One of the key documents a new franchise owner needs is a well-written business plan. Derin Clark investigates the impact it can have on a franchise and how to write one.

The Franchise Magazine:

When launching a new franchised business it can be tempting to save time and energy by skipping the process of writing a business plan, especially because, as a franchise owner, you will be following a tried and tested business model. If you do choose to do this, you will probably find it a very costly mistake in the long run.

Although there are many factors as to why a new franchise owner will need to write a thorough and comprehensive business plan, one of the main reasons is that it will help towards the long-term success of the business.

Richard Holden, Head of Franchising at Lloyds TSB, explains: “It is often assumed that a business plan is needed just to secure funding. While this is an important benefit of producing a business plan, it can also assist with the management of the business such as monitoring the ongoing performance against the original benchmark and identifying areas for development. The plan is a working document and should be regularly reviewed and updated as the business develops. Full article here.