Many new businesses might want to get a licence from a franchisor to operate as a branch of their successful business. This means, there could be some other interested parties with motivation similar to yours. A successful franchise Business Plan ensures you stand out from the competitors.
Franchise business plans are not significantly different from other business plans. There are a few key areas you need to consider:
- Get the financials of the current franchisor to get an idea of the existing business (if existing business);
- If no financials is available, talk to the franchisor to get an idea about the portability;
- Most of the franchisor will have plenty of information on their website, so this is a good point to start getting some data about their business.
If you are serious about obtaining the franchise licence, you should be serious about the business plan as well. A business plan means you know all the ins & outs of the franchisor’s business before you invest your capital.