{"id":10805,"date":"2022-07-05T13:56:04","date_gmt":"2022-07-05T17:56:04","guid":{"rendered":"https:\/\/www.franchisegator.com\/articles\/?p=10805"},"modified":"2022-08-04T17:13:43","modified_gmt":"2022-08-04T21:13:43","slug":"how-write-startup-business-plan","status":"publish","type":"post","link":"https:\/\/www.franchisegator.com\/articles\/how-write-startup-business-plan\/","title":{"rendered":"How Do I Write a Startup Business Plan?"},"content":{"rendered":"<p><a href=\"https:\/\/www.franchisegator.com\/info\/business-plan\/\"><span style=\"font-weight: 400;\">Making a business plan<\/span><\/a><span style=\"font-weight: 400;\"> is one of the most important things you can do in the early days of your business. A business plan can help you stay focused on your most important tasks and services, and it can also provide a snapshot of your business to lenders and business associates. If you\u2019re <\/span><a href=\"https:\/\/www.franchisegator.com\/info\/starting-business\/\"><span style=\"font-weight: 400;\">starting a business<\/span><\/a><span style=\"font-weight: 400;\">, this guide will help you write a startup business plan.<\/span><\/p>\n<p><b>Identify Key Partnerships<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Start by taking inventory of the other businesses or services that will contribute to the operation of your business. This can include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Suppliers and vendors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Equipment manufacturers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Subcontractors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Franchisors\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This last relationship may be particularly important, as franchise operators will rely heavily on the guidance and support that a well-established company can provide.<\/span><\/p>\n<p><b>Determine Your Key Activities<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In what ways will your business achieve an edge over the competition? You can use this section to create a list of your core business activities. This might involve things like retail sales and more advanced features, such as using apps or other tools to enhance the customer experience.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re a franchise owner, the parent company can provide an overview of its key activities to help you articulate your core processes. This can also help you prioritize certain tasks to operate more efficiently.<\/span><\/p>\n<p><b>Pinpoint Your Key Resources<\/b><\/p>\n<p><span style=\"font-weight: 400;\">What sort of resources does your business have that can create value for your customers? This might include your financial capital, but it also extends to intellectual property.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the greatest resources you have at your disposal is a well-established brand built by the franchisor. If you\u2019re starting a business as a franchise, your company is already a household name. This gives you instant recognition and an established customer base.<\/span><\/p>\n<p><b>State Your Value Proposition<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In this section, you\u2019ll make a clear statement about the unique value that your company brings to the market or your local area. Be specific. Identify the things that set your business apart from others in your industry or community.<\/span><\/p>\n<p><b>Describe Your Customer Relationships<\/b><\/p>\n<p><span style=\"font-weight: 400;\">How will customers interact with your business? Will your company be primarily web-based, or will there be a regular, human touch?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For franchise operators, this can be huge. Customers may already come to your store or restaurant with expectations regarding customer service. You\u2019ll need to carefully plan out the customer journey to ensure a frictionless progression and maintain repeat clients.<\/span><\/p>\n<p><b>Name Your Customer Segments<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Who is your target market? Is there a particular demographic you\u2019re seeking to reach? Determining your target market can be important for marketing your business, so it\u2019s good to clarify this early on.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Franchisees may be able to adapt research provided by the franchising company, which may already have a particular customer segment in mind.<\/span><\/p>\n<p><b>Specify Your Customer Channels<\/b><\/p>\n<p><span style=\"font-weight: 400;\">When making a business plan, you\u2019ll need to determine the best way to communicate with your customers. For most nationwide franchises, this involves a broad mixture of channels, and communication styles are always evolving.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before starting a business as a franchise owner, determine which channels your business will focus on and learn how you can adapt to these communication tools.<\/span><\/p>\n<p><b>Count Your Costs<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The next section should include your cost structure. What is your strategy for reducing cost and\/or increasing value? List out some of the highest costs and most significant challenges you\u2019re likely to face while operating your business or franchise.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s also helpful to strategize ways you\u2019ll meet these challenges. You might talk about funding needs in this section, which can help you assess your future financial strategy.<\/span><\/p>\n<p><b>List Your Revenue Streams<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The final step to making a business plan involves a list of how you\u2019ll make money. This can include direct sales, membership or loyalty programs, and more. For restaurant owners, you may want to distinguish between dine-in, drive-thru, delivery, and carry-out customers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Again, some of these streams may be set by your franchisor. When starting a business, you may have fewer revenue streams than you do later on, as companies tend to evolve and adapt to technological and economic trends.<\/span><\/p>\n<p><b>Are There Franchise Opportunities Near Me?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Franchising gives you the freedom to set out on your own, but it also provides the security of partnering with a company that has a known track record. Franchising can make it easier to draft a startup business plan, and it can streamline other aspects of the startup process as well.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Why not get started today? Use the <a href=\"https:\/\/www.franchisegator.com\/franchise-listings.php\">franchise locator<\/a> on Franchise Gator to find opportunities in your area and discover what you can gain from the world of franchising.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Making a business plan is one of the most important things you can do in the early days of your business. A business plan can help you stay focused on your most important tasks and services, and it can also provide a snapshot of your business to lenders and business associates. If you\u2019re starting a <a href=\"https:\/\/www.franchisegator.com\/articles\/how-write-startup-business-plan\/\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  How Do I Write a Startup Business Plan?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":10809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,29],"tags":[],"class_list":["post-10805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-franchise-experts","category-how-do-i"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Do I Write a Startup Business Plan? - Franchising Blog<\/title>\n<meta name=\"description\" content=\"Making a business plan is one of the most important things to do when you start a business. But what goes into it? 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