I’m amazed by the number of people who fill out my free franchise quiz.
But I’m even more amazed by the number of people who answer “they won’t need one,” when asked the question I pose on the quiz regarding putting together a business plan for their possible franchise business. I mean, really?
That said, if you’re buying a franchise, why would you not put together a comprehensive franchise business plan?
FYI: It doesn’t matter what type of franchise you’re thinking of buying. All franchises need to have a solid business plan.
A List Of Franchise Opportunities That Need Business Plans
Here is a partial list of franchise opportunities that you should put together a solid business plan for before you buy one.
Fast food franchises
Commercial services franchises
Children’s-related franchise opportunities
And, many more types of franchises. Pick the sector. They all need to have business plans written by the people who are investing their time and money into them.
Bonus Franchise Opportunity: Home-based franchise businesses. That’s right, even a business that’s going to be operated from the comfort of your own home needs to have a business plan put together.
Because a home-based business is still a business.
Simply put, there are costs. There is revenue. There may be inventory. There may even be payroll if it’s a pretty successful home business.
If you need to apply for a small business loan, these days-without a strong business plan in hand…you can pretty much forget getting a loan approved.
What’s In A Business Plan?
Several things need to be included in a proper business plan.
- Executive summary
- Mission statement
- Business description
- Market Analysis
- Industry information
- Pricing and Competitive Analysis
- Marketing plan
- Operations plan
- Financial plan
- Organizational Structure
Are you feeling overwhelmed? No problem. It’s pretty normal to feel that way.
But there is a solution. A solution to feeling “overwhelmed.”
LivePlan is a business plan software solution-that’s in the cloud.
LivePlan provides an easy to follow step-by-step process makes it simple to get your plan completed quickly…with professional results.
And, as an added bonus, there are well over 500 sample business plans included when you purchase the software.
Did I mention that you’re protected with LivePlan’s 60-Day Money-Back Guarantee?
I Can’t Emphasize This Enough
Before you buy a franchise-no matter what type, make sure you’ve put together a solid business plan.
You’ll be glad you did.