7 years in SA. Some accountants manage to grow quickly, but then stagnate and find it difficult to grow after a few years. In the Tax Shop group.
So, you are employed but not happy in your job and thinking of starting on your own. Before you take the plunge and quit your job, you should ask yourself, “what kind of business can I start that will help me reach my goals?
