Fit for finance: Cathryn Hayes on how to make sure your franchise finance application is successful.(Franchise Advice)

Choosing the right type of finance is important. For those starting up a business, the prospect of compiling a business plan can be daunting. It should not, however, be an intimidating process and a good business plan is a route map to future success, as well as helping to secure finance and support. Your franchisor will probably help with this, but you need to ensure that you understand the figures and 'own' the business plan.

A good business plan will contain the following:

* Summary of business description - details of the franchise being purchased and the financial needs.

* Market analysis and product/service - research and identify local competition …