"The growth of your business is directly related to your own personal growth."~ Jeffrey Summers, Founder|Principal Summers Hospitality Group
A business plan should consist of nine phases:
- Concept Overview
- Economic Overview
- Site Analysis
- Competitive Analysis
- Marketing Plan
- Capital Expenditures
- Financial Projections
- Proposed Menus
- Management Biographies
However, franchisees and franchisors who have not conducted adequate planning and preparation have been known to go bankrupt or work on a marginal basis as well.
The only way an entrepreneur, whether they are building and creating their own business or buying a franchise unit, can clearly understand what lies ahead financially is to conduct a detailed business plan. If you have the fortitude to develop a business plan and to honestly interpret the outcomes, you will have a far better understanding of your opportunity to succeed as an independent operator or franchisee. In addition, if you can successfully get through the grueling task of developing a business plan, you will likely succeed.
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