A Solid Business Plan is Critical
A realistic and workable business plan is an essential part of any successful franchise.
Writing a Franchise Business Plan
A solid business plan is critical to the success of any new venture. Business plans serve as a framework for you company and provide benchmarks to see if you are reaching your goals. A business plan can be the key to helping you think through your business and keep it on track.
It is important to outline your business plan carefully. The size and scope of your business plan depends on your specific goals. If you’re drafting it for investors, you should make the plan more detailed. If you’re developing the plan for you and/or business partners, it does not have to be as detailed, but you should still outline your goals and how you want to achieve them.
Take a look at the Small Business Administration website, www.SBA.gov, which has great resources for creating a plan for any business. Also, www.SCORE.org contains free small business advice and How-To Resources. On the site, you will be able find out if there is a local chapter in your area.
Every successful business plan should contain the following key areas:
- Mission Statement and/or Vision Statement
- Description of your company and product or service
- Market Analysis along with Competition
- Description of your management team, including experience of team members
- Analysis of your company’s strengths, weaknesses, opportunities and threats
- Staffing and Human Resources
- Sales and Marketing
- Budget and Financial Benchmarks
- Administrative Support Structure
- Summary/Conclusion wrapping everything together