Plan, plan, plan: how do you write a business plan? What should it include? Lloyds TSB's Richard Holden explains.(Advice)

Planning and organisation are crucial in the early stages of setting up a new franchise business. You have a far higher chance of success if you take the time to prepare a business plan. Before you contemplate putting time, money and effort into a new enterprise, weigh up the pros and cons on a personal level. Be clear about your goals, your strengths and weaknesses, and why you'd rather set up your own business than work for someone else. Ask yourself: Are you suited to franchising?

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Consider what the local market needs, then look whether there is sufficient demand for you to build a successful business. You can get a good overall picture of your market using …