Best Franchise Business Planning Tips

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The most well known franchise lenders have been saying, in recent British Franchise Association meetings that they have finance to lend to new franchise start-ups.

For the UK franchise sector this is very timely news. Many of the well know high street banks have confidence in franchise start-ups as historically, in excess of 90% of franchisees in the UK operate their business at a profit according to the British Franchise Association's national franchise survey.

Additionally, the banks are taking advantage of the Enterprise Finance Guarantee Scheme. The Enterprise Finance Guarantee scheme is there to provide government underwriting of funding for small business development up to ?1million.

When looking for finance from a bank to fund a franchise you should have a carefully thought out and well written franchise development plan. Every franchise development plan submitted to the finance lenders for business development funding needs to contain at least the following:

1. Careful background research of the franchise that you have chosen
2. That you have understood and concur with the franchise contract
3. Local market research outlining the need for the services of the franchise in that locality
4. Local competitor analysis and the affect on profit and sales predictions
5. Declaration of available capital available for investment
6. Detail of any assets which can be used as loan security
7. A good credit history with no CCJ's
8. A commitment to follow the franchisor's proven system
9. Support of your family members in you starting up your franchise business
10. The bank recognises your choice of franchise as efficient and profitable from its own findings

In view of the above the lender will decide the borrowings it will lend to the business builder.

To assist with your business planning, visit the online business sections of some of the popular high street banks as many will supply free software to assist in building your business development plan correctly, helping you layout the essential information that the lender will need to properly understand your plan and make a lending decision.

Article Source: http://depositarticles.com/

Nick Strong is Managing Director of SelectYourFranchise.com and is one of the leading experts to the Franchise Market in the UK. For further information on franchising visit our Cleaning Franchises section.

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