The business plan itself consists of five key sections: introduction, management, marketing, financial projections, and financing. Paper writing help from Bidforwriting.com says “This is essentially a detailed description of the project. Usually, it is filled in at the very end, when information on all other sections is gathered and systematized. It should include a general summary of the project, its prospects, and its timeline.” Management – Here you need to describe how responsibilities will be distributed among the employees, under what conditions the assigned functions will be performed, how the staff will be hired, who will have veto power, and who will legally act as the head of the enterprise. If you are going to take out a loan or attract investors, this section should include your own professional experience and career accomplishments, as well as include information about the franchisor’s support. Marketing – This very important section should include information on your competitive advantages, advertising strategy for product/service promotion, SWOT analysis, target audience analysis, as well as tools to attract them. In order to complete this part of your business plan, it would not be out of place to engage a franchisor who will provide you with the necessary data.
Financial projections – Try to be as honest with yourself as possible – this is exactly the case when it is better to underestimate your opportunities and prospects than to overestimate them. Carefully analyze and plan cash flows, expected revenues, and expenses, and estimate how long it will take your business to start making a profit.
Financing.- Here you should consider all of your expenses: from the lump sum and royalties to the cost of advertising and rental space. It is imperative that you describe your sources of funding – whether they are your own or borrowed funds. It is important to understand that the money for the franchise should not be allocated “tightly”, there must always be a certain margin of safety, allowing you to stay afloat even in the event of force majeure. Experts believe that the franchisee should always have in reserve for unforeseen circumstances, an amount equivalent to six months’ rent of premises for the business. In general, making a business plan is not so difficult, especially if the basic information will provide to you by the franchisor. For example, the Helix Laboratory Service always provides its franchisees with a comprehensive analysis of the region in which they plan to open a point, as well as an expert assessment of the premises selected for the Diagnostic Center. Constructive dialogue at the initial stage between the franchisee and the franchisor allows to avoid mistakes in the future and achieve the desired financial performance in the shortest possible time. Remember that a realistic business plan can become the starting point for your business or, on the contrary, warn against making rash decisions.
Here are 3 reasons you need a business plan:
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Raising money for the business.
Simply describing your business concept is not enough. Instead, make sure you have a detailed business overview and financial plan that demonstrates the likelihood of success and how much it will take for your business to reach its goals.
Making informed decisions.
As an entrepreneur, having a business plan helps you identify and focus on your business ideas and business strategies. You focus not only on financial issues, but also on management, human resource planning, technology, and creating value for your customer. Identifying potential gaps. Having a business plan will help you identify potential pitfalls in your idea. You’ll also be able to share the plan with others who can give you their opinion and advice. Identify experts and professionals who can give you invaluable advice and share your plan with them.
Communicate your ideas to your stakeholders.
A business plan is a communication tool you can use to protect your investment capital from financial institutions or lenders. It can also be used to convince people to work for your business, get credit from suppliers, and to attract potential customers. You have to consider what you want to do and use that as a starting point. At its core, your plan should determine where you are now, where you want your business to go, and how you will get there.
In general, making a business plan is not that difficult, especially if the basic information is provided to you by the franchisor. For example, the Helix Laboratory Service always provides its franchisees with a comprehensive analysis of the region where they plan to open a point, as well as an expert assessment of the premises chosen for the Diagnostic Center. Constructive dialogue at the initial stage between the franchisee and the franchisor allows to avoid mistakes in the future and achieve the desired financial performance in the shortest possible time. Remember that a realistic business plan can become the starting point for your business or, on the contrary, warn against making rash decisions.
Read also: A Comprehensive Guide for Writing a Thorough Business Plan