You’re at a stage in your life when the idea of continuing to work for others holds little appeal. In fact, you’ve been thinking about starting a payroll company of your own, possibly by investing in a franchise. Would this be a good move for you? If the following holds true, then this is something you should consider closely.
Your Background is Ideal
Your past work experience ensures that you know how payrolls work and what it takes to make sure they are done properly. It’s not just that you’ve prepared more than one payroll in the past. There’s also the fact that you understand what sort of information managers and company owners have to collect in order to manage payroll.
This means you will need little in the way of training to take care of your clients. At best, you may need to learn new software that ultimately makes payroll management a little easier. Given how well you know this line of work, it makes sense to see if there is a franchise opportunity out there that would be a good fit for you.
No Need for Anyone Looking Over Your Shoulder
In your work life, no one had to stand around and watch you as you worked. Every day, you knew what needed doing, how to prioritize tasks, and how to get things done before it was time to go home. The worst that a past boss could say is that sometimes you need to be reminded to take your breaks and lunches.
Since you do have such a strong work ethic, the ability to start up a franchise and ensure nothing is left undone will be somewhat simple. Over time, you will need to hire more people as your client list grows. As that happens, hire others who share your penchant for getting things done on time, and the business will thrive.
Close Attention to Details
You understand that attention to detail is crucial for any type of business, but especially so when operating a payroll service. Fortunately, details are your friends. You will find that they will continue to be important while starting a payroll company and long after you’re taking care of multiple clients.
People want things to be right the first time. Your attention to detail ensures that this happens. When your clients can depend on everyone’s pay and withholding to be correct, you can bet they will recommend your services to other business owners. See your commitment to detail as being a trait that’s likely to lead to more business volume.
There’s a Demand in the Local Community
You’ve already made some discreet inquiries and found that there’s room for another payroll service in the community. Specifically, you find that smaller business owners are having a hard time finding a service to take care of them. You could step into that niche market and do quite well.
Given the nature of the niche that you plan on entering, it would be possible to set competitive pricing that still made the work worth the time and effort. As the business grows, you may expand the range of services that can be added for additional fees. In the meantime, everyone is winning.
Take a look at the payroll franchises currently being offered. Is there one that seems to be just what you had in mind? If so, talk with the franchisor and see what can be worked out. This time next year, you could be working for yourself and earning an excellent living.