When you're wanting to buy a franchise, just as with any other business, you need to have a finely crafted business plan. The reasons for this are pretty clear cut, firstly, with any start up, you're going to need to have the business plan to obtain the funding you need. But also, drafting out a complete business plan and being able to have the set goals in mind prior to can often make or break you in any business- and franchising is definitely no different.

The parts of your business plan should include the following:

• Mission Statement: This is where you're going to go into what your ideas, goals and not only goes into your way of doing things, but the franchisor's as well. This will entail management of resources, employees, products, vendors and often if you plan on having any community involvement as well.

• Business Structure: simply put this is your business history, any debts, all the ins and outs of your business down to how you plan to set up management.

• Industry Analysis: in the industry analysis portion of your business plan, this is where you are putting your best foot forward. Making projections about profits, growth rates and prospects.

• Market Analysis: In this section, you'll go into your specific location, your competition, customers and other factors that can impact the business itself.

• Operations: details how you plan to handle hiring, the day to day running of your business, and procedure in which you conduct business in general.

• Marketing Plan: this is where you're going to need to work with your fanchisor on the way that they have already set about marketing their product or service. Generally speaking, franchisors already have this in place.

• Business Management: if you have your staff already in mind or hired, this is where you would go into their qualifications and why they're going to help your business succeed as well as their benefits and pay. Also, if you plan on hiring, how you'll go about doing that, and the number of staff, and day to day business management again.

• Financing: You will need to have a three year projection here for profits and losses, but also, information on what sort of capital you already have to invest.

• Appendix: Any documents that you feel back up your claims, you'll have in this portion of your business plan.

Sometimes, it is a little intimidating looking at these lists- but the truth is, if you take it a part at a time, not only can you craft a business plan that wows the financiers, you can also look at your own ideas and how they match up with what your franchisor has to offer you and have a better sense of your own stake and control in the business. Your franchisor will typically go over this with you and help you to better fine tune it, as well as your own attorney or accountant. Together, you can all help to create a business plan that works for you.