A franchise is an established, proven business. Can you just do what the national chain tells you to do? Should I develop my own business plan?

Yes! This is your business, you run it!  

In fact, you need a great business plan. Doing all the working up front means planning for your success.

“Owning a franchise reduces your risk, but it doesn’t eliminate it,” said Scott Lehr, who has been with International Franchise Association for 25 years.

Here are three reasons why you should start writing your business plan now:

1. It serves as your blueprint. All businesses need a business plan, even franchises. In fact, having one is even more beneficial to you than to anyone else. It will help you make sure you don’t skip any important steps along the way and identify potential problems before they trip you up. A business plan can also help you clarify your goals and prepare for how you will meet them. When done well, it will help identify major components of how you will attract customers to generate cash flow based on your geographic location, demographics, competitors and other important factors.

2. It helps raise capital. Franchisees looking for investments or small business loans will need to show that they have given sufficient thought to establishing, managing and growing the business. Investing the time and effort in writing a great business plan shows you and potential investors and lenders that starting your business is not a whim.

3. It is like a resume to franchisors and may be required when applying for an opportunity. When written well, a resume can show you and potential employers that you have invested the time and effort to amass the skills and experience needed to do a job. Likewise, a well-written business plan can show that you have invested time, thought and energy in planning for your success as a franchisee. It is also an opportunity to receive feedback about additional business matters you should think about or give more thought to.

“It is a good idea to go into a business with your eyes wide open about the money, time and expertise required to run it, so you can plan for having the resources,” said Lehr. “Your business plan will help you do just that.”

For more information about the International Franchise Association, please visit www.franchise.org