Chandigarh, India (PressExposure) July 23, 2008 -- 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.
Prioritizing is so much easier with a business plan. It guides you in achieving what is important instead of focusing on what is not. Over time you will notice how a conventional business plan is different from the information that is given to you by the franchiser. New franchises are unique and because of this the franchiser may offer to be there to support you with the other aspects of the plan.
Franchise business plans contain a number of features. The list isn't exhaustive, but it usually includes the following:
An introduction or abstract is prepared as part of your business plan which is shorter than an executive summary and notes the main aspects of the plan. Then the summary follows and it is more detailed and describes the company as well as the finer points of the business. The franchise itself is discussed in the overview and this is in place of the "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.
Since a franchise like any other business requires people to run it, the business plan has a management and human resources section. What is discussed in this section is the structure of the business, the different staff and management positions and the qualifications required for these positions.
The financial section is where you need to be clear about financial projections and objectives just as you would with a conventional plan.
There are also exhibits or appendices which substantiate the information provided in the business plan. Examples are results of a market research or survey. Depending on how exhaustive these exhibits are, they can be part of the overall business plan document or are in separate binder.