This week on The CPA MOMS Podcast, CPA MOMS Franchisees Lori Hinelsey and Nicole Kehl are back to discuss what their experiences have been in their first year as franchisees. They share what it was like, what surprised them, and how much they grossed in their first year.
We first interviewed each of them about their CPA journey and what led them to becoming franchisees, but now we get to discuss what the first year has been like and what their goals are for the future.
During the interview we discuss:
- Lori worked in the construction industry as the Director of Finance for many years, feeling like she was a slave to her job
- After Lori had her 3 children, you knew she had to find a better option for her career and her family
- Nicole was in the corporate world and incredibly unhappy
- After Nicole had her 2 boys, she also knew she had to find a better option to have her career and put her family first
- When asked what they wish they knew in the beginning of their career that they know now, both Lori and Nicole said that they wished they knew there were other options at the time
- We asked them what the first year of a franchisee entails? What kind of training, mentoring, and coaching did they receive?
- Nicole shares that she had already gone through the CPA MOMS Faststart Program, but the franchisee mentoring, extra trainings, and support has been invaluable in giving her the confidence she needed
- The community aspect of being a franchisee has been an incredible benefit that she hadn’t had before
- Before becoming a franchisee, Nicole struggled with finding support, answers to questions, and best practices
- Lori shares that she started from scratch and that the sales training was one of the most important things for her
- It helped her to build the confidence she needed to close the sales to grow her firm
- The Personal Compass and Future Vision trainings helped her to get clear on what was important to her and what she wanted for the future for her firm and her family
- She explained that the first year training teaches you the very important aspects of the business of accounting
- We asked if anything surprised them the first year as a franchisee and what it was?
- Lori shares that she was surprised by the amount of confidence she had speaking to leads and how quickly she would need to hire employees to help her grow the business
- She thought that she would be a solo practitioner for the first year or two, but was able to grow her firm so quickly, that she needed to grow her team
- Nicole shares that she was surprised how quickly everything took off, how unprepared she initially was for it, how many things she thought she knew, and the importance of hiring a team to support her
- We asked how much they grossed, or are targeted to gross, their first year?
- Lori share that she grossed approximately $130,000 her first year and is a year ahead of her vision
- Nicole shares that she is targeted to gross $180,000 her first year, which blows her mind
- We asked what has been the greatest benefit of being a franchisee versus going out on your own alone?
- Nicole shares that the network, support, and the emphasis on knowing what’s important to you, and then building your firm for those reasons
- Lori shares that the marketing, website design, and brand recognition was done for her so she could build the customer service and processes to grow her business
- She explains that clients love the idea that, although she is an independent firm giving them personalized attention, she is also part of a larger network that can help and support each other
- We asked what next year’s vision is for their firm and for their family?
- Lori shared that she will be hiring more people for her team, grow the firm without increasing her hours above 30 a week, and be able to pick her children up from school
- Nicole shared that she will be growing her firm, getting processes in place, expanding the services she offers, be able to pick her children up from school, and buy a family farm
- She doesn’t like having to work the extra hours during tax season so she will be looking to hire someone to handle that workload
- We asked if they had advice for anyone who might be on the fence about leaving their job and becoming a franchisee?
- Nicole shares that it’s not easy but it’s SO worth it; she spends quality time with her children everyday and is involved so much more than she was when she worked in an office
- Lori shares that she had a million excuses about why she couldn’t leave her job but she is beyond grateful that she took the leap and create the vision she wanted for herself and her family
- To learn more about what it means to be a franchisee, CLICK HERE!
- You can find out more about Lori Hinesley, CPA HERE
- You can find out more about Nicole Kehl, CPA HERE