Business Plans for a Franchise
Starting a new business venture can be exciting, and when you’re ready to do so,
You want to have a professional business plan to help you get the financing and support you need to be successful.
When you’re considering opening a franchise business. There are a few considerations that should be made with regard to your business plan,
and in today’s blog, we’ll review the key components of a franchise business plan or Business Plans for a Franchise.
If you need help crafting a well-written, professional business plan, shop Business Plan City today! We’ve helped hundreds of aspiring entrepreneurs achieve their franchise ownership goals and we can help you, too! Shop now!
What is a Franchise?
When a company (franchisor) grants authorization to an individual or group (franchisee) to carry out specific commercial activities
In addition to acting as an agent for the company’s services or products, a franchise is born.
There are more than 3,000 franchised brands in our country. Some common types of franchises may include:
restaurants, cleaning and handyman services, entertainment and learning facilities for kids, gyms.
In addition to other physical fitness studios, and hair and massage salons, to name a few.
Seven Key Components of Your Plan
If you’re considering running a startup franchise, developing a custom business plan that is tailored to your desired operation is imperative to securing investors and employees. A well-developed franchise business plan should include the following:
This portion of your business plan provides the reader a summary of your entire business plan. And will usually include sections for objective, missions, and keys to success.
Seems like it may be challenging to complete this before the other parts of the business plan, and sometimes, it is easier to complete this section after you have all of the details nailed down in the other sections.
Sometimes called the business description, this section tells the reader more about your proposed endeavor.
the services you’ll provide, your personal goals and objectives, and what will add to the success of your company. This section will include details about company locations and facilities, proposed company ownership, and your financial start-up summary.
In this section, you will identify and define what products or services your proposed business has to offer customers.
It will be beneficial to provide a competitive comparison, how your products will be sourced,
what kind of technology or equipment will be needed to support the products or services you provide, and outline any thoughts you have for future products and services.
This part of your business plan is essential to helping potential investors understand the current state of the market for the industry you’re hoping to enter.
Consequently a thorough market analysis will provide information such as general costs, how business is acquired, targeted demographics, your main competitors, and market growth trends.
Strategy and Implementation
Every business has a goal it hopes to meet through its operations, and in this section of your business plan, you can detail your company mission and how you plan to achieve it. This section may include information pertinent to value propositions, your marketing, pricing, and promotion strategies, and strategic partnerships.
Your potential investors and employees will want to know how you plan on managing your franchise. Will you perform the general management duties yourself, or hire them out? How about payroll management? This portion of your plan should address these items and provide details related to your organizational structure, management team, and personnel plan.
In this portion of your plan, you should provide a record of your financial background to provide readers with insight as to how you came to be in your current position.
Additionally, address your long-term financial plan and goals for your franchise, projected profits and losses, and a break-even strategy.
Need a Professional Business Plans for a Franchise?
In conclusion If you’re ready to turn your dream of franchise ownership into a reality, Business Plan City is ready to help you draft Business Plans for a Franchise.
Furthermore We offer high-quality, affordable business plans in a wide variety of packages that are sure to suit your needs and budget. Shop online today, or contact us at 949-229-2578 with questions!