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 Ray Flores's Website.
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Ray Flores
(Visit Ray's Website)
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