The main issue among franchise business owners is their lack of care for their business plan. Most say it’s unnecessary paperwork, while the rest are simply not sure how to write one.
However, the key to being a successful franchise business is defined by the quality of your business plan writing skills and ability to synthesise all the valuable data together to present to your stakeholders and other valuable partners. That is why you must concern yourself with the basics of a franchise business plan.
This article will provide you with the ten essential parts of a franchise business plan. Take this as an opportunity to find quick success and valuable connections to build your franchise business’s scalability and longevity in your niche market.
The introduction is a brief overview of your franchise business and what your mission and vision are behind it. You also need to talk about your target customers and how your franchise business satisfies their needs. Keep your introduction short, and have your business partners and advisors read it for feedback.
2. Business Structure
The business structure is the foundation of your franchise business, meaning you can expect investors and other viable partners to pay close attention to this section. That is because the business structure is a way for partners to view themselves within your franchise.
For example, you may be operating as a sole trader, but you want to implement a two-tiered company structure to innovate your approach in your industry. Remember to update your business structure to ensure your franchise business plan’s accuracy and for proper alignment with stakeholders and other concerned parties.
3. Your Products and Services
Present what your franchise business will sell professionally by briefly describing the features of your products and services. Don’t forget to include proprietary information, like licenses for intellectual property, to ensure the legitimacy of your franchise business.
4. Market analysis
Your ability to read your niche market and present comprehensive data will be put to the test through your market analysis. You also need to update your market analysis every time you identify a growing trend that your franchise business can adopt. Consult further with professional business plan writers to refine your presentation of market data.
The operations section of your franchise business plan discloses information on your supply, labour, and materials. Don’t go too detailed on your operations because it may disinterest your stakeholders. Keep it concise.
6. Marketing plan
The main focus of your marketing plan section is to present the objectives of your franchise business to reach your target customers. You can also include customer care information related to your marketing (e.g., where the franchise business service centres are located and your usage policies).
The salient features of the franchising section are the financial projections, sales figures, and your franchisor’s role in your business. You may also want to include a projected value of your entire franchise business. Use visual organisers, like graphs and pie charts, to present your information properly.
8. Profit and loss forecast
The future profitability of your franchise depends on your ability to develop an accurate forecast. Tabulate your franchise business’s costs and gains conservatively and do so with business plan writers to present your data professionally.
9. Cash flow model
The cash flow section keeps your stakeholders informed on how you handle your business’s cash properly. Pay close attention to the values you indicate, and ensure that they’re feasible and competitive.
Most franchise business owners don’t pay close attention to the appendix, but you may be surprised to know that it is one of the most read portions of any franchise business plan. It’s because stakeholders and valuable partners may want to find out more about your professional career, your compliance with legal requirements, and other related information.
Consult with business plan writers to get the best advice for your appendix to bolster your professional relationship with your prospective stakeholders.
Your franchise business plan is your key to a successful career and demonstrates your professional skills. That is why you need to know the essential components to guide you. However, you may need guidance from experienced professionals to refine and perfect each detail of your plan.
Remember all the previously mentioned parts of a franchise business plan and find business plan writers that can guide you today.
Are you looking for professional business plan writing services for your franchise? We at Business Plan Writers UK can provide you with that. We can review your franchise business plan and help you perfect it. Consult with our specialists today to find success in your franchise business.