Business plan
writers who regularly work with franchisees and franchisors often recommend a
master franchise business plan. A
franchisor may need a business plan to attract investors or apply for funding
to expand their business into a franchise.
They will likely have a different franchise business plan version to
attract potential franchisees. A master Franchise Business Plan will likely be similar to and based off
of other business plan versions but, serves a different purpose.
A master franchise
business plan is intended to be a business plan template for your
franchisees. When it comes to a
franchise, each location, and therefor plan, will be different but, there are
many elements that will remain the same.
Not all franchises provide this but, business plan writers recommend it
for four main reasons.
1.
Eliminates Confusion – When the
information is provided by you, the franchisor, in a standard format, you know
that it is further solidifying the business model and concept to the
franchisee. It answers questions for
them that they may not have even realized that had and clarifies a number of
vital business components. Business Plan Writers also note
that a master franchise business plan gives franchisees confidence at a very
early stage, setting the relationship off on the right foot.
2.
Brand Consistency – The master
franchise business plan also works to increase brand buy-in from the very
beginning. When your franchisee gets
hands on with their business plan, the more they see the business, the more
they will internalize the brand. They
will begin talking about the business, even if just to friends and family, at
an early stage. How well they
understand the brand and the business early on will have an impact on how the
represent the brand in the future. This
ensures they are representing the brand the way you’d like.
3.
Increase Franchisee Pool – Many
potential franchisees will not be able to finance a franchise purchase out of
pocket. They will often seek outside
funders in the form of investors, partners, or lenders. A professional franchise business template
goes a long way to contributing to their chances of success. The more potential franchisees are able to
purchase a franchise, the faster your franchise will grow.
4.
Keep Franchisees Focused – When
starting a new business, even if it’s a franchise, there are a million things
to think about. You may offer a checklist
as part of your startup documents but, something about putting together a Business
Plan makes it seem more real. It
also gives a franchisee a greater sense of ownership. Business plan writers observe that the master
franchise business plan helps franchisees stay focused on what they need to be
concerned with most and helps them solidify in their own minds the role of the
franchisor.
There is no rule
that says you have to provide a master franchise business plan. However, it can be an incredibly valuable
tool that helps your franchisees succeed.
Ultimately, their success is your success. Business plan writers see a number of
franchises every year and there are several things that set the successful ones
apart, the master Franchise Business Plan is often
one of those factors.
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