| One of the disadvantages of getting a franchise as | | | | mentioned here to give your reader a way to quickly |
| the business you will depend on the future is the | | | | gauge the viability of your plans. For this reason, you |
| monumental amount of money you will have to spend | | | | must keep this part as simple and as interesting as |
| on getting it. Franchise systems have the additional | | | | possible incorporating the most important facts about |
| start up cost of a franchise fee aside from the | | | | your business plan. |
| infrastructure, personnel and equipments costs as | | | | The mission statement section will tell your reader the |
| compared to the regular type of business. Because of | | | | core values or the soul of your business. This part tells |
| this, many hopefuls have no other choice but to shelf | | | | the reader what makes your company tick. Are you |
| their ideas and go for the less costly businesses they | | | | out for profit? Are you for service? Your mission |
| are thinking about. | | | | statement will show the core foundation you are |
| One thing many people fail to consider however is the | | | | building your plans on. |
| fact that because of the high success rate and low | | | | Industry analysis on the other hand will explain the |
| risk of a franchise, funding is actually more available for | | | | viability of entering a particular line of business. in this |
| this type of business than on other types. Banks | | | | part, you should be able to show the increase or the |
| usually are more amenable to providing a loan to a | | | | decrease of the target market as a whole as well, the |
| franchised business start up than a regular one. | | | | increase of the decrease in the level of awareness |
| For this reason, a business plan is an essential tool in | | | | for the particular service or goods that the industry |
| convincing your franchisor as well as your creditor that | | | | provides. Included in this section are your plans on |
| you have thought about this idea and is confident that | | | | entering the market, your business' strengths and |
| the growth of your business will be sufficient to pay | | | | weaknesses as compared to the other competitors in |
| off the money you have loaned. For this reason, you | | | | this field and your projections on where the industry is |
| have to be familiar about the general parts of an | | | | headed in the future. |
| effective business plan. | | | | Other sections include the demographic analysis of the |
| The first part is the overview of all your plans. Here | | | | market, your plans on marketing and advertising your |
| you can present the summary of all your plans to give | | | | business and the timetable to have set in meeting this |
| your reader a general idea of what your paper | | | | goals. |
| contains. Important information like your projected | | | | With the business plan as a tool, you will find it easier |
| return of investment, risk analysis, competitive strength, | | | | to get that money you need to get the franchise that |
| general strategies and market information are | | | | you want. |