What’s in a business plan?

If you’re thinking about starting your own business, chances are, you’ve already attempted some sort of rough business plan. Creating a business plan is not only a crucial step in the planning process, but also helps force yourself to answer some important questions.

When it comes to franchises, business plans are equally as important, but the difference is, much of this plan will already be done for you by the franchisor. Because of this, the preparation of your business plan as a franchisee will be significantly quicker and less challenging than starting on your own. Business plans generally include several sections within its outline.

  • The Business Concept – This is the general business idea. What are you selling or what service will you be offering? Understand and describe the industry, and the structure of a business within this industry. Quite obviously, if you are becoming a franchisee, this step is already taken care of for you.
  • The Market Research – This is key, as your success can largely depend on this research. Are there already large brands or competitors for your products or services in your area? If so, how will you stand out? Why should customers choose you over the competitors? At this point, you also want to evaluate who will be your ideal market. Ask yourself, what is the demographic that is your ideal client? Understanding this information will help with all aspects of your business. When purchasing a Brothers Gutters franchise, we will assist you in creating your service territory based on the number of owner occupied dwellings, competition, and financial trends. We highly encourage all franchisees to research their competitors and even speak to similar, but non-competing businesses.
  • Strategies & Goals – At this point, you can set some goals based on things like revenue and growth. What general goals do you have for your business? Is there a certain revenue goal you want to reach within the first year, or second year? Do you want to grow to a certain size? Once you set some goals, you can then decide what some of your strategies will be to get there.
  • Marketing – Marketing is often a topic that is initially overlooked, but it has a huge impact in the success of your business, and how quickly you get there. When purchasing a franchise, the brand image and reputation is already established. People likely know the brand, and the general reputation of the company. This is huge in allowing for your business to get recognized quickly, thus allowing for quicker growth.
  • Financial Needs – This is where you can plan how you will be funding your new business venture, and what sort of finances you will need to do so. This should include all startup costs, initial marketing, working capital, account for losses, etc. Acquiring a business loan may be necessary to start your business, depending on your financial situation. Did you know that banks feel more secure in providing business loans to those purchasing franchises? Because of the already established, and proven, business systems franchises have, banks understand the chance of failure is much less than with startups. Did you also know that The Brothers that just do Gutters’ business plan is SBA (Small Business Association) approved, making acquiring a business loan even easier?

Now that you know some of the key things that should be included in your business plan, you may be able to compile a more detailed strategy. If this seems overwhelming, and becoming a part of a franchise system sounds more appealing to you, contact Ken for more information on our Brothers Gutters Franchise opportunities! You can start your journey to becoming the next successful Brother today!

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