Opening a franchise is the ideal way for many people to realize their dreams of business ownership and financial freedom. If you are among this category, then it is important that you take the steps to get there. One of the things you need to do with this is to create a business plan for the pet franchise. For those that don’t know where to even start with this, here’s the information you need to know.
The Importance of a Business Plan for Your Pet Franchise
Many people opening a pet care franchise do not see the value in create a business plan. The truth of the matter though is that this is an invaluable tool for your success. First of all, there are many franchisors who will want to see this information. Even if your franchisor does not want to physically see it, they will at least want to know that you have a grasp on how you will run the business to ensure you are the right fit for their company.
If you plan on getting a loan to help you pay for the franchise or are looking for investors you will need to have a business plan as well. This will show that you are less of a risk as you have a plan for how to achieve your business goals. Even if you are not taking out a loan you will find this to be very helpful to you as you will want to understand where you are going. It will give you a reference to look at, which is helpful with your pet franchise.
Writing the Plan
Once you understand why you need to have a business plan, the next thing you will want to do is sit down and work on creating this. There are many tools out there that can take the information you write and make it look professional and eye catching for investors and others that want to see it. To start with though, you will need to get it all written out in the appropriate sections.
This is the first part of your business plan to look at. As the name suggests you will be introducing the franchise, what you want to get out of the business relationship. You will also want to address your goals as well as the challenges you will face in reaching your goals. Make sure you also address the risks you are personally taking on with the pet franchise. Be as thorough as possible with this to really get an idea of who you are and what the franchise will offer.
Define the Roles of the Business
Another section will look at the people you will need to hire in order to be successful. Depending on the concept that you buy, there will be different needs for the business. If you are going with a smaller concept for the dog grooming business, then chances are you will manage it and will need to provide a defined role for other employees. This could include the groomer, front desk staff and more. When defining the roles make sure you include the level of expertise you are looking for with the position as well as the duties that will be included in that position. Even if you will be the manager of the business you will still need to define your responsibilities.
Financials and Projections
This is where you will want to include all the pertinent financial information. This includes cash flow projections and the projected financial performance of the company. When you create these graphs and charts you need to also include the information that you have used to help you get to these numbers. The accountant you have hired for your pet franchise can help you come up with these figures if you numbers are not your forte with the business plan.
The Need for Financing
The last piece of the puzzle here with the business plan is to look at the need for financing with the business. This will show how you plan to get the money needed to start the business. Even if you will be paying for the entire cost of setting up the franchise with your savings accounts you still need to put this in here. This helps show the costs needed for the business as well as where the funding will come from. When going through this you want to make sure you address all the costs, including the working capital. If you are not sure what all the costs are, you can find this information in the FDD.