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Planning to buy a franchise

Discussion in 'Starting a business' started by Sunnys, Nov 3, 2010.

  1. Sunnys

    Sunnys Member

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    Hi All

    I need some serious feedback, I have been thinking about buying Jims Bookkeeping Franchise and I think I would be in a position to buy it next year. If anyone knows anything good or bad or can give me any insight about their bookkeeping franchise, it would be really helpful to me to make the correct decision.
    Any kind of feedback is welcome.
    Regards
    Sunny Kaur
  2. SmallBusinessWorks

    SmallBusinessWorks Active Member

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    Hi Sunny, depends on your qualifications & experience. Jims franchises are generally good but have no exposure to Jims Bookkeeping. Bookeeping is generally fairly low profit as a business so I don't really know that they are the best business to buy.

    I can point you in the direction of a good accounting & tax franchise if you want. send me an e-mail alan@yoursbw.com if interested
  3. GroutProWA

    GroutProWA New Member

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    Sunny,

    Hello mate. Jim's franchising is great for lawn mowing, but I don't see them as being specialists at bookkeeping. I know I would not hire a Jim's franchisee to do my bookkeeping but that's my thoughts. From my perspective the Jim's brand name is getting diluted with all these add-on's.
    Reading the news, the Jim's grout has also had trouble with Jim Penman.
    That's my thoughts.

    Cheers
    Rush
    GroutPro
    www.groutpro.com.au
  4. Aikibizcoach

    Aikibizcoach New Member

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    Hi Sunny
    As in buying any business, do your own research. Ask existing franchisees for their feedback. Do your own estimates and spend some time doing some internet research as well. You might find that you can do this on your own with some good promotion and advertising.
    Good luck
    Gary

    http://www.garyweigh.com/blog
    1 person likes this.
  5. Birsey

    Birsey New Member

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    I am aware that this is a very old thread but interestingly it showed up on page 1 of a Google search under "Bookkeeping Franchise" so it goes to show how long information hangs around on the Internet.

    As the owner of Jim's Bookkeeping I have been working to improve the standard of bookkeeping through the Jim's Franchise model for over 12 years. I am a BAS Agent and qualified accountant as well as a proud member (and Director ) of ICB. The common thread of the Jim's Division is not Mowing as some would have you believe but customer service and this is what makes owning a Jim's Franchise such a great business opportunity, however it should be stressed that you are buying a business not a job and you still need to do the hard yards to get and keep quality clients. I would be happy to hand on names of current and former Jim's Bookkeeping Franchise owners so you can learn from their experiences which I must say on the whole are very positive (Jim's survey them regularly to see that the reality measured up with the dream).

    John Birse
    Jim's Bookkeeping
    johnb@jimsbookkeeping.com.au
  6. Lawyer-Matthew-1

    Lawyer-Matthew-1 New Member

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    Hi Sunnys

    There are particular legal issues that you need to consider if buying into a franchise (as franchisee). Apart from the legal considerations that apply to any new business, the particular things you will need to consider include:

    Complying with the Franchising Code of Conduct[/I
    ]As a franchisee, you are required by law to comply with the Franchising Code of Conduct. The Code sets out your rights, obligations, what information franchisors must disclose to you, what your franchise agreement must contain, and what procedure you must follow for resolving disputes.

    Understanding your tax obligations
    You will also need to understand your tax obligations and how franchising payments and fees are treated for tax purposes. You may also need to consider whether there may be Capital Gains Tax (CGT) and Goods and Services Tax (GST) payable when you buy, sell, transfer or terminate a franchise.

    Entering a franchising agreement
    The franchise agreement is a legally binding document spelling out the rights and responsibilities of both the franchisor and franchisee. Before you sign an agreement you should obtain as much information about the franchise as possible. You should also make sure that all legal aspects are covered in this regard.

    Feel free to contact me if you would like further information.
  7. oasis1frog

    oasis1frog New Member

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    The latest add-on is Jims storage & removal, talk about someone looking after you from cradle to grave, Jims funeral won't be long.
    Last edited: Aug 29, 2012
  8. MatthewKeath

    MatthewKeath Well-Known Member

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    A little late to the party ;)

    You mention that you are buying a business not a job, and you need to work hard to get clients. I though that was your job to find the clients? I understand the working hard to keep them part, but what do you do if not provide new clients?

    The only reason I would buy a franchise is if the clients (or leads) were provided by Jims. What other possible reason would somebody have to buy of franchise if not for that? You may as well start a new business.
  9. Cjay

    Cjay Active Member

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    Ding ding ding. Same reason I didn't go down the mortgage broking franchise path. I'd rather build a business, than pay for a brand name and pull against the drag of on-going costs, which can be only achieved by, wait for it, having to get your own clients!
  10. SACKO

    SACKO New Member

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    Yes this is why I think franchising isn't for everyone. I think it comes down to the amount of risk you are prepared to take. Buying into a franchise system gives people a model that works without having to design the business from the ground up. Whereas with your own brand you have to design all your own systems and make the many mistakes along the way till you get these right.

    We are a franchise company so I'm most likely a little bias to what I think is the better model.

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