Financial franchises are a great opportunity for entrepreneurs looking to start a service franchise. Both individuals and businesses are often in need of services provided by the various business models that make up the financial service industry. Let’s take a look at what comprises a financial service, what sort of prospects the market offers ambitious businesspeople like you, and how you can find a good franchise to fit your goals and business philosophies at the next MFV Franchise Expo near you.

Defining the Business

A financial franchise is a franchise that provides one or more financial services. These services can be for personal financial needs or for a business’s financial needs and can come in a variety of different forms. Some financial service franchises include the following: 

• Accounting and payroll services – perhaps the most emblematic of financial franchises, these provide personal and commercial finance management and employee compensation services. While certification and licensing may not be required by all franchises of this kind, being a CPA (or hiring one) will greatly improve your reputation and chances for success.
• Small business lenders – a money lending franchise that specializes in helping small business owners secure startup loans and financing, as well as expansion capital for those looking to grow their existing businesses. An example of this kind of franchise is Lendio.
• Tax preparation – a franchise that helps both individuals and businesses prepare their tax returns. While some tax preparation franchises are owned and operated by CPAs and tax professionals, some franchises don’t require you to be certified or licensed, instead providing rigorous training programs. Toro Taxes is an example of this sort of franchise.
• ATM franchises – These franchises install and maintain ATM kiosks for customer convenience, getting revenue from transaction fees.
• Insurance providers – a franchise that provides one or more forms of insurance to individuals or businesses, including life, home, auto, small business, rental, or event insurance.
• Financial consulting franchises – This type of franchise provides consulting services focused on their client business’s finances, such as expenses and budgets.

 

Making Profits by Keeping Books

The financial services market offers a great opportunity for profit to business owners like you. Market research company The Business Research Company reported in January 2024 the global financial services market is forecast to grow from $31,138.82 billion in 2023 to $33,539.52 billion in 2024, continuing to grow to $44,925.71 billion by 2028.

The market is being driven by multiple factors, such as Europay, MasterCard, and Visa technology adoption for security and convenience with transactions, as well as new business finance models expanding to meet market needs. With a growing market value, there’s plenty of money to be made helping people and businesses navigate the ever-changing and complex financial systems.

Finding Finance Franchise Opportunities

Whatever franchise you choose to open, it’s important that your decision is an informed one. Make sure to assess your professional and personal goals and how you want to pursue them. Consider how much you’re willing to invest in a franchise and how much you can obtain in capital. Make sure to research and compare franchises, and collect information from the franchisors themselves, current and past franchisees, and from third-party reviews.

An efficient way to get as much information as possible in a short amount of time is by attending an MFV Franchise Expo. Our expo events are designed to help franchisees like you connect with franchisors looking to grow. You’ll be able to meet with multiple franchisor representatives exhibiting at our events and arrange follow-up interviews for more in-depth questions.

You’ll also have time to meet and network with other franchisees, comparing notes and getting advice from experienced franchise owners. Lastly, you’ll get to attend presentations and workshops from experts in a variety of industries to help you learn more about trends and driving forces in franchising that can help you make the best decision for your future.

Find Your Best Franchise Opportunity with MFV

We have over 33 years of experience bringing the franchising world together at our franchise expos. Don’t miss your next opportunity to learn more about your franchising opportunities; request attendee info today for the next MFV franchise expo near you.