Put it on Paper
You’ve thought about the franchise for a while. You’ve done all the research. You love the concept. Your family is on board. You’re ready to go – right? If you haven’t completed a business plan, then no, no you’re not.
Before moving forward with any franchise, business concept, or business acquisition I highly encourage you to put it on paper. Sit down and complete a full business plan. Doing so will not only give you a better idea of the business itself but will give you a better idea of how YOU will operate the business. A well thought out business plan makes you think harder about the responsibilities you will have. You will have to explore details such as how you will go to market; who is your competition; what is the potential in your market; how quickly will you need to hire staff; and, true costs associated with the business.
In this article, Ed Texiera of FranchiseKnowHow.com, lists his 10 reasons for a business plan and I agree with every one of them. Not only will it help you further evaluate your role in the business, it will also allow you to have a deeper discussion with your Franchise Development Specialist. This discussion may bring to light aspects of the business you haven’t considered before, only deepening your understanding of the business you are pursuing.
Do you have any suggestions for creating a business plan? We’d love to hear your advice!