What Is A Franchise Business Plan?
If you were to line up all the Rainbow franchisees and ask them about their franchise business, a single trait would manifest itself in every interview. Whilst demographics, ideas and appearances vary wildly in our franchising family, there is something that all our members do share: Vision.
Each Rainbow franchise business began with a phone call – just like the one you might be making very soon. But after getting to know each budding franchisee, we ask them to draw up a business plan. Every great franchise business is built on these documents, which serve as a reflection of whether an applicant is fit for a territory.
But what exactly is involved in the creation of a franchise business plan?
Showing your imagination
The best franchise opportunities are available to a very exclusive group of people. To be considered as a franchisee, you need to be able to prove two important things; one – you have a vision; and two – you know how to explain this vision. Ultimately, a franchise business plan is the vehicle by which your thoughts are communicated and articulated – which is why it is so important for both parties (franchisor and franchisee).
A well-crafted franchise business plan ought to contain ideas for feasible directions in which to take a branch, as well as reasons why you believe this is the way to go. Business owners are always looking for ways to increase market share and improve services without wandering too far from their initial concept. If you can show this in your plan, you’ll be considered.
Displaying your discipline
Whilst franchisors always seek imaginativeness and ambition in business plans, they also want to ensure the writer lives on planet earth. In business, realism and discipline are equally as important as sky-blue thinking, which is why any franchise business plan ought to have a firm grasp of budgetary constraints, practical models, and follow a sensible, comprehendible structure.
The main sections a typical business plan might include are mission statements, industry/market analysis, marketing plans, business management, financing plans and an appendix showing how the figures and strategy came about.
Proving your expertise
Knowledge of business ownership and matters of industry ought to be put across in your franchise business plan. This is a good opportunity to show the franchisor that you have taken the current climate into context before putting your plan together, drawing on your former experiences in the process.
Business acumen can help you to wield a strong piece of work, giving each section the necessary professional clout it requires to turn the franchisor’s head. Proof that you are intimately aware of your industry surroundings will go a long way.
Putting together a franchise business plan is a challenge, for sure, but it can also prove to be an invigorating and highly rewarding experience. If you put in the time and get it right, you could be a step away from your very own franchise business. Questions? Simply head over to our Next Steps page to book a call and get started on the application process.