Are you ready to start your franchise business plan? Ready to see how the numbers line up?
Your business plan is a crucial part of the franchise acquisition process. Yes…this is your franchise business plan…………….
Wouldn't it be nice to walk into your bank, full of confidence? If you walk in with a strong business plan, there should be no stopping you! So, how do you write a strong business plan for your franchise?
You have a few choices:
- Pay a Certified Public Accountant {CPA} to write one up for you…with some input from you
- Contact a local Small Business Development Center. {SBDC} They can give you some free counseling, and help you with it.
- Buy a book on business plans
- Buy a business plan software package
Each way has pro's and con's. The first way is using a CPA. Most CPA's are great at numbers. You need great numbers. You also need to tell a story. A story is what keeps the lenders interested in you! If you decide to hire a CPA, make sure it is one who has done business plans before, that have been approved by local lenders! Get some references of current small business owners, preferably franchise owners, who worked with this person to obtain a loan
Most SBDC's are pretty good. They are funded by the US Government, so sometimes they have thin staffs that can be overworked and overwhelmed. However, if you happen to find a local one that has a great counselor, who has great connections with local lenders, this could work out to your advantage. Once again, get some references of small business owners who are in business currently!
You can purchase a book that will give examples of business plans for all sorts of small businesses, sometimes even franchises. These can be helpful, but in my experience, they take a long time to go through, and are not very personal. I prefer to use them as a reference tool.
A gentle tip from The Franchise King®:
Do not buy a franchise until you know EXACTLY how to do thorough research.
Learn how here
A nice step by step way to write a business plan is by investing in some software. Business Plan Software takes you through the business plan writing process in a very methodical fashion, and can even allow you to add some of your personality to it. This seems to be the method of choice lately, probably because of the internet, and the way that everybody seems to be becoming so computer
literate.
Whatever method you choose, go slow, be conservative in your financial projections, and don't forget to include on a separate piece of paper, your living expenses… Good Luck!
Links:
The American Institute of Certified Public Accountants
Local SBDC Directory
