A business plan is a document prepared by a franchisee, which summarizes its operational and financial goals and objectives for the franchise, and contains detailed plans and budgets showing how these objectives are to be achieved.
This document is central to any application for finance, and should be considered carefully before submitting to a financial institution. Bank managers look first and foremost at the characteristics of the potential business owner, assessing ability, experience and cash-generating criteria of the business itself.
In this respect, a well thought out and structured business plan is central for the approval of a financial loan.
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