Franchise Business Plan: How Do I Create One?
Are you considering partnering with Premium Service Brands (PSB) to debut a business in the home services industry? Make your own franchise business plan with our guide, including the different elements to include and how to structure it.
A Roadmap for Success
PSB franchises nine home services brands, including House Doctors, The Grout Medic, 360° Painting, and Maid Right. We’ve helped countless entrepreneurs chart a new course and understand the planning it takes to be successful.
A business plan serves as a roadmap for your entrepreneurial journey and provides a detailed understanding of the business objectives, strategies, and financial projections. It’s typically based on the proven model of one of the seasoned franchises in our system. If you need to secure funding from investors or lenders to start your franchise, a well-structured business plan is crucial to demonstrate the viability of your business idea and it showcases your commitment to the brand.
While a franchise plan shares similarities with a traditional business plan, some key differences exist. A franchise plan includes details about the specific franchise you are purchasing, our history, support, and the terms of the franchise agreement. Since franchises are based on a proven business model, certain elements may be standardized to simplify the process. Plans often include detailed marketing and branding strategies that align with our overall marketing approach. They also outline the training and ongoing support we provide.
There isn't a one-size-fits-all template. When creating your plan, make sure to tailor it to your unique location, market, and business goals. Seek advice from professionals, such as accountants or business advisors, to ensure accuracy in your financial projections. A well-prepared business plan can significantly increase your chances of success.
Business Plan Details
Let’s unravel the finer details of a franchise business plan.
- Executive summary: A brief overview of the franchise opportunity, your goals, and the critical points of the business plan.
- Franchise overview: Details about the franchise brand, its history, products or services, target market, and competitive advantages.
- Franchise agreement: A summary of the terms and conditions of the franchise agreement, including fees and royalties.
- Market analysis: Details on the target market, industry trends, and competitors to demonstrate the viability of the business.
- Marketing and sales strategy: A plan for promoting and advertising the franchise, attracting customers, and driving sales.
- Operations plan: Information about the day-to-day operations of the franchise, including staffing, location, and supply chain management.
- Financial projections: Detailed financial forecasts, including income statements, balance sheets, and cash flow projections.
- Implementation timeline: A timeline for launching and growing the franchise, along with key milestones.
- Management team: An overview of the management team's background and their roles in the franchise.
PSB: A Franchise Leader in Home Services
PSB has the business plan knowledge, tools, and experience you need to launch a successful franchise business.
High home equity and a focus on work-life balance is propelling the home services industry to new heights. Harried homeowners are outsourcing home services tasks to focus on health, wellness, and family.At least 92% of Americans prioritize self-care to improve health and mental well-being, according to a survey conducted by Within Health. As property values skyrocket and housing prices rise, many homeowners are tapping into home equity to revamp existing spaces versus upgrading to a new home. The average American household completed an average of 12.5 home projects in 2022, according to Angi.
We cultivate a passion for home services work and view customer service as a way of life. You can get started pursuing your dreams for an initial investment ranging from $45,075 to $147,000, which includes our franchise fee. Our franchisees receive the tools, training, and ongoing support they need to provide time-saving services in the communities they serve.
To learn more about PSB and how to craft a comprehensive business plan, connect with a franchise business consultant from our team. Get started today!