Payroll Vault has been named a top franchise by Franchise Business Review Magazine in its 2020 report. The payroll company is 2020’s Top 50 Franchise for Women by the magazine.
It is also ranked at the top of the list of franchises in the financial and tax category Top Franchises for Women Report. Setting itself among the leading franchise companies in the marketplace for the highest levels of satisfaction and performance among their franchisees.
Payroll Vault received the accolade among the 307 franchise brands, representing nearly 7,796 female franchise owners. The owners participated in Franchise Business Review’s research on the Top Franchises for Women.
Payroll is also in the Top 3 Outsourced Business Services. Over 90% of the business is in the small business category. Established in 2008, Payroll Vault has been franchising since 2012. Today it has 52 franchises across the US and Canada. The company helps to provide administrative solutions that include managing operations, sales and management.
To operate a Payroll Vault franchise, you need an initial investment of between $42,950 – $70,569. The fees are a $400 minimum per month or 6%.
One of the selling points for this franchise is, Payroll Vault offices are up and running 90 days after training. The monthly fee goes to support the payroll software, franchisee’s website, monthly email newsletter for drip marketing, CRM software, and SEO fee for internet optimization.
“It’s exciting to see so many women entering into the franchising industry and even more so, the Payroll Vault brand. They are flourishing in their local business communities as strong leaders,” stated Tricia Petteys, C0-founder of Payroll Vault.
Perks of Franchising
In a franchising arrangement, the franchisor licenses its brand and operating system to a franchisee in exchange for a franchise fee and royalty.
Buying a franchise can be a rewarding business venture as it helps you start a business with limited financial risks. With franchising, you can start a business on a budget as well as benefit from a complete franchise package that includes support, advice and guidance from the franchisor.
Franchising allows those trying to go into entrepreneurship without having to risk making common mistakes of start-up businesses. When it comes to financing banks are more comfortable funding the purchase of a franchise than supporting a business with no track record. Today franchising offers unlimited entry across all industries that include education, finance, food and retail, hospitality, car rentals and others.
Franchises for Women
Running a franchise provides both the opportunity to pursue a career and financial security. Running a franchise requires a serious investment of time. But it does allow owners to structure their time with greater flexibility than a traditional job.
The relative ease to buy and operate franchises has seen more women owning their own business. In the past 24 months, 41% of the new franchises launched across America have been by women. This follows a trend spanning the past ten years where there has been a 24% increase in women-owned franchise businesses. While women solely own 26% of the franchises, a further 9% have at least one female partner in the ownership group.
“The number of franchise opportunities can be overwhelming, so it’s critical to examine feedback from other female franchise owners on how well the franchise meets their expectations in terms of support, work/life balance, financial opportunity, and other key areas of business ownership”, said Michelle Rowan, President and COO of Franchise Business Review.
The Survey
This year the franchises are based on 33 benchmark questions. The Franchisee Satisfaction Index (FSI) includes factors such as leadership, training and support, financial opportunity, and work/life balance. Personal questions concerning their business lifestyle and overall enjoyment of running their franchise were also part of the index.
According to Franchise Business review the brands on this year’s list are all excellent options for women looking to make the transition to owning and operating their own business.
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