Franchise Business Plan

Preparing a business plan allows you to anticipate the market and your operation method to fulfill the requirement. It is also a real test of your business acumen. Drafting a business plans helps you analyze and question all the steps and make informed decisions about it. When it comes to drafting a franchise business plan, even though the franchisor already has a model, it helps you understand the various franchise business prospects. Presenting and defending your business plan also helps the franchisor examine your seriousness as a business owner. Read on as we try to help you to draft a franchise business plan. The business plan usually includes:

INTRODUCTION

Here is where you describe the main purpose of your business. Explain your business objectives and main concept behind all. Take your time to clarify these objectives with yourself before presenting it to the franchisors. Being clear about your objectives will make it easier to achieve them.

PRODUCT

Talk about your understanding of the product or services the franchisors offer. Mention the main advantages of the listed products and services and their needs in the market. Have a deep understand of all the products and services offered by the franchisor.

MANAGEMENT

Mention all the people that will be required to help you sustain the business and their roles. A strong personnel is required to look after the day to day operations and help the franchisee achieve the goals. Provide background information of all your staff, like their relevant experiences, reasons for involvement and et cetera.

MARKET RESEARCH

This is the most crucial section of the business plan. Here, talk about your targeted audience. Describe the requirements of the product or service in the marketplace. Include relevant information related to the market-size, geographic location, growth scope and potential customers. Research on your competitors to know more about the market and customer requirements.

MARKETING STRATEGY

It is necessary to devise a strong marketing strategy to make your mark in the market. Correct marketing leads to brilliant results in the market. Make a plan of all your marketing and advertising schemes and channels. Most franchisors look after the brand marketing themselves but encourage franchisees to invest in their own advertising plans. Mention contingency plans as well in case the first marketing strategy does not generate enough results

FINANCIAL NEEDS

Prepare a section in the business plan outlining the source of the funding for your business. Here, a complete analysis of all startup costs and operating costs is to be mentioned. Projected revenue should be indicated. Have a strong grip on your numbers to help you better examine the growth scope. Mention the profit lost forecast and the structure of the cash flow in this section   There are various types of franchisees which require different content for these elements. Keep your mind clear about your investment in the right franchise. Franchising Roots is the leader in business development services in India. We help top franchises to expand their business as well as help buying a franchise. Contact us to know more about the franchising opportunities in India.