Do I still need a business plan if I want to buy a franchise?

Yes you do.

While you don’t need to have some elements of a business plan that a start-up would, it’s still a formal statement showing the franchisors and the bank you’ll be getting finance from, that you have sufficient business knowledge to run a franchise successfully.

It shows your business goals, reasons for believing these goals are attainable, and how each of these goals are going to be reached.  It shows that you’ve done your research into the viability of a particular brand in your area in terms of demographics, and whether it’s financially viable.

Franchise Zone
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Franchise Zone is published by Entrepreneur Media SA. It offers advice and franchising opportunities in South Africa.

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