When the idea of having your own business comes to mind, you should know it won’t be an easy task not only because you need money but also have a plan to guarantee your idea will grow and be successful.
Most of the time, entrepreneurs fail to start their businesses not because they are lacking in effort and knowing how to do it, but rather because it isn’t that simple to build a reputation while being against your competitors.
This is when franchising tends to be a great option for most people.
When becoming a franchisee, you don’t have to deal with building a reputation since the company or franchise you chose will provide most of it, and you will only need to maintain it and follow the standards.
Of course, franchising is much more useful for many other reasons, but if there’s something we have to mention as a downside, that’s the fact that not all money will come your way. Still, is it worth it to give it a try? That depends on the franchise you choose.
Payroll Vault is one in the market that is popular among both beginners and experienced entrepreneurs and business owners since it offers great deals. However, is it all pink inside this franchise opportunity?
Here, we will go over the details and review whether you should give Payroll Vault a try as your franchise option or not.
Behind Payroll Vault – Founder & Mission
When you are trying to determine who or what is a good option, don’t you start with the basics of knowing a bit more about them? Well, we do.
According to its founder, Sean Manning, Payroll Vault was established with the goal of offering full and expert payroll services to businesses.
The company’s approach to service delivery, so far, is outstanding in the marketplace-supported since it is behind an advanced online technology platform for real-time data entry and one-on-one personalized client service.
This means every client receives additional attention to help them better understand how to manage and pay their staff to make the business more efficient since this makes employees happier and the business more profitable.
Payroll Vault has been supported by strong national and local alliances since its inception. These alliances are also introduced to the clients, which help them achieve greater success.
But with the concept of the company and the background part in terms of what is its goal and why it is so successful, what about the founder and when the business started?
The founder we previously mentioned, Sean Manning, is also the owner of Manning & Company P.C. in Littleton. This company is a mid-sized accounting firm that specializes in tax and advice in the niche.
Sean started his career in accounting with his father at Robert C. Manning P.C. in 1990. But in 1998, he bought the firm from his father and decided to rebrand it as Manning & Company, P.C. to cover both individuals and the family.
This means that the face and head behind Payroll Vault is someone with experience who knows how a business works and what he is doing in the niche.
That being said, Manning founded Payroll Vault in 2008 on the solid payroll processing systems of Manning & Company.
The first reason behind this creation is that Sean first saw the need for better payroll services and decided to create Payroll Vault to meet the needs of both business owners and their employees.
With the business’s success during its early years and more demand being hard to control, the firm shifted to web-based technology to efficiently serve both employers and employees.
The company has grown so much that Payroll Vault created strong connections with local businesses and is now a leader in the independent payroll service provider industry.
Now, although we went over the details and overview of the company, what is the main mission?
Payroll Vault’s mission is to handle complex payroll activities, so business owners can concentrate on what they do best, running their businesses.
The company’s clients can rest assured that experienced professionals will handle their payroll and complete all work on time and in compliance with regulations.
Based on what Sean has shared, Payroll Vault is different from other payroll service providers because its offices are connected to the business, charity, and social communities. This gives clients direct access and support from business leaders and resources that can fuel their success.
One of the outstanding features of the company and why so many people choose it lies in its direct communication with clients to answer any questions, which encourages clients and potential ones to choose it over options that delay their answers or don’t really have human contact in the process.
But what the company really that big over the years?
Payroll Vault’s growing popularity, high client satisfaction, and strong brand recognition lead Sean and the rest of the team to create Payroll Vault Franchising, LLC in 2021.
This is in order to offer business opportunities to qualified individuals who share the vision of expert payroll services and want to take part in the niche as independent entrepreneurs.
This is the part you must be interested in the most: franchising.
Payroll offers full training to franchisees. As of 2020, the company had over 80 franchise units in Canada and the USA and continues to add more as many trained franchisees are part of the team in representing the company.
There aren’t specific statistics about how Payroll Vault grew over the years, not because it is classified but rather because they haven’t been disclosed. However, it is a fact the franchise is quite popular among small and even large businesses locally.
But How Much Is It?
Well, that was quite the introduction, but a very necessary one if you are truly considering the option of joining this franchise community and opportunity.
But more than a simple introduction to the company, we know you need to clear some doubts, like how much you need to pay or if it is a good option for you and your vision.
First, you must know franchising isn’t as simple as paying for the opportunity to become part of the company as an independent business and franchisee. You also have to meet some conditions and terms based on the agreement you sign with the business.
More than the money, we would be more worried about whether to invest in it based on how much we fit the niche and if this is what we want to do.
After all, you should have a certain connection with the purpose and mission of the company, or you will only invest in a franchise that isn’t suitable for your strengths or future goals.
That being said, we will clear your main question: how much do you need to invest?
To keep it simple, Payroll Vault isn’t actually expensive. Instead, we consider it one of the most affordable franchises available in the country since the fees and investment aren’t that high compared to other options, including the others we have reviewed in our blog:
- Initial investment: $39.500 to $64.000.
- Initial franchise fee: $40.000.
- Net worth required: $250.000.
- Cash requirement: $100.000.
- Royalty fee: 6%.
- Term of agreement: 5 years (need to renew after finishing).
But besides knowing the percentages and sums, what does this investment include?
Besides proper ongoing training, depending on what is needed or included in the business, support and marketing are included.
Grand opening, proprietary software, newsletter, a toll-free line, online support, franchisee intranet platform, security procedures, social media and SEO assistance, and much more are included inside the investment.
Now, the initial investment varies because it depends on your location, how much is spent on the website, payroll software, monthly newsletters, and other marketing and functional elements.
Compared to other franchise companies and opportunities, the conditions, fees, and initial investment aren’t that high and usually affordable for many people around the country.
One of the benefits we can point out here is that you can open your franchise within 90 days after being trained and handle all the elements to work with a full-service payroll company and everything you have to offer to local businesses and clients.
Should You Invest? Pros & Cons of Payroll Vault
It is hard for us to tell you whether you should invest in a franchise or not since it depends a lot on your circumstances.
However, if what you have researched so far looks fair and you are interested, why not?
We can tell you it is a legal, well-known, and reliable company that actually works and has a good reputation. So, you don’t have to be afraid of being scammed or something of the sort.
But when it comes to other aspects like being the best business option, if it is truly cheap or not, and so on, those are things you will need to look into yourself.
What we can do for you is to share the pros and cons we found in this franchise, and you can have a look to make a better-informed decision yourself.
- It has a good reputation in the payroll niche, thanks to its services.
- The investment isn’t high compared to other franchises.
- You can start in only 90 days.
- Absentee ownership is allowed.
- You can work from home or any remote place.
- You don’t need to hire more people and instead run the franchise yourself.
- The franchise deal offers all the support and training required.
- Fees are always a nuisance during franchising.
- Renewal of the agreement and franchise disclosure document can be bothersome.
- The franchise doesn’t offer a financing option.
- You always have to work under the company’s rules and conditions.
- Additional fees can be added over the years.
Overall, it has more pros than cons, and most of the latter are the usual issues with this franchising business model.
But enough of that, we are sure you could make a good decision based on the information so far.
In What We Like to Invest
Now, if you ask us what we like to spend our money on, franchising is an idea we are against, but it isn’t the best for us.
Dealing with royalties, fees, conditions, and more isn’t real independence in the long run since you depend on a system established by a third party.
In our case, we prefer to find complete independence in a business model that offers an option where we can handle all aspects, including the money and revenue.
This is why we tend to prefer options like lead generation.
This digital business is about generating leads to help small businesses or companies have the opportunity to convert them into clients. You can do this without leaving your home.
The best part is that lead gen isn’t really complicated, and it can be learned easily with an adequate training program that surfs and reviews all the basics to the advanced parts.
For you to have an idea about the business option, this is a short explanation:
- You choose a niche where small businesses or local businesses need your services to build a website, rank it on Google, and generate leads.
- Contact them and offer your services.
- Once you have closed a deal, you can begin building the site.
- To generate traffic to your site and leads, you must rank it on Google, as previously mentioned, to enjoy organic (free) traffic.
- After generating leads using the site and your client is seeing results, you can start charging per lead generated.
- This option turns into a passive income model in the long run since you don’t need to go back to the sites created but just make sure they continue operating and generating leads.
The best part about learning lead generation is that you can use it in two ways:
- As your main source of income and business.
- Integrate its use for your franchise if you decide to join the Payroll Vault franchise opportunity so you can market your services and get more clients.
However, remember, it is important to be trained, and we have a recommendation based on the training course we took for this.
Want to know more? Just click here without compromise.
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