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What do I need to include in my business plan?
Brian Duckett writes:
What goes into a potential franchisee’s business plan depends on its purpose and for whom it is being written.
Is it a plan to show the franchisor how the business will be operated and grown or a funding plan for a bank that enables the franchisee to borrow the necessary funds and demonstrate how that borrowing will be repaid?
The simplest and most common version is the funding plan. These days, most banks have a good idea of what most well established franchised systems do. Therefore, they often prefer less detail about the operation of the business and are more interested in the individual franchisee’s specific circumstances. This could include past work or business experience, other family income, dependents, personal assets and liabilities.
To this should then be added turnover, profit and cash flow forecasts for the business, together with some best case and worst case scenarios.
Although this plan should be written and presented by the franchisee, most franchisors will provide help, either themselves or through sub-contracted consultants.
Once the funding has been raised, the real business plan kicks in. This should contain every aspect of how the business will be grown, setting objectives and confirming actions against which progress is regularly reviewed.
Brian Duckett is chairman of The Franchising Centre, part of the world’s largest network of specialist franchise consultants.
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