Franchise Business Plans

Your location will likely be different in many ways from the average: it may be a larger site in a more expensive area, or possibly your labor costs or sales will differ from the system average.

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Whether you plan to open up an independent business or a franchise, with the exception of the franchise fee and other costs unique to franchising, new business owners should be prepared to estimate, among other items: Make your plans based upon realistic expectations – not pie-in-the-sky wishes.

While the franchisor will project your opening capital requirements in their FDD, these are usually based on system averages.

Without the knowledge that comes from a mature franchisor, small business owners need to do all their own research on equipment suppliers, work with architects and décor designers, determine site requirements, locate vendors, and on and on.

Without a base of reference and advice from someone who has gone through the process before, locating all the resources needed to open a business takes a lot of time – and for new business owners, time is a very expensive commodity.

He has earned a Bachelor of Arts in management from Walsh University.

For anyone thinking of starting a new business, determining how much capital will be required is the most critical piece of information they will need.

Compare the fee structures of different franchise opportunities to the level of marketing support they provide to find the best value.

Local market conditions, consumer preferences and competition can affect your marketing plan, although the franchisor-sponsored elements will remain out of your control.

Franchise businesses provide the benefit of tried-and-tested business plans and national or global marketing support by the franchise organization.

However, the local nature of each individual outlet creates the need for changes and tweaks to the standard business and marketing plans.