Entrepreneurs are drawn to franchises because they come with ready-made and proven business plans that help to push the business to succeed. Even if you’re choosing to purchase a franchise, you have to look at the franchise’s business plan first. You also need to take that business plan and mold it into your own. As your specific business plan needs to reflect the market conditions of your location, unique staffing needs and management plan.
Taking the time to make the franchise’s business your own will bring several advantages. First, it will force you to think and work your way through the challenges your individual franchise will face. As you formulate the franchise business plan, you will have to make some of the decisions as you open your franchise. Finally, if you will be seeking financing, then you will need a personalized business plan to submit with your financing applications.
Franchise with SirVent
When you franchise with SirVent, you get access to our proven business plan. That means much of the work of creating a business plan is already done for you. However, you will want to take the business plan, analyze it and make it your own to suit your specific landscape. As you draft your finalized version of your franchise business plan, you will have to be sure to include the following:
- An executive summary. The executive summary explain what your business does. It explain the products and services that your business offer to your customers.
- Management plan. This portion of the plan should lay out your management structure and the responsibilities of each position. If you’ve made hiring decisions to this point, the plan should include who will fill each management role including their resumes and professional backgrounds.
- Marketing plan. When it comes to marketing your business, you’ll have to identify your target customers. This includes the benefits you offer to them and how you will reach them to make them aware of your business, your products and services.
- Financial projections. You need financial projections for your business, both to secure financing and to have the goals in place for your new business. The financial projections section of your business plan should include conservative projections of cash flow and balance sheets.
- Financing. The final section of your business plan should include all of the information on how you will finance the purchasing, startup and initial operations of your franchise. Whether you plan to pay for everything out of your own savings or whether you’ll be seeking financial support from a bank or other people to help finance, you need to have a plan as to how or who you will seek financial help from.
Creating a business plan may seem like a complicated task, but it’s crucial for the health and success of your business. Fortunately, when you choose to start a franchise with SirVent, you get our proven business plan, which only needs to be customized to reflect your unique business.