You’ve been considering the idea of starting a payroll business. Since you’ve come across a franchisor who would make it possible to focus your business on smaller companies, it’s time to make the change. Are there specific reasons why you want to offer payroll services for small business in Southfield MI as your main focus? Here are some examples that may apply.
Other Services Are Geared Toward Larger Business Operations
Your analysis of the local market indicates that other payroll services aren’t that interested in doing business with smaller companies. Some of them will only work with customers who have at least 20 employees. That leaves quite a few small business owners excluded.
You believe that it would be possible to engage those customers and convince them to use your service. More to the point, you would be entering a market sector where no real competition exists. It could be years before anyone else notices this portion of the market, and begins to compete with you. In the interim, the rapport built with the client base would make it harder for anyone to take business away from your firm.
You Can Offer Services at Affordable Rates
Another benefit is that you will be in a position to offer rates that smaller business owners can afford. Part of this is due to the resources that the franchisor makes available. Choosing this type of partnership allows you more control over expenses. That in turn makes it easy to set competitive rates.
One hurdle that you may have to overcome is the perception that only larger companies benefit from hiring payroll services. You can walk a prospective customer through all the savings that result, and how those savings offset the fees that you charge
Giving Back to The Community
Offering payroll services for small businesses in Southfield MI is one of the ways that you can give back to the community. By hiring locals to work for you, new jobs are created. The money stays in the local community, which is good for the economy. To top it off, you provide a little more incentive for some younger people to remain in the community rather than seek job opportunities elsewhere.
There are also the relationships that you forge with those clients. It helps to pull the community a little closer, something that can come in handy when the economy undergoes some sort of shift.
Building a Business That Makes You Proud
See this as the chance to build a business that makes you proud in more ways than one. There’s the fact that you own the franchise, and are responsible for how it operates. There’s also satisfaction in knowing you’ve provided good jobs for your employees, and will hopefully offer more jobs as the business grows. Don’t overlook the fact that your business could be something that you pass on to the next generation someday.
There’s a lot to be said about opening a payroll service with this type of focus. Why not talk with the franchisor today, and learn more about the opportunity? This time next year, you may be running a business that does a lot of good for everyone concerned.
