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Top 5 Tips When Buying a Franchise – No. 5 – Prepare your business plan

Your business plan is a key part of your overall assessment of the business opportunity. It’s your chance to challenge yourself and be challenged by others. Be sure to put sufficient time and effort into developing this document and the associated projections as it will be your yardstick for evaluating future performance. Most Franchisors will provide you with a templated P&L and cash flow forecasts which are tailored to their business; but it is for you to test projections yourself. Benchmark these against information available from your Franchisor in terms of what has been previously achieved in a similar franchise. If you're not confident in finance and accounting, preparation of this plan can be outsourced, but make sure you understand it, as you will be questioned on it by the Franchisor and by others such as a bank that may be providing finance.

These top five tips will help you make a good start and ensure that you treat the purchase of your franchise business both seriously and professionally.

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