Franchise Development Business Plan - The Blueprint
The Development Plan
When analysing why franchisors fail, it is often not because their product or service was unappealing to customers or clients, but simply because they chose the wrong approach to offer the franchise to the market.
Time needs to be taken to look closely at the financials and project and establish the revenue streams for you as a franchisor, as well as for your franchisees, to evidence a worthwhile reward for you in return for all of your activities as well as providing your franchisees with a return on their investment of time, ability and money.Once you have settled on the format of your franchise business, it should be possible to map out the franchise development growth strategy and engage professional advisors to ensure that you keep heading in the right direction in attending to all the detail that will need to be considered, and developed before launching.
There are risks in expanding any business and in franchising; your responsibility is to create a win-win strategy so that both you and the franchisees succeed.
Moreover, creating a franchise offer is entirely different to normal trading activity in relation to your original business. In fact, you are about to embark on running a completely new business, focusing on helping others to succeed in business using your model, and with your support, training and ongoing development. It is very much a people, and organisational centred operation. For that reason, we do advise that you take professional advice at the outset as we find that companies frequently underestimate exactly what will be involved in creating and developing a successful franchise. Creating a franchise offer is entirely different to a normal trading activity in relation to your original business.
There is no substitute for real experience – hence the phrase ‘fail to plan’ then ‘plan to fail’ is often proven accurate!
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