Franchise Biz Plan: A Remedy For Failure

As with any other business, one of the most important elements of a franchise start-up is writing a business plan. A business plan forces you to anticipate and answer a number of questions about the challenges you’ll face and the expectations you have for your new business.

The creation of your business plan is also essential if you’re going to need financing from third-party sources, since this is probably the first document they’re going to ask you for.

Preparing a business plan is substantially easier with a franchise than it is for an independent business start-up since there is so much information already available. During the sales process, the franchisor typically supplies you with a great deal of verbiage you can use to create the narrative portions of the business plan. You can also often find much of the financial information you’ll need in the earnings representations of their disclosure documents.

Carry on reading.

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