Any smart business owner, franchisee or otherwise, knows that the secret to success is having a well-developed plan about how they want to move forward with the business, and how they will reach their customers.
Specifically, having a business plan can help you establish your goals and make sure everything you do is in line with those objectives. Here’s how to get started.
1. Don’t Get Overwhelmed. Unless you’re applying for a loan and the bank wants to see your business plan, there’s no need for you to create a giant, in-depth document. Some business plans are just a page long. Just make yours as long as it needs to be, and if templates don’t provide what you want, go off script and just write out what you think is useful to you.
2. Identifying Your Customers is Helpful. The typical business plan includes a section on who your customers are and how you will connect with them. Your franchisor may have data about the typical customer, so use it if available. It’s immensely useful to really know what the demographics of your customers are, as well as how you can reach them, since it can shape your marketing plan (more on that in a moment).
3. Fill in the Blanks from the Franchisor. You won’t have answers for many components of your business plan, like projected revenues, but likely your franchisor has already provided it in the Franchise Disclosure Document or other research documents, so check there and insert the valuable components into your plan.
4. Combine Franchisor-Provided Marketing with Your Own. Yes, the franchisor will provide some marketing, such as national television ads or promotional materials, but you will be responsible for marketing at the local level. Build this into the marketing strategy component of your marketing plan. List each marketing channel you will use, as well as how you will use it to reach customers. Consider: social media, email, coupons, community events. For each marketing avenue, assign a cost so that you have your marketing budget from the start.
5. Have Someone Else Review Your Plan. After drafting your business plan, it may sound perfect to you, but face it: you’re a bit biased. Have your spouse, a friend, or a business partner review the plan and point out any areas that are confusing or contradictory. Don’t take offense; this was just your first draft, so you may have to work on the plan a bit more to get it perfect.
6. Keep Your Plan Handy. A business plan won’t do you any good if you stuff it in a folder in your filing cabinet. Instead, make plans to review it a few times a year to ensure that what you’re doing in your franchise aligns with those goals you set forth.
Susan Payton is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.