The Franchisee's Business Plan - Do You Need It?

Just mentioning the words ‘business plan’ may bring out the sceptic in people. Some may think there is no need for it because “I have it all in my head” or “I know exactly what needs to be done”. Perhaps this may work for a business veteran (maybe), but for a novice business owner, it is a dangerous point of view.

Related: What Are The initial Investments Involved With Taking Up A Franchise


This Is YOUR Business Plan

Don’t get caught up with anxiety in trying to develop a super business plan - this is for yourself so anything goes as long as you’re comfortable with it. But remember, don’t just aim for the sky, be practical and ensure your finances can bear the budget for whatever you are writing down.

Being Organized & Prepared

Having a business plan for a new start-up could set foundations for the business towards growth and continuity. It helps to organize ideas and keeps track of development - an especially important aspect in today’s information age. Not that having a business plan guarantees success, but having one definitely helps because a business owner’s focus will be divided among many areas of interests. With so many tasks and routines to be performed, one could be easily overwhelmed and forget why the franchise was acquired in the first place. Besides, one of the most under-rated aspects of a business plan is that it helps to identify and prepare against potential pitfalls with contingency plans.

From Ideas To Words

Start off by listing down your purpose for taking up the franchise business. Perhaps a good method is to figure out what you would like to achieve at the end of the franchise agreement. Once that’s out of the way, determine objectives that will help you achieve that purpose by breaking them down into vital areas for your business (i.e. sales performance, customer service, etc.). Finally, include actions that will help you achieve those objectives. Remember that every action should be geared towards achieving a goal.

From Words To Actions

Once you have determined the actions need to be performed to reach your eventual objective, input timelines against those actions. This allows you to check whether you are getting closer or further from what you are aiming for. Don't forget that you acquired the rights to operate the franchise brand for a specified amount of time, not indefinitely, so you're on the clock.

Changes Along The Way

Don’t be afraid of making changes to your business plan. Today’s dynamic environment forces changes in market situations. That being said, it doesn’t mean you should start scrambling for changes once the wind isn’t blowing your way. Whatever the case, plan as far as you can visualize and when you arrive there, new horizons will show up.

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