Develop Your Franchise Business Plan

An essential part of any franchise business is its plan for success. The word "plan" stems from the Latin planum, meaning to lay a foundation or groundwork. Your business plan lays the foundation

Remember the famous saying: "Always plan ahead. It wasn’t raining when Noah built the ark." The discipline of developing a franchise business plan lets you look at the challenges ahead and your expectations for your new business. This involves looking at your business ideas and financial needs as well as your marketing and management plans.

The first part of your franchise business plan should have a cover sheet, a statement of purpose, and a table of contents. The cover sheet includes the name, address, and telephone number of the business along with the names of all principals. The statement of purpose gives the reason for the business plan. The table of contents lists the headings and subheadings in your plan. The following sample is courtesy of the Small Business Administration: