How to create a successful franchise business plan?
It is every individuals dream to be successful, but very few reach there, why? It’s only, because of planning. Similarly, even in the franchise business, one needs to plan, one needs to have a business plan to be successful. Creating this plan is like building the road to success, only if the road is good, will the journey be smooth. So it is very important to have a very good business plan. But how shall one make a good business plan? We teach you how to make a good franchise business plan
Here we go…
• Objectives It is very important for the individual to list down his purpose for being in the business. He should also list down his goals and objectives in the form of Mission and Vision statements. These will forever guide you in developing your business in the right way.
• Strengths and Weaknesses The individual should also assess his strengths and weaknesses. He should clearly list down what he brings to the table. The business will not run on its own and hence the strengths and weaknesses of the owner become the strengths and the weaknesses of the business.
• Resources It is very important to evaluate ones resources before preparing a business plan because, a business plan can be rendered inefficient due to lack of resources. During this evaluation it is very important to evaluate various resources such as man power, finance, distribution, technology etc. the business plan can only be executed if the needed resources are adequately available. Hence an evaluation of the resources is very essential to prepare a good business plan.
• Research A good and credible market research should be carried out in the target market. The research should try and assess various aspects such as
Who is the target consumer? His demographics and psychographics Number of competitors State of demand and future forecast The state of the market
These things will help prepare a business plan which is in-sync with the needs and aspirations of the market.
• Finance Although finance is a resource, it is such a critical aspect that it deserves to be considered separately. The following questions should be answered with respect to finance
How much money needs to be invested? How will it be raised? How will it be spent? How will it be repaid?
These are things that one needs to keep in mind in order to prepare a good business plan.