by Paul Monaghan
No matter how good the franchise system is that you join the fact remains that it will be up to you to make the business work.
Certainly
you will have help and support from your franchisor but only you will
be there on a day to day basis making the decisions about how to move
the business forward. So it is important that you have a clear picture
in your mind of what it is that you wish to achieve. "If you don't know
where you're going any road will get you there" is not just a line from
a recent hit song but it is also a warning of the consequences of
setting out on a business venture without proper planning.
- Before you start to develop your Business Plan ask your franchisor what help they will provide.
- Do they have a template that you could follow?
- Do they have a preferred or obligatory format for financial projections or reporting?
- What data can they provide regarding sales profiles, margins, likely expense levels etc?
- Can they give you any information with regard to the local and national market in which you will be trading?
- Is anyone available to give you guidance in preparing your Plan?
Not
all franchisors will be able to assist in all the above but it is
important that your Business Plan is based upon realistic expectations
and only the franchisor or a knowledgeable third party will be able to
judge that.
Your bank or other investors will certainly want to
see your initial Business Plan prior to making any decision on funding
the business. As it may well be your first point of contact with them
ensure that it is well presented and contains all the information which
they will need to appraise the opportunity. First impressions count!
Set yourself realistic but challenging objectives and then ensure that you monitor your progress against them.
Paul Monaghan
Howarth Franchising |
