If you’re looking to start a business, the thought of developing a business plan might seem daunting. Some even question the value of spending time on a business plan — especially when an accountant can determine what your business requires to be financially viable. The truth is, a business plan can be a straightforward document to prepare, and by going beyond the basic financial information, it can be your blueprint for franchise success.

One of the purposes of a business plan is to get your new franchise financed; however, it does much more. Your first step in developing a business plan is to answer basic questions that isolate your true goals. These include: ‘why am I interested in owning my own business?’ ‘what are my personal objectives?’ and ‘what motivates me?’ You might also ask ‘what level of risk am I prepared to take?’

In this article, you'll learn about:

• What is a business plan
• What does a business plan look like
• Who reads your business plan
• What to include in your business plan
• Understanding the risks
• How to obtain financing
• Maintaining your plan
• What if you’re turned down