Importance of the business plan
by Colin Chadwick QFP – Director of Franchise Development, Royal Bank of Scotland Group
Having a well researched and logical business plan is not just relevant at the start of the franchise, it is just as important as the franchise develops to keep it on track when it is up and running.
Writing a business plan is essential. It is about setting out guidelines, it looks at all of the aspects involved in running a franchise from the market in which it operates to the price of the goods sold. It is fundamental to unlocking any financial support you need outside of your own resources – it is also important for your own use to track whether you are meeting key milestones and that all is progressing as expected.
You should update it with any unexpected changes and determine whether the franchise is developing in line with the original plan. It is also good to have a document which can be presented to the Bank or the franchisor when thinking about expansion.