The Business Plan - Franchise Information UK - franchise opportunity

The Business Plan - Franchise Information UK - franchise opportunity

The Business Plan

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by Mark Scott (National Franchise Manager - NatWest)

A Business Plan is one of the most important documents for a franchisee. It provides a guide to whether your business is going well or under achieving. It is essential that once written reference is made to it from time to time, to ensure any falling trends are adjusted as soon as possible and with the assistance of the franchisor. The franchisor should be interested in the performance compared to plan, as their income should depend on the success of your business.

Before the Bank is willing to lend, a business plan will be required and should include the following:
  • Details about the franchise
  • The sector it operates in
  • The competition, both locally, regionally and nationally
  • Your marketing plan
  • The costs
  • Projected financial information.
  • Your CV
  • Your assets and liabilities

One of the most important sections of the plan is the detail about the franchisee. This is because the success of the franchise will be determined, in most cases, by the franchisee and the effort they put in to the business. However a Bank Manager will also assess this during a face to face meeting.

If you are buying an existing franchise business the bank would like to see the past financial performance; the last 3 years accounts would be helpful.

Many franchisors will assist in completing a business plan, however the bank will expect you to know and understand the various statements and financial figures it contains. There will undoubtedly be questions about parts of your plan. The financial information, particularly the forecasts, will help you to assess the performance of the franchise in the early months.

NatWest has a Start-Up Planner, which can assist in completing a plan, should a template from the franchisor not exist.

Mark Scott
National Franchise Manager
NatWest

Mark Scott joined the NatWest Franchise section in 1998 as Senior Franchise Manager and was appointed as Head of the team in December 2002. He joined the bank in 1982 and has a wide range of experience within the small business sector and has managed relationships with national organisations, such as the DTI and Business Links. More recently Mark has been a regular speaker at seminars for prospective franchisees and franchisors, including The Franchise Alliance and the BFA.

For further information on this subject, you can contact Mark Scott using the contact form below.

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The Business Plan - Franchise Information UK - franchise opportunity