Century 21 explains why a franchise business plan is KEY

Andrew Gibbs, Head of Business Development at the estate agency franchise, recently shared a blog post on the Century 21 website in which he tackled the question, “Do I need a business plan to join a franchise?”

According to Andrew, if “you’re looking to join a franchise and they ask you to put together a business plan” or “your bank has asked to see your business plan before they approve a loan”, don’t panic. It might seem like an overwhelming prospect building a franchise business plan, but once you know what to do, you’ll see that, as Andrew puts it, “A business plan isn’t as daunting as it may sound.”

Andrew expressed in this blog shared on the property franchise’s website that every franchisee needs a business plan, because “all start-up businesses need a business plan”, a “document that outlines your strategy for achieving your goals, whilst also keeping track of budgetary requirements and the market you’re investing in”. In many cases, Andrew reassured readers, franchisors will support the business plan creation process. He then highlighted the following key elements to include:

• Market analysis - “Understanding the market you are investing in will be vital to your success, so don’t try to skip this section.” Ask questions like: Who are your competitors? What are they offering? Is the market moving, or in decline? Is there a gap in the market?

• A cash flow forecast - “Another essential element to running a successful business is by planning your finances, in as much detail as possible. [...] Your cash flow forecast will show a bank when you will be able to repay a loan, or it can show the franchisor when you will start to be generating profit each month. More often than not, this can take a few months – but this is completely normal until you build a client base.”

• Marketing strategies and plans - “Depending on the product or service you will be offering, you will either need a digital marketing strategy or a wider multi-channel marketing strategy. Your marketing strategy should be focused on targeting the right audience at the right time, with the right message.”

Interested in franchising with this growing property network taking the UK by storm? Find out more about a potential investment with Century 21 via the franchise’s profile page, which you’ll discover linked above.