Whether you’re starting a business from scratch, or considering buying a franchised business that already has a process in place to help you succeed, you’ll need a great business plan.
This will be a map to help guide you and keep you on target, as well as a tool that potential investors or lenders will require to fund your new venture.
What is a Business Plan?
A business plan is a document that outlines the goals and objectives of a business, as well as the strategies and action steps needed to achieve them.
It is typically created by the business owner or senior management team, and may be shared with potential investors, partners, or employees.
There is no one-size-fits-all template for business plans, as the contents will vary depending on the type of business, its stage of development, and other factors.
However, there are some key elements that should be included in all business plans.
1. Executive summary
This is a brief overview of the main points of the business plan.
It should include the Mission Statement of the business, an overview of the products or services offered, the target market, the business model, the competitive landscape, and the business’s key strengths and differentiators.
2. Company description
This section provides more detail on the business, including its history, company structure, and management team.
3. Products and services
This is a description of the products or services offered by the business, as well as any unique features or benefits.
4. Market analysis
This section looks at the size and growth potential of the target market, as well as any key trends or changes that could impact demand for the products or services.
5. Marketing and sales strategy
This section outlines the plans for marketing and selling the products or services, including details on advertising, promotions, pricing, and distribution.
6. Financial projections
This section contains financial statements and other data that business owners use to track progress and assess performance.
This information can be helpful for investors or lenders who are considering providing funding for the business.
7. Appendices
This is where businesses can include additional information that supports the business plan, such as market research reports, product brochures, or letters of reference.
Need Help Creating a Business Plan?
If looking at the option of franchising, your franchise consultant can help you create your business plan. It’s their job to help you succeed because your success is their success.
Franchise Matchmakers is a team of franchising professionals that are dedicated to helping people explore business ownership as a career path. Contact us at info@franchisematchmakers.com to find out more about franchising options that may suit you.
