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Best Franchise Business Planning Tips About the Author
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Short Description: Best Franchise Business Planning Tips. In excess of 90% of franchise owners in the UK run profitable businesses according to the annual national survey ...
Content Inside: Best Franchise Business Planning Tips
In excess of 90% of franchise owners in the UK run profitable businesses according to the annual national survey carried out by the British Franchise Association, so its easy to see why the banks are enthusiastic about new franchise businesses.nnAdditionally, the popular lenders are taking advantage of the Enterprise Finance Guarantee Scheme. The Enterprise Finance Guarantee scheme is there to grant government underwriting of funding for the development of small businesses up to one million pounds.nnIf you are requiring finance to fund a franchise opportunity you should prepare a carefully considered and well drafted franchise development plan. Every franchise business plan that you submit to the banks for business development funding must contain the following points as a minimum:nn 1. Your chosen franchise research findingsn 2. Clear understanding and concordance with the franchise contractn 3. Local market research outlining the need for the franchise services in that localityn 4. turnover and profit projections and the affect on the business in the light of local competitionn 5. Declaration of the liquid capital you currently have available to invest in the franchisen 6. Detail of any assets which can be used as security for the financen 7. No issues showing on your credit history including CCJ'sn 8. A declaration of your commitment to follow the proven system of the franchisor you have chosenn 9. Backing from your family in the commitment of franchise business buildingn 10. The bank recognises your chosen franchise as efficient and profitable from its own independent researchnnAgainst the above items the bank will come to a decision on the borrowings it will lend to the business builder.nnTo assist with your planning process, spend a little time visiting the business section websites of the high street lenders as many will provide free software to assist in building your business development plan logically, prompting you for the important information that the lender requires to understand your plan and make a lending decision.n
About the Author
Nick Strong is Managing Director of Select Your Franchise and a leading Franchise Expert in the UK Franchise Market.nnFor further information on franchising visit our Marketing Franchises section.
Source: http://www.thearticleshack.com
