How to Put Together a Business Plan

Obviously, don't leave writing your business plan until the very last minute. This isn't some little piece of paper they will glance over; it's your entire potential business embalmed on a few sheets of A4. We’re here to give you franchise advice, so remember; putting together a business plan should be the work of weeks of careful planning, research and thought. In some cases, it might even take months. You can’t take too much time on these things, but you can certainly take too little.
Your weeks of preparation needn’t be entirely filled with frantic activity - although that’s definitely important. Some of your best breakthroughs might come during the idle contemplation of the morning commute. Think out all the different issues that might affect your company and then formulate suitable solutions and/or contingencies. You can’t stop lorry drivers blockading the fuel refineries again, but you can certainly work out how your meal delivery business will continue working if they do. If you’re planning to set up a franchise and you’re seeking franchise advice, then you obviously care about your new business and so you’ll be thinking about it a lot anyway. Just make sure to harness that idle contemplation and get your ideas down on paper.
In amongst all of this careful thought about business opportunities and contingency plans, remember that the first thing bankers and investors will be looking at is you. You are both your potential franchise’s greatest strength and most critical weakness. You can have the most carefully laid out business plan in the world, but if you don’t inspire confidence then it's just a bunch of paper. Treat it like any other job interview. Run through all the potential questions that might arise and formulate answers. Even if those exact questions don’t come up, it will get you in the right mindset for your meeting. Prepare your CV, highlighting your key strengths in relation to your business proposal. This can be a deal simpler if you are a franchisee as the franchisor may provide training and support. This will help to reassure investors but it’s not something you should base your entire proposal on. You still have to inspire them with the confidence that you are someone who can take on that training, understand it and fully exploit the knowledge you gain.
If you or your management team lack a particular skill set, detail how you intend to remedy the problem, e.g. getting a financial advisor in to handle the company’s accounts if you lack sufficient experience.
Carry out competitive analysis. Who are you competing against? Don't say there's no one, because there always is. If there's no obvious competition, think laterally. If you're opening a swimming pool and there are no other swimming pools in the area, it doesn't mean you have no competition. What are the other demands on people's leisure time, particuarly children's? Are there any cinemas in the area? Shops? After school clubs? It's not just how you will react to your competitors, either: ask yourself how they will react to you.
All the franchise advice I can give you depends on your being capable of putting in the work. Put yourself in the place of your investors, and ask and answer all the questions they will ask. You’re the first investor you need to convince.