If you are looking for a proven way to earn a profit, starting a business franchise could be the answer. However, if you want to succeed, it is important to put together a business plan. Not only will a well thought out business plan make it easier to find people to invest in your franchise, but it will also help keep you moving toward your goals. Be sure to include the following five items in your plan.
A Mission Statement And A Business Description
The introduction of your business plan for franchise should clearly state exactly what it is you plan to do. This should include information on the market you are targeting, as well as any obstacles that you may encounter along the way. Throughout this section of your plan, you can discuss what your overall objective or mission is, as well as what you want to provide for your customers.
In this part of your business plan, you should identify how your business will be structured, including the various levels of management and their responsibilities. This can include store managers, regional managers, or anyone else on the management team. Each of these managerial positions should be clearly defined. Additionally, you may want to include a section on the ideal candidate for each position.
If you want your franchise to succeed, you need to put together an effective marketing plan. In this part of your business plan, you need to start by identifying your target market. From there, you can outline the various approaches that you plan to take to reach them. This can include everything from the overall tone of your marketing campaigns to the image you want to create for your brand. This is also where you should discuss what differentiates your business from your competitors.
Your company’s finances are one of the most important aspects of your business plan. Here, you should outline the expenses you anticipate for your business. You should also include information on where you plan to obtain funding to get your franchise off the ground. This section should also include an outline of average ongoing monthly expenses for the basic operation of the business. Finally, you also need to include information on how you will price your products or services.
Starting any type of business including a franchise requires a large amount of capital. In this part of your business plan, you should outline all of your major startup expenses. Next, you should discuss how you plan to obtain funding, including any sources that you already have in place. If you still need additional funding, you should define exactly how much money you need and how this money will be spent. If you are hoping to take out a loan, you will need to also outline how your business will turn enough of a profit to make your payments on time. You also need to have a backup plan in place for repayment in case sales don’t live up to your expectations.
This barely scratches the surface of everything you need to have in a comprehensive business plan. However, these are some of the most important sections. For help with writing your plan, consider looking at samples or talking to other more established business owners for advice.