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Do I Need a Business Plan to Buy a Franchise?

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The process of developing a business plan forces you to anticipate every detail of your new business and to address any issues before moving forward.  Planning for success is just as relevant to someone starting his or her own company as it is to someone planning to purchase a franchise.  Particularly if you do not require outside funding, you may be wondering if you need a business plan to become a franchise operator.  Many franchising organizations require a business plan for approval as a franchisee.  However, whether or not a business plan is officially required by any source, it is a crucial component in planning for your business’ growth and success.

Fortunately, the creation of a business plan for a franchise is often easier than for an independent company.  In fact, the franchisor will likely provide you with literature and financial information on the company that can be included in your plan.  However, as a franchisee, you will need to prove your knowledge and your potential to the franchisor in addition to investors or lenders.  For this reason, your plan will need to be developed specifically for your franchise.  Readers of the plan will need to see that the company will succeed where you have chosen to put it, making specific and accurate market research all the more important.  

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