{"id":15930,"date":"2022-08-31T09:00:17","date_gmt":"2022-08-31T08:00:17","guid":{"rendered":"https:\/\/www.franchiselocal.co.uk\/news\/?p=15930"},"modified":"2022-08-30T16:40:24","modified_gmt":"2022-08-30T15:40:24","slug":"you-need-a-franchise-business-plan","status":"publish","type":"post","link":"https:\/\/www.franchiselocal.co.uk\/news\/you-need-a-franchise-business-plan\/","title":{"rendered":"Why You Need A Franchise Business Plan"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #101010;color:#101010\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #101010;color:#101010\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/you-need-a-franchise-business-plan\/#1-stand-out-from-the-crowd\" >1. Stand Out From The Crowd<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/you-need-a-franchise-business-plan\/#2-easier-financing\" >2. Easier Financing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/you-need-a-franchise-business-plan\/#3-discover-roadblocks-early-on\" >3. Discover Roadblocks Early On<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/you-need-a-franchise-business-plan\/#4-an-invaluable-playbook\" >4. An Invaluable Playbook<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/you-need-a-franchise-business-plan\/#learn-how-to-write-a-franchise-business-plan\" >Learn How To Write A Franchise Business Plan<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p>They say luck is 90% preparation.<\/p>\n<p>So, if you want to be one of the lucky few selected to helm a leading franchise opportunity, you should probably prepare better than the rest of the pack.<\/p>\n<p>This might mean <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/attending-franchise-exhibitions-if-you-are-thinking-about-buying-a-franchise\/\" target=\"_blank\" rel=\"noopener\">attending franchise exhibitions<\/a> or <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/what-is-the-value-and-benefit-of-a-sales-territory-map\/\" target=\"_blank\" rel=\"noopener\">creating a sales territory map<\/a>, and it also likely means creating a franchise business plan.<\/p>\n<p>When constructed well, these comprehensive documents cover everything you need to know about the franchise and everything the franchisor needs to know about you.<\/p>\n<p>Franchise business plans are invaluable playbooks. They demonstrate to a franchisor that you\u2019ve thought more deeply about the opportunity than other franchisee candidates while setting you up for success once you become a franchise owner.<\/p>\n<p>We\u2019ve compiled four reasons highlighting why you need a comprehensive franchise business plan for your next franchise opportunity.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" td-center aligncenter wp-image-15932 size-large\" title=\"how to write a franchise business plan | franchise local\" src=\"https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-1024x715.png\" alt=\"how to write a franchise business plan | franchise local\" width=\"1024\" height=\"715\" srcset=\"https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-1024x715.png 1024w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-300x209.png 300w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-768x536.png 768w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-1536x1072.png 1536w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-150x105.png 150w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-600x419.png 600w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-696x486.png 696w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-1392x972.png 1392w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-1068x746.png 1068w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-602x420.png 602w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-1203x840.png 1203w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-100x70.png 100w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2-200x140.png 200w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image3-2.png 1809w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1-stand-out-from-the-crowd\"><\/span>1. Stand Out From The Crowd<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In many cases, franchisors have no shortage of candidates to consider for their next franchise opportunity. They have the luxury of selecting from top candidates in competitive pools.<\/p>\n<p>To stand out from the crowd, you\u2019ll need to exhibit drive, initiative, and expertise. There\u2019s no better way to build trust and make yourself memorable than with a thorough, well-thought-out franchise business plan.<\/p>\n<p>Remember, the owners likely already put in years or even decades of hard work to build their brand. They have much at stake with each new franchisee they take on board.<\/p>\n<p>A good reputation takes a lifetime to build and one bad decision to crumble. If they seem overly cautious, remind yourself that they may have been burned in the past by poor, unreliable franchisees.<\/p>\n<p>You\u2019ll have to prove that you\u2019re not only a capable but exceptional ambassador for their brand.<\/p>\n<p>How? By doing your homework.<\/p>\n<p>Conduct in-depth research covering their history, strategy, and industry sector. Demonstrate how you can not only replicate but build upon their past successes. Highlight data points that make a compelling argument as to why their next franchise should be in your neighbourhood.<\/p>\n<p>All in all, show that you\u2019re ready to start thinking like an owner. If you look the part and sound the part, you just might get the part.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2-easier-financing\"><\/span>2. Easier Financing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Unless you\u2019re already well on your way to financial freedom, you\u2019ll likely need a bit of help covering the <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/franchise-royalty-fees-what-are-they-and-how-much-should-they-be\/\" target=\"_blank\" rel=\"noopener\">franchise fee<\/a> and startup costs of a new franchise location.<\/p>\n<p>In total, launching a new branch could range anywhere from a <a href=\"https:\/\/www.franchiselocal.co.uk\/low-cost-franchise\/\" target=\"_blank\" rel=\"noopener\">few thousand pounds<\/a> to a few hundred thousand pounds. That\u2019s a big bet to place on any entrepreneur, especially if you don\u2019t have an <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/do-you-need-experience-to-run-a-franchise\/\" target=\"_blank\" rel=\"noopener\">established track record of success<\/a> with prior businesses.<\/p>\n<p>To create the best franchise business plan in the UK, put yourself in the shoes of a loan manager.<\/p>\n<p>If you were that bank loan manager, what would you want to see to help you sleep at night? What signs would you be looking for to improve the odds of collecting reliable payments on the loan?<\/p>\n<p>You might be on the lookout for a <a href=\"https:\/\/www.forbes.com\/sites\/forbesbusinessdevelopmentcouncil\/2021\/10\/18\/five-reasons-why-a-franchise-business-plan-is-still-essential\/?sh=2785b3c4af29\" target=\"_blank\" rel=\"noopener\">business plan<\/a> that demonstrates a thorough understanding of the industry, the franchise\u2019s business model, and its needs for future growth. You\u2019d want the applicant to easily and succinctly outline a schedule for loan repayment, highlighting compelling data points to support their confidence.<\/p>\n<p>As a prospective franchisee, enlist the help of an analytical-minded friend. Pitch your business plan to them just as you would to a bank or investor, and encourage them to be ruthless in their questioning and critique.<\/p>\n<p>While it might sting in the moment, it\u2019s always better to know the weak points in your armour so you can address them before going into a real battle.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3-discover-roadblocks-early-on\"><\/span>3. Discover Roadblocks Early On<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Of course, a franchise business plan is so much more than securing funding or standing out from the candidate pool.<\/p>\n<p>If you\u2019re taking your time to write a comprehensive strategy, you\u2019ll likely discover a few stumbling blocks. Perhaps the location isn\u2019t as perfect as you once thought. Maybe other franchisees encountered a revenue plateau around a shared point.<\/p>\n<p>These discoveries might feel like failures. They\u2019re not.<\/p>\n<p>No business opportunity is flawless. If you look deeper into <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/how-good-is-the-franchise-model-business\/\" target=\"_blank\" rel=\"noopener\">every success story<\/a>, you\u2019ll find hundreds of issues that had to be ironed out along the way.<\/p>\n<p>Be happy that you\u2019ve discovered them now rather than in the moment. This means you can form a proactive plan to succeed where others floundered.<\/p>\n<p>As you brainstorm potential roadblocks, think of a half-dozen solutions for each one. When they inevitably arise throughout ownership, you\u2019ll have a game plan for every possible scenario.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4-an-invaluable-playbook\"><\/span>4. An Invaluable Playbook<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A franchise business plan doesn\u2019t become obsolete once you\u2019re given the keys to the castle. The document transforms into something much more valuable \u2014 a playbook.<\/p>\n<p>As you\u2019ve <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/what-do-i-need-to-consider-when-planning-a-business-location\/\" target=\"_blank\" rel=\"noopener\">considered the optimal locations<\/a>, mapped out a predictable generation of revenue streams, and anticipated potential roadblocks, you\u2019re more prepared than anybody to deal with the predictable unpredictability of business.<\/p>\n<p>You\u2019ve run dozens upon dozens of scenarios and prepared for each one. This enables you to react intuitively to icebergs as they arise while providing you with an invaluable map to refer back to whenever you\u2019re lost at sea.<\/p>\n<p>Two key employees resign without notice? It\u2019s not ideal, but nothing to lose your head over. Just refer back to the playbook.<\/p>\n<p>A branch location requires unforeseen maintenance? You already outlined three potential solutions in the franchise business plan.<\/p>\n<p>Revenues soaring beyond your wildest dreams, and you\u2019re not sure what to do with the extra cash? It should be muscle memory at this point \u2014 refer to the playbook.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-15933 size-large\" title=\"entrepeneurs write a franchise business model\" src=\"https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-1024x683.jpg\" alt=\"entrepeneurs write a franchise business model\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-1024x683.jpg 1024w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-300x200.jpg 300w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-768x512.jpg 768w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-1536x1024.jpg 1536w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-150x100.jpg 150w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-600x400.jpg 600w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-696x464.jpg 696w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-1392x928.jpg 1392w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-1068x712.jpg 1068w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-1920x1280.jpg 1920w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-630x420.jpg 630w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4-1260x840.jpg 1260w, https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image1-4.jpg 1999w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"learn-how-to-write-a-franchise-business-plan\"><\/span>Learn How To Write A Franchise Business Plan<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Beginning with any new franchise opportunity can be incredibly exciting but equally nerve-racking. For every happy accident, there might be ten quite unhappy mistakes.<\/p>\n<p>That\u2019s exactly why every prospective franchisee needs a franchise business plan in the UK.<\/p>\n<p>Yes, it can be an incredible tool in helping you secure funding and separate yourself from other candidates. Even more importantly, it provides an invaluable opportunity to research, brainstorm, and prepare for any obstacles.<\/p>\n<p>Browse our information centre to discover everything you need to know as you\u2019re gearing up to make a franchise purchase, like how <a href=\"https:\/\/www.franchiselocal.co.uk\/news\/where-do-i-locate-my-business-to-attract-the-right-customers\/\" target=\"_blank\" rel=\"noopener\">location affects customer growth<\/a> and our comprehensive list of <a href=\"https:\/\/www.franchiselocal.co.uk\/hot-trending-franchises\/\" target=\"_blank\" rel=\"noopener\">hot and trending franchises<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>They say luck is 90% preparation. So, if you want to be one of the lucky few selected to helm a leading franchise opportunity, you should probably prepare better than the rest of the pack. This might mean attending franchise exhibitions or creating a sales territory map, and it also likely means creating a franchise [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":15931,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[],"class_list":["post-15930","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tips-advice"],"acf":[],"jetpack_featured_media_url":"https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2022\/08\/image2-3.jpg","_links":{"self":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts\/15930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/comments?post=15930"}],"version-history":[{"count":0,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts\/15930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/media\/15931"}],"wp:attachment":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/media?parent=15930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/categories?post=15930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/tags?post=15930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}