Business Plan - Prepossession For Any Franchise Business
Starting your business one should be ready with the business plan; the first thing whenever you approach anyone to launch any idea; the first thing anyone will ask you is the business plan; the first hand requirement. Although franchise business is viewed to be easy but it isn’t. You cannot think of franchising being the same with other forms of business. Only because the products and services being readily available to you, you can’t think of franchising being a easy business; it is not! When the finance for the business gets arranged for the required finance for the starting of business; and in franchise you have to pay substantial amount of fees; apart from this at the initial phase of business you have to generate enough funds so that you have plans to continue to the business in future and manage the expenses along with the income. When loan needed certain documents need to be submitted requirement for approval of loan. Hence coverage of all aspects of finance and other aspects so that on that basis the bank takes necessary to approve the loan. A suitable office premises, infrastructure, and the staff so that the without no flaws loan gets approved. Getting trained in systems and procedures is the next step; possessing database of potential customers is also of a great concern. Even after sales there should be people taking care of the customers. Customer satisfaction is given the top category; they should be getting delighted and for this the kind of services provided also matters. Hence to provide the best quality services you should have the best trained employees and the best strategies developed and implemented.
Hence the layout of plan goes like this
The Business
Description of business
Marketing
Competition
Operating procedures
Personnel
Business insurance
Financial data
II. Financial Data
Loan applications
Capital equipment and supply list
Balance sheet
Breakeven analysis
Pro-forma income projections (profit & loss statements). Include three year summary; detail by month, first year; detail by quarters, second and third years; assumptions upon which projections were based.
Pro-forma cash flow (follow guidelines for pro-forma income projections above)
III. Supporting Documents
Tax returns of principals for last three years
Personal financial statements (all banks have these forms)
Copy of franchise contract
All supporting documents provided by the franchisor
Copy of proposed lease or purchase agreement for building space
Copy of licenses and other legal documents
Copy of resumes of all principals
Copies of letters of intent from suppliers, etc.
Starting your business one should be ready with the business plan; the first thing whenever you approach anyone to launch any idea; the first thing anyone will ask you is the business plan; the first hand requirement. Although franchise business is viewed to be easy but it isn’t. You cannot think of franchising being the same with other forms of business. Only because the products and services being readily available to you, you can’t think of franchising being a easy business; it is not! When the finance for the business gets arranged for the required finance for the starting of business; and in franchise you have to pay substantial amount of fees; apart from this at the initial phase of business you have to generate enough funds so that you have plans to continue to the business in future and manage the expenses along with the income. When loan needed certain documents need to be submitted requirement for approval of loan. Hence coverage of all aspects of finance and other aspects so that on that basis the bank takes necessary to approve the loan. A suitable office premises, infrastructure, and the staff so that the without no flaws loan gets approved. Getting trained in systems and procedures is the next step; possessing database of potential customers is also of a great concern. Even after sales there should be people taking care of the customers. Customer satisfaction is given the top category; they should be getting delighted and for this the kind of services provided also matters. Hence to provide the best quality services you should have the best trained employees and the best strategies developed and implemented.
Hence the layout of plan goes like this
The Business
Description of business
Marketing
Competition
Operating procedures
Personnel
Business insurance
Financial data
II. Financial Data
Loan applications
Capital equipment and supply list
Balance sheet
Breakeven analysis
Pro-forma income projections (profit & loss statements). Include three year summary; detail by month, first year; detail by quarters, second and third years; assumptions upon which projections were based.
Pro-forma cash flow (follow guidelines for pro-forma income projections above)
III. Supporting Documents
Tax returns of principals for last three years
Personal financial statements (all banks have these forms)
Copy of franchise contract
All supporting documents provided by the franchisor
Copy of proposed lease or purchase agreement for building space
Copy of licenses and other legal documents
Copy of resumes of all principals
Copies of letters of intent from suppliers, etc.