I am thinking about purchasing a franchise, but have never run my own business before, how do I draw up an effective business plan?
The business plan is a critical stage; not only for you to understand your own business, but to gain finance from the bank, if required. There are basically three routes. The first is to do your own research. There are
a number of business resources which help with this area, but it is not going to be specific to franchising. The second is to speak to the franchisor. Some have put together guides and templates which can be
used to build the final plan. The third is to speak to one of the banks who have specialist franchising departments (Lloyds TSB, HSBC & NatWest RBS). All three can help advise with this and may even be able to
provide a pack for you to work from.