Whether you're an experienced franchisee or on the lookout for a first-time franchise opportunity, you should consider a business plan. Creating a business plan will not only help you but it may also be essential in the initial stages of the business. You may be asked for a business plan, for example, in order to get the capital that's required when you're launching the enterprise. So they make sense for both charting your potential successes and in the acquisition of start-up cash.
One of the advantages of purchasing a franchise is that you're not alone. You can often get assistance from your franchiser to help with the business plan. After all, your franchiser has a vested interest in seeing your business thrive. Besides, there are certain aspects of the business plan that the franchiser alone has the answers too. But if the franchiser doesn't have the time to help with the other aspects of the plan, or if you want to amend your business plan after getting the franchiser's guidance, you need to ensure that you do it properly.
A business plan for any franchise can act as a personal aid in prioritizing what's important and what isn't. You can operate your enterprise more successfully. With information provided by the franchiser, you will see that the features of a conventional business plan for a brand new start-up and those for a franchise are distinctly unique. The franchiser may be willing to help with other aspects of the plan in order to make the franchise itself more attractive to you.
There are a number of features consistent with a franchise business plan:
The abstract is the introduction of your business plan, is shorter than an executive summary and provides key concepts of the business plan. The summary is a description of the company and related details about the business comes next. Overview of the franchise is at this point, where you discuss the franchise. This part of the business plan is put in place of the traditional "industry analysis" section of a conventional business plan.
Competition is everywhere and the challenges you will face in this particular market are discussed in the next section of the business plan. How to manage a marketing plan, attract customers thru advertising and come ahead of your competitors are all covered too.
Another section of the business plan is the management and human resources section where the qualifications of staff who will run the franchise are discussed as well as the number of staff and how they work together as a team.
Just as important is to have a clear picture of your financial projection and objectives. Assumptions made to come up with the projections are also discussed here.
The last section usually consists of exhibits or documents which support the projections, statistics or whatever information you provided in the business plan. They are generally at the end of the business plan as part of the whole document or in a separate binder.
Most entrepreneurs, and owners of home based businesses or small business owners, say that they understand the importance of a formal written plan, more commonly referred to as a business plan. Yet when you ask the question, "How many of you have a business plan?" you can clearly see the pained expression on their faces.
Since many of us say we love our business, in order to spice up, let me suggest a paradigm shift so that you might look at writing your business plan in another light. After all, if you find yourself the owner of a business or service that you do not like, not to mention love, you might as well get a job.
The components of a business plan usually vary depending upon the needs of the individual. Below are nine of the more common sections of a business plan:
Executive Summary -- This section is written last, but it summarizes the key elements of the business plan.
The Industry -- An overview of the industry that your business will be in; trends, major players, and estimated sales. This will also include a summary of where your business ranks.
Market Analysis -- An examination of the primary target market for your product or service, the geographic location, demographics, needs and how the needs get served today.
Competitive Analysis - An in-dept look at your direct and indirect competitors, assessing their advantages and how you plan to overcome any entry barriers to your market.
Marketing Plan -- A point by point account of your sales strategy, pricing, advertising and promotion, and the benefits of your product or services.
Management Plan -- Outlines your legal structure and management team, outside management resources, and human resources.
Operations -- Describes your physical location, facilities and equipment, employees, inventory, suppliers, and manufacturing process.
Financials -- Describes your funding requirements, detailed financial statements, and financial statements.
Appendices and Exhibits -- Additional information that will help establish the credibility of your business idea, such as marketing studies, photographs of your product, contracts or other legal agreements.
An easy way to get through an unpleasant task is to reframe its purpose by linking it to something you really like. My passion stems from writing.
More specifically, I used to get paid in high school to write love letters for guys who could not effectively communicate their feelings on paper. For me, the dreaded business plan morphed into a love letter in which I poured out my soul for my business.
With a little creativity this can work with any passion you may encompass. With respect to Elizabeth Browning Barrett, author of "How Do I Love Thee? Let Me Count The Ways," my reframe follows.
Executive Summary - How do I love thee? Let me count the ways.
The Industry -- I love thee to the depth and breadth and height My soul can reach, when feeling out of sight.
Market Analysis -- For the ends of Being and ideal Grace. I love thee to the level of everyday's Most quiet need, by sun and candle-light.
Competitive Analysis -- I love thee freely, as men strive for Right; I love thee purely, as they turn from Praise.
Marketing Plan -- I love thee with a passion put to use In my old griefs, and with my childhood's faith.
Management Plan -- I love thee with a love I seemed to lose With my lost saints, -- I love thee with the breath,
Operations -- Smiles, tears, of all my life! --
Financials -- and, if God choose,
Appendices and Exhibits -- I shall but love thee better after death.
Once I started looking at writing a business plan in this manner, it became a snap. Using this paradigm shift also helped me to connect with my clients who hired me to write their business plans and paid me handsomely to do so.
Both Franco Andretti & Marvin Cloud are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Franco Andretti has sinced written about articles on various topics from Business Plan, Franchise and Gift Ideas. Interested in franchise business opportunities? Visit and learn about the. Franco Andretti's top article generates over 8100 views. to your Favourites.
Marvin Cloud has sinced written about articles on various topics from Business Plan, Fishing and Writing. Marvin D. Cloud provides a at mybestseller.com. For a free writers' workbook and online marketing tips, go to. Marvin Cloud's top article generates over 33100 views. to your Favourites.