Honeybees’ basic strategy is to maximise return over a broad geographic area and extended time horizon. Bees have to assess their environment at all times and be prepared to adapt depending on the weather conditions, the time of the year, the type of flowers and the competition for nectar with birds and other insects. Bees are heavily invested in research and development, constantly on the lookout for the next best thing while taking in revenues from the current sources. Scout bees monitor the number of sites at any given time to ensure they will be the most profitable
So, you have made your decision on the Franchise you want to be running, you have had initial contact now is time to take this enquiry to the next level. At this point, the franchisor should ask you to sign a Non-Disclosure Agreement (NDA). Once you have signed the agreement the Franchisor will send you the next stage pack which should contains extensive information about the franchise, including the history of the Directors, any litigation the company has experienced, the names and contact information for the current franchisees, a template of the Financial Projection and a template of a Business Plan.
You will be asked to then complete both of the documents, so it’s time to put your business hat on and following the template create your own business plan and financial plan.