Global Expansion

Abstract

Exploring the elements of a business plan, why a business plan is needed is very important to the business owner today. Writing a business plan is the key to an entrepreneur success, without one, the entrepreneur will be unable to borrow the necessary financing needed to expand or buy a franchise.

Global Expansion

A business plan is an essential component of any fund raising process; it reflects your business and the major selling points of your ideas, strategy, and team. Having an objective plan to raise money is a long process, and does not show any details of your operating plans. There is a purpose for a business plan; it helps to generate enough interest to a prospective investor that may want to meet with you. You must have a body of the plan that goes into greater detail: Management, Market, Product, and Finance, providing a background of all key management members, and explaining what you know, and writing and Executive Summary that is short, to the point and complete (Writing a Business Plan, 2011).

When you think of reasons for your company's success, you may come up with some unique characteristics that your competitors may not be able to duplicate. Many find drafting a business plan offensive; something that can be offensive and frustrating, something that most business associates equate with a start-up company, and not with a company that is looking to grow (Why Plan Your Business?, 2003).

One of the hardest parts of starting a business plan is the honesty of determining your current position in the market. You have to consider the type of business you are in, have a niche that is planned for your business, and you must analyze your product and your competitors products, to see which one is better (Why Plan Your Business? 2003).

If you are considering a new investment, ask yourself a million questions before getting started. You need to know what the best business model for your business is, the start-up cost, how to finance your investment, and how much money can the franchise make (5 Steps to Getting Started in Finding the Right Franchise, 2011).

You should consider setting your priorities for buying a franchise- This helps to narrow down your focus. You should explore your options after you have assembled a list of franchises, by going through a detailed question and answer before meeting with Headquarter corporate staff. Go into details by reviewing the franchise profiles; speak with their representative; this will help you cut down on your list of potential franchises. Speaking with any current or former franchise owners; ask questions that are relevant to training, and ongoing support. Always make it a point to visit a franchise location and any competitors in the area, to gage how well the franchise is doing.

Always remember, you will not know everything about the company you may be getting involved in, it is unrealistic for you to know everything.

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