A Good Business Plan Is Necessary, Even With a Franchise
A Good Business Plan Is Necessary, Even With a Franchise
For starters, the first part or the executive summary will help the concerned persons know why you need the loan from them. By going through it, they will learn about your exact reasons for starting a franchise. The next section will be the company description and in the case of franchise business, it will be the details of the concept that has offered the franchise business for sale. The mere mention of the names of one of the best franchises in the business as your franchisor will definitely endorse your proposal for loan. Along with the details of the franchisor, you will have to mention what exactly will be your role in the establishment. You are also required to give a list of professionals who are associated with you. If you belong to any franchise association, you can also outline that in this section.
The third section comprises of the details about the marketplace you are targeting. It will be the essence of your marketing plan where the extensive research work you carried out while checking out the franchise opportunities in your chosen concept will come in handy. Certain things such as what the industries trends are, who the top franchises are and what will be the price-range of your product/service will be discussed in this section. It will also include where you are opening your store/office and how you are going to attract the customers.
The fourth part will talk about the mode of operation, which will include how you will run the store/office, how many people you are planning to hire and what will be their wages. The next will be the management structure. Whether you will run the business on your own or hire somebody and who will be your key advisers etc. will be included in this part. The last and the most important section is the financial plan for your franchise business. It will include estimation of cash flow, profit-loss projection as well as break-even analysis. There can also be an additional section where you will attach brochures and pamphlets of your franchisor and copies of lease-agreement and other contracts.
So, it’s quite evident that your business plan will be the bible of your business. Besides helping you to get investors, it will help you in your personal planning too. Your business plan will provide you a road-map to follow while you are starting a franchise. Top franchises generally help their franchisees in generating this business plan; so, ask your franchisor if it has any such program (it will be mentioned in the UFOC as well as in the franchise agreement). If not, you can take the help of professionals like a proficient franchise attorney or a skilled accountant. But whoever helps you, make sure that you are the prime creator of your business plan, so that you know everything well when you buy a franchise.
A Good Business Plan Is Necessary Even With a Franchise - To learn more about this author, visit Michael Hemenway's Website.
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Whether you are setting up your own business or starting a franchise, you need to make a killer business plan. A proper business plan will help the lenders know how much serious you are about the franchise opportunity. It will also make them aware that you have done your part of market-research, instead entirely depending on the interpretation of the market by the franchisor. Furthermore, your business plan will let others know what kind of vision you have for your franchise business. An ideal business plan has various sections and each section will inform about one aspect of your vision.
For starters, the first part or the executive summary will help the concerned persons know why you need the loan from them. By going through it, they will learn about your exact reasons for starting a franchise. The next section will be the company description and in the case of franchise business, it will be the details of the concept that has offered the franchise business for sale. The mere mention of the names of one of the best franchises in the business as your franchisor will definitely endorse your proposal for loan. Along with the details of the franchisor, you will have to mention what exactly will be your role in the establishment. You are also required to give a list of professionals who are associated with you. If you belong to any franchise association, you can also outline that in this section.
The third section comprises of the details about the marketplace you are targeting. It will be the essence of your marketing plan where the extensive research work you carried out while checking out the franchise opportunities in your chosen concept will come in handy. Certain things such as what the industries trends are, who the top franchises are and what will be the price-range of your product/service will be discussed in this section. It will also include where you are opening your store/office and how you are going to attract the customers.
The fourth part will talk about the mode of operation, which will include how you will run the store/office, how many people you are planning to hire and what will be their wages. The next will be the management structure. Whether you will run the business on your own or hire somebody and who will be your key advisers etc. will be included in this part. The last and the most important section is the financial plan for your franchise business. It will include estimation of cash flow, profit-loss projection as well as break-even analysis. There can also be an additional section where you will attach brochures and pamphlets of your franchisor and copies of lease-agreement and other contracts.
So, it’s quite evident that your business plan will be the bible of your business. Besides helping you to get investors, it will help you in your personal planning too. Your business plan will provide you a road-map to follow while you are starting a franchise. Top franchises generally help their franchisees in generating this business plan; so, ask your franchisor if it has any such program (it will be mentioned in the UFOC as well as in the franchise agreement). If not, you can take the help of professionals like a proficient franchise attorney or a skilled accountant. But whoever helps you, make sure that you are the prime creator of your business plan, so that you know everything well when you buy a franchise.
A Good Business Plan Is Necessary Even With a Franchise - To learn more about this author, visit Michael Hemenway's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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