After careful consideration, you?ve decided that owning a franchise is the right investment for you. Congratulations! Now it?s time for the next step, your business plan.
Just as an architect uses a blueprint to guide him in building a structure, your business plan serves as your guide in building your franchise business. We?ve listed the four essential elements to include in your plan that will structure the course of action for your business and prepare you for a successful future ahead. When creating a business plan, you might ask yourself:
Why do I need a business plan?
- You might be seeking financing. This will help a lender understand exactly what they are investing in. It defines the reasons you need financing and exactly how you are going to spend the money.
- You?ll want to set personal goals. Preparing a business plan forces a franchise owner to think about the challenges they may face and the expectations you have for your new business before opening.
What should I outline in my business plan?
- Competitive Analysis. This portion should outline who the competitors are and how you?ll position yourself against them.
- Demographic Analysis. This is a comprehensive overview of the market size of your potential customers within a set perimeter, including statistics on Household Income, Age Ranges, Home Values, Traffic Counts, Employers, and more. Your franchisor should be able to provide more detail, including how that area rates against the areas of their typical, successful franchisees.
- Financial Projections. Include projected income, cash flow statements and balance sheets that show the anticipated financial performance of your business. Complete an analysis of all startup costs, including working capital for initial marketing plans and to cover any operational losses.
- Recruitment Strategy. Anticipate your staffing and employment needs. Provide an account of all positions and roles that will need to be filled for your business to operate efficiently. Be prepared to give an idea of the salaries and benefits that will be offered to employees.
Remember that your business plan isn?t something to toss aside after your grand opening. This is a living document. Relook at your plan yearly and update it as you learn more about your business.
Need help getting started? Take a peek at what a comprehensive business plan entails.
Please feel free to post your ideas, questions, and comments below, or email us at blog@kiddieacademy.com.
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