How to do Financial Modeling for an Information Memorandum: 5 Simple Steps

An information memorandum is necessary to prepare for mergers and acquisitions. It provides a summary of your business to potential buyers, so naturally it is important to write it properly. Keep in mind that your business’s biggest selling point will be it’s past financial performance, but the buyers will want to know about the potential for future success as well. And here is where Financial Modeling comes into play.

What are financial models?

Financial modeling is a process of making an overview of a company's finances in the form of a spreadsheet. Using a mathematical equation a financial model is made in which any variable can be changed to create different scenarios and outcomes. They are usually used for making business decisions, managing a company, setting budgets and organising projects. But they are also a necessary component in mergers and acquisitions, which is why they are included in Information Memorandums.

Financial modeling process can be lengthy, but it can be broken down into a few steps.

• Collect your financial information

Financial modeling starts by collecting all of your financial history, your sales records, costs and expenses. The further back you go the better. But for the most optimal results, collecting at least 3 years of your financial history will be enough for making the most accurate financial models.

• Study your numbers

After gathering every financial piece of information you have, it is time to analyze it. Try spotting common trends and reocccurancess. Study growth rates and turnovers. Learn everything you can form your financial ratios. This will later be useful when trying to make financial projections for your business.

• Make assumptions

Making assumptions about your business’s future performance is done through drawing conclusions from what you previously learned from your analysis, or by doing market research. Understanding market trends can greatly help with determining the future performance of your business. Since you will make assumptions based upon what you already know, it is beneficial to collect as much information as possible, and Market Research can be of great help.

• Make financial projections

After making your assumptions, proceed to build upon them by creating financial projections based on a three statement model (income statement, balance sheet and cash flow). This may be the most important part of your information memorandum since it will show the buyers your business may have a promising financial future.

• Run assessments and analyses

The next step is to conduct additional tests and analysis, because Financial Modeling can not be complete without them:

• Discounted cash flow analysis (DCF model) - calculate the value of your company

• Sensitivity analysis - make different scenarios by changing the variables in the model to test different outcomes. This means adjusting the assumptions you made and seeing how the changes to the assumptions will impact the final result.

• Stress testing - test the model by assuming the worst case scenario. This way you will be able to see if your business will be able to withstand extreme circumstances.

Since financial modeling is such an integral part of an Information Memorandum it is important to do it right. Going carefully through each step will assure your model will be convincing and accurate.

How to create a Winning Pitch Deck - Professional Business Plan Writer's Advice

Chances are you are not the only one needing investments for your business. There are many other businesses looking for fundings and pitching their business plans to investors, in hopes of impressing them. So, the question is, how do you make your business stand out in a sea of others? Well, a winning Pitch Deck is the one that grabs the investors attention. This might seem like a lot of pressure, but here are some tips from Professional Business Plan Writers to ease you through it.

Know your audience

Most professional business plan writers know that the most memorable pitch decks provide the audience with what they are looking for, or to be more precise, what the investors are looking for in a business. Therefore, the focal point of your presentation should be the investor's ROI. And don’t forget to support your claims with numbers, otherwise they’ll lose interest if you do not have anything to show for your bold statements.

Keep it short

Do not make too many slides! It is not necessary to include every single detail in your presentation. Investors are on a tight schedule, they do not have the time to sit and listen to you drag on about your business, nor do they really wish to. There is an unwritten rule that your presentation should not be longer than 10 slides (give or take). Listen to professional Business Plan Writers when they say: “the fewer slides the better”.

So, anything you wish to include in your pitch deck should fit on those 10 slides. That means curating the information you would like to include in your presentation. Having a limited number of slides will force you to provide only the most important facts about your business, in other words, it’s heart and soul. This way you are more likely to spark investors' interest in your business.

Less is more

Making slides should be easy enough, but do not just put your numbers and spreadsheets in them and call it a day. Your presentation should be pretty to look at and easy to read. Professional Business Plan Writers know not to oversaturate pitch decks with text and long lists. Sure, you need to provide numbers to support your claims, but keep in mind that too much information at once can be extremely overwhelming for your audience.

Studies have shown that human memory capacity is limited. People's short term memory can only obtain about 7 pieces of information at a time. Any more than that increases people's contemplation time, which hinders their decision making, something you definitely do not want to happen with your audience.

Tell a story

Another tip from professional business plan writers is not to underestimate the power of storytelling. Any good story has a conflict and resolution, an issue that only the main character can resolve. So use these storytelling elements in your presentation to your benefit. Present a problem, or a need in the market that your business can solve. Here is where your products or services save the day by addressing the market demand. Presenting your business like a story narrative is a way to keep your audience engaged throughout your presentation, because everyone likes a good story, don’t they?

Look at pitch decks as an opening act to your business plan. They prepare the audience for what is to come, “the headliner”. They need to get them interested and curious about your business. So, using tactics from professional business plan writers for your Pitch Deck will surely score you a second meeting with the investors.

Tips from Professional Business Plan Writers on How to Present a Pitch Deck

 

So, you would like to present your business to an investor. You will likely contact a Professional Business Plan Writer to compose a business plan for you. But what if a business plan is not your first choice? There is a document that is made just for presenting - a pitch deck.

A pitch deck is a visually oriented brief presentation, that overviews your business plan. The most common way of using a pitch deck is in a face – to face meetings with potential investors.

But, having an adequate document does not mean your business journey is over. There is one crucial thing when you are presenting a Pitch Deck – the way you present it.

Here are professional business plan writers’ tips on how to present a pitch deck.

Have a Strong Beginning

Potential investors are busy people who have seen hundreds or thousands of presentations. Likely, the investors will not even pay attention to your presentation if you do not captivate their attention right from the start. There are many ways on how you can grab their attention:

- Personal story

Everyone loves to hear a good business story, and that definitely includes potential investors. Talk about your business journey, how it all started and your ideas in order to form that emotional connection with the audience, in this case, investors

- Imagination

Ask them to imagine a what-if situation, or to think of something that relates to their personal lives, etc.

- Tell a joke

You do not need to be a professional stand-up comedian to crack the investors up and use a joke as your ice breaker. However, if you go this route, make sure to test this out on a few different types of audiences first to make sure it will land.

Maintain Eye Contact

Not only professional business writers but everyone who communicates and has a conversation with someone should pay attention to eye contact. Maintaining eye contact makes you seem confident, and respectful towards your audience.

Professional Business Plan Writers suggest that the easiest way to maintain eye contact during your pitch deck presentation is to find a fixed point in the room. In this case, you should choose a wall behind your audience, so that it may seem that you are looking directly towards them.

Do your Homework

Come prepared. Know your numbers and metrics. It can speak louder than words. To make your pitch deck presentation successful, it is crucial to know your numbers by heart and be prepared to answer any questions that may come up.

Speak freely, but clearly

Avoid reading your presentation from your slides or a piece of paper. Know your text. If you are not that confident about how you will present your pitch deck, have a few note cards but try not to read directly from them so your presentation still feels fluid.

Look out for filler words

We all have used – “um”, “uh”, “er”, “like”, “ah”, when talking, without even realizing that we do it. Try not to use them at all while presenting your pitch deck.

You will sound more professional, trust us. Our professional business plan writers advise you to slow down and make shorter sentences when talking. It will reduce the usage of filler words.

How you present your pitch deck is equally important as the document alone. Implement these tips from professional business plan writers, and you will present your pitch deck successfully.

To present a Pitch Deck, you need to have one. Find experts, like those in the Advisory division at Joorney Business Plans, who will not only write and design your deck but are also willing to give you tips for an effective presentation!

A Professional Business Plan Writers Tips on How to do Market Research

 

Conducting market research is a great idea that can benefit your business in many ways. It can be used to make various business decisions such as marketing strategies, product improvement, budgeting, as well as be used in documents to gain fundings and investments. But because of the scope and the complexity of the task, many companies hire specialized agencies and Professional Business Plan Writers to conduct market research for them.

However, if outsourcing your research to other agencies is not an option for you, here are a few useful tips from an expert himself to guide you through your research.

“A good beginning makes a good ending”

Collecting, going through and analyzing all the data you need for your research can seem like a tremendous task, but if you know where to start and how to proceed, it makes things a bit easier. Professional business plan writers know that a good start will determine the quality of your Market Research, and any good research starts with a good formulated question and an execution plan.

That is why setting the parameters and research scope early on is the best way to ensure you do not get lost along the way and waste your time and resources with bad quality research and inconclusive or inaccurate findings.

“There is a lot of (free) information available”

Market research is a way of gaining information about your customers and industry, and there are many ways you can do that. Telephone polling, mailed questionnaires, online surveys and personal interviews just to name a few. These would all be considered primary research, because all of the information comes from the customers directly.

On the other hand, secondary research is conducted by gathering information about the customers from other sources and public records like (public or university) libraries, government agencies, industry associations etc. A professional Business Plan Writers advice is not to overlook this kind of research since it can be a valuable source of information. Secondary research is a great way for finding information about your target demographic as well as your competitors in the industry.

“Dive deeper into your research”

There will come a point in your market research when you think you have everything you need and you found what you were looking for. But it actually might be a good idea to continue with your research. Professional Business Plan Writers always keep in mind that correlation doesn't imply causation and some things may not be what they seem.

There can be underlying factors that drive consumer behaviour that you just did not pick up from your initial research. So in order to derive the most accurate conclusions from your research it is best not to leave any stone unturned when gathering the information you need.

“Keep researching”

Market research is never ending, because the market is ever changing. Experienced business owners are aware that continuous and repeated research is necessary to be able to stay on top of the competition. If you are basing your business decisions on outdated models, statistics and data, your business will surely suffer. That is why professional business plan writers suggest to keep doing regular research to be able to keep track of market trends.

Market Research can be a strenuous task, especially if you’re doing it on your own. Luckily, we can always turn to the experts for help. Their advice can guide you through the whole process and show you how to conduct the most optimal research and get the best results for your business.

The Role of Financial Projections in the Bank Business Plan

Financial projections are crucial for any business and a basic component of any business plan. But they are also useful when applying for a bank loan. To qualify for a loan you will need to prove that you are responsible with your finances, and therefore will be able to repay your loan. In order to do that, you will need to have a stable cash flow, company growth, and a steady financial history. This makes Financial Projections Business Plan extremely helpful, especially if you are writing a Bank Business Plan.

Financial projections, or forecasts, are estimates of future financial outcomes, used to predict potential earnings and expenses. Using different financial models to determine the best financial trajectory, financial forecasts are an integral part of any decision-making process in a business. But they also have a very specific role when they are included in bank business plans. Their main goal is to convince lenders you are a suitable candidate for a loan, and this is how:

Predicting a steady revenue

The most obvious objective of financial projections in a bank business plan is to prove to loan officers that your business is capable of generating enough revenue to pay off the borrowed amount. Lenders want to be reassured their money will be returned (usually with interest), so showing a stable past (and future) revenue in sales is a necessity. Because financial projections in a Business Plan is used to calculate potential revenue and therefore cash flow, they are of utmost importance in a bank business plan too. They will show lenders that your business will generate enough income to repay your debt.

Showing responsible financial management

Financial projections in a business plan are all about crunching numbers, which are most often gathered from your business’s financial history. All of the previous sales and expenses, losses, and gains are taken into account and analysed. If your business has had previous success, then you have nothing to worry about. Financial forecasts can show loan officers that you are responsible for your business’s operations and its finances. This will give them confidence that all of the payments will be taken care of on time.

Predicting problems and offering solutions

Calculating future profit margin is not the only function of financial forecasts. Financial projections in a business plan are most often used for planning and budgeting projects or setting a straightforward and clear path for your business to follow. However, they are also used to predict possible setbacks that might occur. In that case, a strategy is put together to work around or solve these problems. Having this in your Bank Business Plan will give lenders reassurance that you have everything under control, and you will have no issues repaying your debt.

Having a watchful eye, every step of the way

Financial projections can be long-term (5 years) or short-term (1 year). They are often broken up into quarterly, or in the case of startups, monthly projections. This way businesses have financial, step-by-step instructions to follow, and objectives to achieve. This gives little to no room for oversight and shows that your business's finances and internal operations are carefully monitored and on track.

Financial Projections Business Plan has a very straight forward purpose: to help in the decision-making process, by estimating future expenses and revenue. But, in a bank business plan the direction of their objective change and their role transforms into something more. Financial projections instil confidence in lenders that the debt will be repaid. They become a tool of persuasion and reassurance, and a means of getting a loan approved.

Market Research: Your Secret Weapon to Financial Modeling for Your Business Plan

Financial Modeling can seem like a mundane task. A dull process in which a spreadsheet is made containing a company's expenses and earnings. However, it is an important practice, especially when creating a business plan. It is used to make plans and decisions in a business and determine its operations. They are used to set the pricing of a product, calculate project costs, anticipate future expenses, and even evaluate the current or future value of a business.

Usually the numbers are gathered from the company's financial records and past performances. But if you are writing your business plan, do not overlook how beneficial Market Research or analysis can be for creating the most accurate financial models.

The customer is always right

Market research is a process of determining the success of a product or service. It is conducted with potential customers through surveys, product testing and focus groups, after which the company has direct feedback from the customers. This type of research is used to see how the potential customers will react to the product. The results of the research can help improve the product, and help the company better position itself in the market, compared to its competitors.

On the other hand, financial models are all about the numbers, mostly from previous sales. They are also about assumptions, predicting future growth or value of shares in the stock market. Of course, that means that having accurate numbers is necessary for better predictions. That is why market research is a valuable source for financial model numbers. and there are a few ways it can aid in making the most accurate financial model for your business plan:

Calculating value, setting the prices

The most common reason market research is used is to determine the price of a product or service. Interviewing potential customers and getting their feedback can help you identify their needs, satisfaction with your product and help you adjust the price accordingly. These numbers are a basic and crucial part of your financial modeling spreadsheet. In depth research will help you calculate the most accurate product value your customers are willing to pay for. This will in return have great significance in constructing your company’s Financial Projections. 

Predicting cash flow, budgeting

After you have determined your business’s prices, you can proceed to use these numbers to predict your business cash flow and revenue. For example, financial modeling spreadsheets are helpful when creating project budgets. Ensuring the most accurate numbers through market analysis, will help create the most realistic budgets and avoid overspending and financial losses. 

Predicting growth, attracting investors

Additionally, this number can be used in financial modeling to calculate and predict your company's profits and performance. This can be incredibly useful when looking to attract investors, since they are often interested in businesses’ potential and growth. Numbers provided by market research can later be used in financial modeling to predict the company's growth and future success. It will show investors exactly what they are looking for in a Business Plan, the most objective (positive) outcomes for a business and a ROI. 

Market research is a lot more than it seems. It is a helpful tool for writing a good Business Plan and it is the one thing that doesn't make Financial Modeling just about crunching numbers. That is exactly what makes it the secret weapon for a “killer” business plan.

Professional Business Plan Writers Say These are the Most Important Sections of the Business Plan

 

When in doubt, turn to the professionals for help. The same goes for writing a business plan. Professional Business Plan Writers have over the years gained a few tips and tricks for composing an outstanding business plan. They know from their own experience that most people do not even read the whole plan. Insead, they focus on the most important sections, and here are some of them to pay the most attention to when formulating your plan:

 

• Executive summary 
• Market research  
• Personnel Plan 
• Financials

Executive summary

An executive summary will be the first thing people read. It is a synopsis of your business, your ideas and goals. So make it a document that really counts. Get to the heart and sole of your business and pour it all out in the executive summary. But be brief, don’t overwhelm your readers with detailed numbers just jet. A tip from professional Business Plan Writers is to make sure the executive summary is something that will immediately grab readers attention, and inspire them to continue reading.

Market Research

An unavoidable part of any business plan, a source for your numbers and business predictions and a reassurance of future success. A well conducted Market Research shows that your business will hold a good position in the market, you fully understand it and all of its changes. A well organized market research instills confidence for potential investments. Therefore, market research provides valuable and in depth information and should not be taken lightly.

Personnel Plan

Another thing professional business plan writers advise you to pay close attention to is the personnel plan. Here is where you introduce your team, their skills and competences. The success of your company depends greatly on the productivity of your personnel. A well structured plan on hiring practices is important here. For instance, people will want to know:

 

• a brief overview/introduction of your team, 
• how and when you are going to fill positions, 
• how many job positions are needed for a timely completion of a project,  
• and how much of the budget is set aside for salaries.

Personnel plans are especially important for a visa or immigration Business Plan as immigration officers are interested to see who you will be hiring and if your business will create new job opportunities.

Financials

And last but not least, it all comes down to the finances. According to professional business plan writers, what most people are looking for in a business plan are the prospects of success. This you need to back up with numbers, creating the most accurate financial models and projections.

No matter who is reading your plan, everybody wants to see if your company will be successful and produce a high revenue. Regardless of the type of plan, it is important to prove to the best of your ability that you will have enough money to return the loan/investment.

Professional Business Plan Writers know what is best for making the most convincing and attention grabbing business plan. Their advice is to pay closer attention to the parts that your readers are the most interested in. Because, in the end, while the whole document is extremely important, some sections are just more important than others.

 

3 Tips From Professional Business Plan Writers for an Attention-Grabbing Pitch Deck

This must sound familiar to you. You have an amazing idea, your business plan is all sorted out, you're on your way to success, but there is a new hurdle on the way. Securing funds. If you already managed to land a meeting with a potential investor, you may now be worrying about how to write a killer Pitch Deck. Something so convincing and memorable that will give venture capitalists confidence to invest in your business. Luckily, there are ways to write a compelling pitch deck, and Professional Business Plan Writers know all about that.

Among many other documents they write, they also provide pitch deck writing services, and here is what professional business plan writers have to say from their experience.

Keep it short, to the point and informative

While you may feel compelled to tell every little detail there is about your business, keep in mind that your potential investors will lose interest if your presentation is too long. Professional Business Plan Writers advise against incorporating too many slides in your pitch deck. This will leave your audience overwhelmed with too much information.

Many agree that the golden rule is about 15 to 20 slides, but according to Guy Kawasaki, 10 slides is the optimal number. Either way, the fewer the better. But keep in mind that there still has to be enough slides to get the message across! You still want to impress investors with good numbers and the right information like your market size, business model, competitive landscape and others. Get to the point and heart of your business.

Set the stage, tell a story

Professional Business Plan Writers know that to write a memorable pitch deck you need to present it as a well composed story. And like any good story, it should have:

1. an introduction,

2. a problem or “conflict”

3. and the solution/“resolution”.

Introduction is going to be the first thing that grabs their attention, so make it a good one. You should set the scene by introducing your company, your product/service and your team. Remember to keep it short and simple.

Continue with presenting the problem. Without the problem there is no product to sell or service to give. Explain the problem your target audience is facing that the market is currently not resolving. Give data and statistics to support your claims.

And lastly present your “resolution”. Here is where you shine. Use the numbers to your advantage, and present how your product solves the problem. This is how you will convince your audience to invest in your business. Your potential investors want to see solid research, your determination and capability.

Show your passion

People these days sound like a broken record when you hear them say “follow your passion”. But that is exactly what you will hear from professional business plan writers, and they are right too.

Your passion and confidence has to resonate in your Pitch Deck. It is a crucial element to your presentation. If you are not passionate about your business why would anyone else be? Showing your passion for your business is what will greatly help your presentation.  

An enthusiastic presentation is guaranteed to grab anyone’s attention, it is a way to make a connection with the audience and leave a lasting impression on your potential investors. If you’re not sure how to do that yourself, make sure to reach out to a professional to guide you or write it for you!

 

When to Draft Your Franchise Business Plan

Franchising opportunities provide tremendous potential benefits for both franchisors and franchisees. On the franchisor side, you have an opportunity to expand your business without being required to supply all the capital and manpower. On the franchisee side, you get a ready-made business model, fully developed brand, and ongoing operational and marketing support. When executed well, franchising creates an advantageous opportunity for both parties. There are multiple ways to compose a Franchise Business Plan. It will all depend on your specific stake in the business and what your goals are. 

 

 

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9 Reasons to Use Professional Business Plan Writers for Your Pitch Deck

If you’re seeking an investment in your business, you will need to prepare a pitch deck to get potential investors to read your business plan.  You can prepare a pitch deck on your own but given the importance, unless you have experience, this may be better suited for a professional.  There are exclusive pitch deck writers out there but, there are many reasons why Professional Business Plan Writers are well suited to prepare your pitch deck.

1.       Keeping Audience in Mind – Professional business plan writers are accustomed to writing with appropriate structure, tone, and level of detail to appeal to the correct audience.

2.       Knowing What Matters to Investors – Beyond just writing for the right audience, professional business plan writers really understand investors since the majority of business plans are created to pursue investments or a bank loan.  This understanding of how investors think and what matters to them most translates well to preparing the Pitch Deck.

3.       Having a Sales Mentality – When it comes down to it, your pitch deck is a sales pitch.  You want investors to buy in to your business plan, usually in a big way, and that starts with getting them to read it.  Professional business plan writers know how to entice them both through the pitch deck and the business plan.

4.       Making it Look Good – Business plans aren’t just words.  You also have to worry about the look and feel.  The business plan isn’t heavy on visuals like the pitch deck may be, but professional business plan writers are accustomed to knowing how to use a good visual to enhance a specific point.

5.       Appropriate Level of Detail – The business plan may be in-depth but, professional Business Plan Writers know how to make it concise.  This same ability translates well into the even more condensed version of your business plan presented in the pitch deck.

6.       Complete Understanding of Your Business – If you utilize professional business plan writers to write your business plan, they will already have an intimate understanding of your business and your goals.  Perhaps more importantly, they will have gotten to know you a little bit.  This understanding allows them to make sure your passion and vision truly shines through.

7.       Business Expertise – All the experience professional Business Plan writers have means they have seen the best and worst of business concepts and plans.  They know what works and what doesn’t.  They will be able to make suggestions based on this experience that will help improve not only your business plan but your pitch deck as well.

8.       Support of a Team – There are independent professional business plan writers but, many work for a firm that allows them to tap into other professionals such as graphic designers and finance experts.  Even those that do work alone often know other types of professionals they will rely on for advice when needed.

9.       Exuding Professionalism – Investors see dozens or more pitch decks per week.  You need yours to stand out.  Professional Business Plan Writers create professional documents, and that includes the pitch deck.  This can give it an edge and get it noticed over the countless others that will come across investors’ desks.

Understanding the Importance of the Financial Projections in Your Bank Business Plan

If you are not a financial wizard, comfortable in Excel, or downright enjoy numbers, there is a good chance you had someone else create the Financial Projections for your business plan. Many people have professionals assist in part, or all, of the Bank Business Plan creation. While it’s true you don’t need to know advanced accounting principles, you do need to have a thorough understanding of the financials projections. Not only will you, as a business owner, likely be expected to explain them, they are the foundation of understanding what’s going on in your business.

The first step in understanding the financial projections in the business plan is to appreciate them. If you are pursuing a bank loan or line of credit, their worth is obvious. They are an expected requirement of the overall bank business plan and presentation. So, why do financial projections beyond the business plan matter? They set the benchmark for your business. They force you to consider the long-term objective and direction of your business and map out how you may get there. They are also the benchmark against which you will measure your success.

The financial projections are presented in the format of your financials. This allows you to compare your business’s actual performance to the financial projections in your Business Plan. Whether or not you routinely update your business plan, you should update your financial projections at least annually. Having this sort of measuring stick gives you a basis for evaluating your performance so you can adjust as needed.

There is no part of the bank business plan which is completely independent of other sections. The entire document, if done well, will be cohesive with all sections reinforcing and strengthening other sections. With that said, the financial projections of your business plan are one of the most informative.

The Financial Projections are the culmination of consequences of all the decisions you will make for your business. Those reviewing your bank business plan are interested in many elements of your financials, but mainly your profits and cash flow. When presenting your bank business plan, one of the most important things for the loan officer will be determining if your business will be able to pay its loans.

Beyond the financial projections in your bank business plan, they will also be interested in your personal financials. The bank business plan format is one of the best ways to present all this information and tie it in together. It allows you to paint a picture, with numbers, of how your business will sustain itself while also demonstrating you can cover the loan if the business fails.

There are a number of reasons the financial projections in your business plan are a key aspect of your bank business plan. They are far from the only important element but, certainly near the top of the list. Being aware of their importance can help you know where to focus your intention and efforts not just on your Bank Business Plan but, in general business planning.

The Importance of Continual Market Research to Overall Business Success

Market research is typically conducted when starting a business, expanding a business, or launching a new product or service. Too often, it is believed that market research only needs to be done at these critical stages but in actuality, it should be an ongoing process. The most effective and successful businesses know that Market Research should happen routinely in order to keep a finger on the pulse of the overall market/industry, be able to adapt to consumer trends, and stay a step ahead of competitors.

 

 

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Key Aspects of a Successful Local Franchise Business Plan for Miami

Are you a local Miami-based business that is considering franchising your brand? Here’s what you’ll need to know for your Franchise Business Plan for Miami to be a success.

Make Sure Your Business is a Fit

The first step to having a successful franchise business plan for Miami is to ensure your business is a good fit for franchising. Franchising is an appealing way to expand your business. It allows you to open new stores without being responsible for staffing or capital requirements. Unfortunately, not every business will make a successful franchise.

The key elements to being a good fit are established success, a unique concept, distinct brand, and easily replicable systems. In other words, your business should be at least a couple years old with consistent profitability, your brand should be unique and appealing, and the way in which you operate should be able to be taught to a new business owner within a matter of a few weeks or months. If you can check all these boxes, you should proceed to draft your franchise Business Plan.

Should You Expand Locally, Nationally, or Beyond?

If your Miami business is working, is that because of the local market? Would it appeal to people in other cities, states, or types of areas? You will need to determine if you want to franchise locally within the other areas of the city, nationally, or even globally. 

 

The first step in determining this is conducting, or hiring a firm to conduct, detailed Market Research. This will feed into your franchise business plan as well. If you want to stay only in the Miami area that is fine and may make the most sense for your business depending on your product or service. Just make sure there is enough room in the market that your own franchises won’t cannibalize each other’s sales. It is important to remember that your success ultimately relies on your franchisee’s success.

Deep Understanding of the Local Market

If you are planning on only developing your Franchise Business Plan Miami, make sure you fully understand that differences in different areas of the city. Regardless what your product is or how “Miami” it may feel, if there is not a large enough market in specific neighborhoods, it won’t be successful there. As you will be relying on different segments of the city to support your additional franchises, you need to help ensure a viable market exists before you try to sell the franchise business plan to other would-be franchisees.

Well Developed Systems

As already stated, one of the most important aspects of a successful franchise is easily replicable systems. These need to not only feel replicable to you but, need to be able to be documented as well. This is not only for the early stages of planning your franchisee training but, to be included as evidence in your franchise business plan for Miami. When you put together your franchise business plan, you need to prove that your business meets the replicable standard. If you are able to document them and include them in your plan you will do a better job of convincing someone to buy into your Franchise Business Plan, regardless of the capacity (lender, investor, partner, potential franchisee, etc.).

How to Narrow Your Search for Franchise Business Plan Writers in Miami

Searching through hundreds of Business Plan Writers in Miami can be overwhelming. It can be especially difficult when you’re specifically looking for someone that can do a franchise business plan. Business plan writers in Miami, and elsewhere, tend to focus on writing business plans for those that are seeking outside funding through lenders and investors. Although you may need to find funding to develop your franchise business plan, there are many unique aspects about a franchise that need to be considered for a traditional business plan. There are ways to narrow your search to find the right franchise business plan writer in Miami for you!

Franchise Business Plan Experience – One of the quickest ways to narrow down your search for business plan writers in Miami is to exclude those that do not have Franchise Business Plan experience. Some business plan writers will have a portfolio on their website making this easy to discern. Others may also have a blog and you can scan their topics to see if they ever share useful information about franchises or franchise business plans. If you have no indication, contact your top choices to inquire if they have handled franchise business plans.

Focus on Audience – Another way to tell if business plan writers in Miami will be a good fit to write your franchise business plan is to gain a sense about their focus on audience. A good franchise business plan should be easy to understand by nearly any audience. However, especially with franchises, you may need one plan that will appeal to multiple audiences. Business plan writers in Miami that focus on writing plans with audience in mind will likely be the best ones to write your franchise business plan.

Referrals and Recommendations – The internet is a treasure trove of reviews but, it can be hard to know which ones to trust. If you’re in the Miami area, talk to people, either in person or through local business internet groups, about the Business Plan writers in Miami that they’ve used. If you’ve connected with other successful franchisors, you may want to ask them regardless of their location. If you are adamant about using business plan writers from Miami, it is always possible that other franchisors may have used companies that have partners or offices in Miami.

Experience – Years in business can tell you a great deal about the overall success of a business. That’s not to say that newer companies will not be able to meet your expectations. However, when trying to narrow a long list of potential independent business plan writers or firms, years in business and number of business plans completed can be a good place to start.

Creating the perfect Franchise Business Plan can be a tall task, especially when you will need to use the plan for multiple audiences, as you often do with franchises. Finding business plan writers in Miami who are up to this task can be a process itself. Begin your search with the tips above, look for other factors that are key for you, and schedule a call with a couple writers that you think might be a match. Following these steps will ensure you find a Business Plan Writer that represents your franchise well.

5 Vital Resources for Writing Your SBA Business Plan for a Miami-Based Business

Writing a business plan for any purpose can be intimidating. However, if you are writing a business plan specifically for an SBA loan, the stakes can feel even higher. The good news is there are a number of resources to help you create a formal and flawless SBA Business Plan in Miami. If you need help with your SBA business plan for your Miami-based business or if you live in Miami and are creating a business that will be based anywhere in the world, these are the top local resources worth looking into.

1. Small Business Administration (SBA) – Although you are applying for an SBA backed business loan, that does not preclude you from tapping into their support options. In addition to networking with lenders to secure portions of loans making it more likely that small businesses are approved, they have a host of other services. This includes articles, guides, counseling, classes and other programs. They even have resources that can help you learn to write your SBA Business Plan in Miami.
2. Small Business Development Center (SBDC) – SBDCs exist as a partnership the SBA and – usually – local universities and colleges. They provide counseling/mentoring as well as classes and other educational sources. Their purpose is to help aspiring and existing local entrepreneurs to launch, build, and grow successful businesses. They serve to help grow and develop the economies of towns and cities across the country. There are several regional offices in the South Florida area, including right in Miami.
3. SCORE – This program which is a nonprofit partner of the SBA, focuses on offering direct business mentorship and other expert business resources to help people prepare for and survive entrepreneurship and small business ownership.
4. Minority Business Development Agency (MBDA) Business Center – The MBDA is another national agency with offices around the country. They focus on helping minority communities create lasting wealth. According to their website they serve, “businesses owned by African Americans, Asian Americans, Hasidic Jews, Hispanic Americans, Native Americans, and Pacific Islanders”.

While several of the above resources may overlap and seem redundant, they all focus on slightly different aspects of business development and approach how they provide their assistance in different ways. It is worth taking the time to research all of them in regards to your SBA Business Plan – or any business plan! They all have their own schedules and rates for different courses, seminars, and other small business resources. When you know exactly what they offer and what sessions they have coming up, you can plan to participate in the ones that are most relevant to you and work with your schedule and budget.

5. Professional Business Plan Writing Company – There are certain things that are better left to experts. Your SBA business plan is one of the largest determining factors in determining whether your loan is approved. Although the above resources will get you well on your way, if you’re able to afford it, contracting a professionally written SBA business plan in Miami is a worthy investment.

Not only will it save you precious time you can focus elsewhere in the business, you’ll usually end up with a better end product. A professionally written SBA Business Plan can sometimes be the difference between an unsuccessful and successful SBA loan application. It doesn’t matter what industry you’re in or what product or services your business will offer. Having experienced writers take this vital task off your plate can be one of the best business decisions you will ever make.