- 2023 Franchise 500 Rank
N/R Not ranked last year
- Initial investment
$51K - $68K
- Units as of 2020
5 400.0% over 3 years
Flaherty Solutions is a financial bookkeeping service employing experts to provide up and coming business owners with an understandable, accurate, and deep understanding of their financial positions. Business owners may be able to leave the accounting work to Flaherty Solutions while focusing on their business's growth.
Founded in 2012 by Erin Flaherty, the brand has become a full-fledged business. It began to franchise in 2019, and has since opened multiple units nationwide. Flaherty Solutions offers QuickBooks audit services, sales and use tax filing, monthly bookkeeping, and 1099 e-file services.
Why You May Want to Start a Flaherty Solutions Franchise
Flaherty Solutions' central goal is to deliver high-quality services to all its clients. Flaherty Solutions seeks potential franchisees who will maintain its reputation and have the same ambition to explore various demographics that fit its business model.
In addition to that, an ideal franchisee should have strong social and marketing skills and high levels of credibility. They should be self-driven, organized, and have good time management skills. Being technologically savvy may be an added advantage.
Opening a Flaherty Solutions franchise may offer a more predictable outcome than investing in a completely new brand that could struggle to thrive in an already crowded and competitive industry.
What Might Make a Flaherty Solutions Franchise a Good Choice?
Many small and medium businesses do not have the knowledge and resources to help manage their taxes, data, and the required financial information. Flaherty Solutions may bring a new business perspective that fills the market demand with quality bookkeeping services and support. The franchise understands that exemplary customer satisfaction and ever-improving services are what improve customer loyalty. Franchisees are responsible for managing the business, hiring qualified employees, and implementing policies.
To be part of the Flaherty Solutions team, you should make sure you're financially ready for an initial investment made up of a franchise fee and other startup costs. In addition, you should prepare yourself for ongoing fees that will include royalty fees and advertising fees. Franchisees will also need to meet the company's set net worth and liquid capital requirements.
How To Open a Flaherty Solutions Franchise
If awarded a franchise, franchisees receive a great deal of support from the Flaherty Solutions brand throughout the process. In addition to pre-opening training, franchisees receive support through brand awareness, marketing, research, and construction. Flaherty Solutions franchisees also receive hands-on training and continued support after their franchise location has opened.
Before making any financial commitment or signing an agreement, you must perform your due diligence and establish if this is the right opportunity for you. As part of your due diligence, you may want to speak to existing franchisees and ask the Flaherty Solutions franchising team various questions.
Also, ensure that you carry out research in your local area and see if Flaherty Solutions would do well with your local small and medium business owners. A typical franchise agreement runs for five years. Franchisees may be allowed to renew their agreement if they meet the Flaherty Solutions requirements.
About Flaherty Solutions
- Financial Services
- Related Categories
- Business Financial Services
- Erin Flaherty, CEO
- Corporate Address
209 West St.
Annapolis, MD 21401
- Franchising Since
- 2019 (2023-2019 years)
- # of employees at HQ
- # of Units
- 5 (as of 2020)
Information for Franchisees
Here's what you need to know if you're interested in opening a Flaherty Solutions franchise.
Financial Requirements & Ongoing Fees
Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
- Initial Franchise Fee
Definition: The initial fee paid to a franchisor to join their system
What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.
- Initial Investment
- $50,600 - $67,600
Definition: The total amount necessary to begin operation of the franchise
What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high.
- Net Worth Requirement
- $100,000 - $1,000,000
Definition: The minimum net worth you must have in order to qualify to become a franchisee of this company
What you need to know: Net worth is the value of a person's assets minus liabilities. Assets include cash, stocks, retirement accounts, and real estate. Liabilities include items like mortgages, car payments, and credit card debt.
- Cash Requirement
- $50,000 - $300,000
Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.
- Veteran Incentives
- 10% off franchise fee
Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.
- Royalty Fee
Definition: A ongoing fee paid to the franchisor on a regular basis.
What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee.
- Ad Royalty Fee
Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts.
What you need to know: This may also be called advertising fee, marketing fee, brand fund fee, and more, but the basic purpose is the same-- to support promotion of the brand systemwide. As with the royalty fee, it is detailed in Item 6 of the FDD, and can be a percentage of weekly or monthly gross sales or a weekly, monthly, or annual fee.
- Term of Agreement
- 5 years
Definition: The length of time your franchise agreement will last.
What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee.
- Is franchise term renewable?
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
- On-The-Job Training
- 15 hours
- Classroom Training
- 8 hours
- Ongoing Support
NewsletterMeetings & ConventionsGrand OpeningOnline Support
- Marketing Support
Social MediaWebsite DevelopmentEmail Marketing
Additional details about running this franchise.
- Is absentee ownership allowed?
- Can this franchise be run from home/mobile unit?
Definition: The business can be run from your home and/or a vehicle, and it is not necessary to have a retail facility, office space, or warehouse.
- Can this franchise be run part time?
Definition: This business can be run by the owner on a part-time basis (less than 40 hours per week) and/or as a side business; it is not necessary for the business to be open/run full-time.
- # of employees required to run
- Are exclusive territories available?
Definition: An exclusive territory is a fixed area in which you are given the right to operate and in which no other units of the same franchise may be opened.
What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Details can be found in Item 12 of the FDD.
Interested in ownership opportunities like Flaherty Solutions? Request a free consultation with a Franchise Advisor now.
Franchise 500 Ranking History
Compare where Flaherty Solutions landed on this year's Franchise 500 Ranking versus previous years.
Are you eager to see what else is out there? Browse franchises that are similar to Flaherty Solutions.
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- Small-business financing
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