The major difference between a business plan for a traditional start-up and a business plan for a franchise is that the latter must join necessary items together from both sides-the franchisor and the franchisee. Creating a franchise business plan is necessary for you to anticipate and think through questions about the challenges you will face and the expectations you have for the business.
The business plan is also needed if you require financing from any third-party source, since this is the first document they will ask for. The franchisor will already have a good deal of information to include in the narrative parts of the plan, as well as most of the financial information you will need in the Uniform Disclosure Offering Circular (UFOC) disclosure document.
The main sections of a franchise business plan should include:
1. Introduction: Here you will include a cover sheet listing the name and contact information for the business. You should also include a description of the business, including the product or service provided, the size and competitive nature of the market for the business, and a description of the steps you will use to take the business to market.
2. Management: A description of the key management roles, including names and background information. Resumes could be used to highlight prior experience relevant to success in your new business.
3. Marketing: You will include details of how you plan to attract customers to the business and any competitive advantages you predict the new business having. In addition, you need to provide detailed marketing and advertising strategies you will use.
4. Financials: Income statements, cash flow statements, and balance sheets are necessary to show future performance projections. Your statements should also include extensive notes concerning all tangible assumptions you have used to prepare the projections. It is important that these projections be prepared on a very conservative basis, since you cannot predict any unexpected delays or challenges that may happen on any new business startup.
5. Financing Needs: Even if your funding is coming from your own savings, detailed financing needs will better prepare you for whatever may happen as you get the business set up and operating. This section should contain an analysis of all startup costs, including enough working capitol to cover initial marketing plans and operating losses until the projected breakeven point for the business.
When you decide to purchase a franchise, the franchise business plan will serve as a guideline to running your business successfully. Further, completing a franchise business plan before jumping right in has several advantages. It will allow you to consider options and formalize your projected course of action in the new business. In addition, you may come up with questions you can refer to the franchise company to ensure you have a clear understanding of the franchise startup before making a final decision to go forward.
The business plan is also needed if you require financing from any third-party source, since this is the first document they will ask for. The franchisor will already have a good deal of information to include in the narrative parts of the plan, as well as most of the financial information you will need in the Uniform Disclosure Offering Circular (UFOC) disclosure document.
The main sections of a franchise business plan should include:
1. Introduction: Here you will include a cover sheet listing the name and contact information for the business. You should also include a description of the business, including the product or service provided, the size and competitive nature of the market for the business, and a description of the steps you will use to take the business to market.
2. Management: A description of the key management roles, including names and background information. Resumes could be used to highlight prior experience relevant to success in your new business.
3. Marketing: You will include details of how you plan to attract customers to the business and any competitive advantages you predict the new business having. In addition, you need to provide detailed marketing and advertising strategies you will use.
4. Financials: Income statements, cash flow statements, and balance sheets are necessary to show future performance projections. Your statements should also include extensive notes concerning all tangible assumptions you have used to prepare the projections. It is important that these projections be prepared on a very conservative basis, since you cannot predict any unexpected delays or challenges that may happen on any new business startup.
5. Financing Needs: Even if your funding is coming from your own savings, detailed financing needs will better prepare you for whatever may happen as you get the business set up and operating. This section should contain an analysis of all startup costs, including enough working capitol to cover initial marketing plans and operating losses until the projected breakeven point for the business.
When you decide to purchase a franchise, the franchise business plan will serve as a guideline to running your business successfully. Further, completing a franchise business plan before jumping right in has several advantages. It will allow you to consider options and formalize your projected course of action in the new business. In addition, you may come up with questions you can refer to the franchise company to ensure you have a clear understanding of the franchise startup before making a final decision to go forward.
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