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Will a franchisor help me prepare a business plan to present to my bank?
Most good franchisors will facilitate the process, but the important word is ‘help’. It’s no use to anybody if they simply do it for you. Over the years I’ve heard of many instances where the potential franchisee is sitting with their bank manager in order to discuss the plan and raise the finance when a question gets the response: “I don’t know, this is what they sent me”. Often the said plan hasn’t even been adapted for that franchisee’s specific personal circumstances or their proposed territory. You can imagine how well the rest of the meeting went.In any case, the business plan isn’t just a part of the recruitment process that can be forgotten once the money is raised, although the part that goes to the bank should concentrate on that objective. The rest of it should be a more detailed explanation of what your objectives are and how they will be achieved, including action points as well as the financial projections. Used properly, the preparation of the business plan forms an important part of the franchisee’s pre-training, as it enables them to get under the skin of how the business operates and where the hot spots and competition are in their local market.So by all means use the franchisor’s knowledge of its business, but be sure to relate the plan to your outlet and include accurate forecasts for the personal expenses you will have to meet while the business is growing.
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