The National Franchise Exhibition
1 & 2 October 2010, NEC, Birmingham
Business Plan Clinic
Sponsored by Lloyds TSB, the Business Plan Clinic offers you the opportunity to have all your funding queries answered, and to learn all you need to know about securing funding.
Finance maybe required to help set up the business. It is important that you are realistic in your expectations and have considered the amount and source of your own capital commitment. Banks generally expect a personal commitment from a customer of around 50 per cent of the start up costs. However for well established franchise systems Banks may consider financing up to 70 per cent of the total set up costs including any working capital requirement.
There is truth in the old saying, ‘If you fail to plan, you plan to fail’, especially when you’re starting a new business. People who understand the benefits of business planning are much more likely to be successful than those who react to day to day issues and stagger from one crisis to another. Business planning is not a simple matter of scribbling down a few ideas. If a franchisee is going to make their plan work, a much more thorough approach must be adopted. Banks can provide a template which will help you construct a strong business plan.
A business plan is a useful tool to help gather thoughts and to set objectives for the business. Lenders will want the franchisee to demonstrate that they have a good understanding of the business and its financial requirements. When considering the financial aspects of the business plan it is best to build in a contingency of at least six months and preferably twelve months expenditure in case the business takes longer than anticipated to get off the ground. The lender will ask questions about the plan, so it is important that the applicant will be able to answer these confidently. They may ask for some form of security to cover the amount that they are prepared to lend.
A business plan is a working document against which the businesses performance can be measured. The planning process will help the franchisee get to grips with their business and set clear objectives. Naturally as the business develops the plan should be revised and updated.
Financial consultants and representatives from the Lloyds TSB's franchising department will be on hand to offer expert advice and guidance on both 1 & 2 October at The National Franchise Exhibition.
If you are interested in meeting with Lloyds TSB please complete the form below, stating which approximate time you would prefer. Please note: spaces are limited and on a first come first served basis. We will contact you in due course to confirm your appointment.
