After deciding to purchase a franchise, it’s imperative to write a comprehensible business plan to prepare for the future of the business. When writing a franchise business plan, it becomes uniquely your own. No two business plans should be exactly alike since business plans are made according to the individual, not the business itself. The biggest reason for this is that the factors differ because of the particular business, location, or finances.
Your franchise business plan should be composed according to your individual perks, rather than a sample business form from someone else’s venture since no one else can predict what you want or need. There are several categories that you’ll need to cover when writing your business plan and you can arrange them the way that suits you best, but the following is a description of the basic segments of the franchise business plan.
The first thing you might want to cover when writing your business plan is an executive summary, which should be a brief outline of long-term goals, projected exposure plans, and services to be offered. Think of this summary as you would think of describing your business to a potential customer. Touch on what will make your business special or unique and highlight the plans for making this happen.
Next, introduce your company, partners, and managers, describing what their involvement is in the business. Don’t forget to include the history of the franchise or of your particular store, the neighborhood, and how you will cater to the patrons. After completing the executive summary and introduction of the company, touch on what services or products will be provided by your franchise and whether or not the business has undergone any major changes upon your purchase.
As with any business plan, you’ll need to address the current marketplace and how you intend to introduce your franchise to the public. Describe the franchise holdings and any projected cost increases. Explain the reasons behind the price hikes and also the long-term plans pertaining to increases. Now cover the actual financial aspects of acquiring the franchise, such as the amount of the initial investment, how much of the investment is yours, what percentage comes from a bank loan or what part is from additional contributors.
Starting expenses are an important subject, along with estimated average monthly costs. Your next segment of the business plan might include objectives such as what date the official opening will take place, your plans for increasing exposure, and whether or not you expect to introduce new elements into the franchise to increase profits.
What is the mission of your new franchise, in your eyes? Layout what you plan on accomplishing with your new franchise and what you expect to be able to offer the customers should they visit your business. Be specific. For instance, if your franchise is a motel, discuss how you plan to accommodate on special occasions, off-season advantages for your patrons, and the capacity to add additional services to the present arrangement. If you will be offering any complimentary items or amenities, list these as well as custom services you’ll provide.
Last, but definitely not least, is a summary of how you will meet your goals and achieve success. This might include plans to change the location, ideas on attracting more customers, strategies on undermining the competition, or thoughts about the financial aspects of the franchise. Be realistic when writing your business plan and think of all possible aspects of the entire business. This will include employees, company cars, internet advertising, cost-effectiveness, community, and even supplies.
Some ideas to help you in deciding what to write in your business plan is to check ahead of time with suppliers, inquire as to others’ opinion of your intended services, reviewing of the former owner’s revenues and costs, increases or decreases in prices or services, and your partners’ long-term goals.Some ideas