One of the key harbingers of successful franchising is the development of a business plan. This will serve as your roadmap, helping you identify opportunities and obstacles that may arise, and making sure you are prepared for a smooth business launch.

In developing a business plan, there are four core sections:

1) Description of the business
2) Marketing
3) Finances
4) Management

Other elements should include an executive summary, supporting documents and financial projections. Although there is no single formula for developing a business plan, some elements are common to all business plans. Here is an outline from the Small Business Administration (SBA) of a typical business plan:

Elements of a Business Plan

1. Cover sheet
2. Statement of purpose
3. Table of contents

I. The Business

A. Description of business
B. Marketing
C. Competition
D. Operating procedures
E. Personnel
F. Business insurance

II. Financial Data

A. Loan applications
B. Capital equipment and supply list
C. Balance sheet
D. Breakeven analysis
E. Pro-forma income projections (profit & loss statements)

Three-year summary
Detail by month, first year
Detail by quarters, second and third years
Assumptions upon which projections were based

F. Pro-forma cash flow

III. Supporting Documents

Tax returns of principals for last three years Personal financial statement (all banks have these forms)
For franchised businesses, a copy of franchise contract and all supporting documents provided by the franchisor
Copy of proposed lease or purchase agreement for building space
Copy of licenses and other legal documents
Copy of resumes of all principals
Copies of letters of intent from suppliers, etc.

GETTING STARTED

Getting Started

Pro Forma Wizard

Business Plan Guide

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