Firehouse Subs business plans, like all franchise documents, need to be prepared and presented in a certain way in order to be seriously considered for approval and/or start-up funding. Like with the better-known Subway franchise, there is a set list of menu items (subs by type, chips, sodas, etc.) and services (counter service/dine-in, take-out, catering) that need to be broken out and described. Photos can help your plan along, though they are not required by the franchisor. In preparing a plan for Firehouse Subs, you should first contact the corporate parent and request the UFOC and all supporting application materials for a prospective franchisee. Then it's on to the plan! The tough parts are the market analysis and the financials:
• Who are the leading competitors, where are they, and what market share do they have?
• What is the target market like for you regionally, and what needs do you fulfill?
• Can you provide data/metrics for this industry over the past 2-3 years?
• How will the start-up funds be spent?
• How many customers can you service per day?
• When might break-even occur?
The business plan for a Firehouse Subs franchise should include a complete pro forma financial model. This means showing no fewer than 3 years (and typically a 5 year model is better) of projections for your revenue, staffing, and expenses. Tables include the P&L, cash flow, balance sheet, personnel plan (with hiring timelines), and a sensitivity analysis. The corporate parent will want to see your business milestones laid out clearly, so pay attention to what a current franchise location does and make sure to talk to people who are already in the business. If you want to turn to the experts on this one, call MasterPlans. Since 2002 we have been writing business plans, fully customized, for clients in the franchising arena. Call 877-453-2011 now!
