Develop a strategic plan. The plan will be developed by your individual teams and will have an executive summary submitted with the strategic plan. There is no example of the executive summary or strategic plan because I do not want to limit your potential of developing any great ideas. There is no predetermined length of the strategic plan but it must have all the information needed to ensure the plan can be executed. The strategic plan will be based on purchasing a franchise in Charleston, SC (zip code 29401 or 29403). Your franchise must be in this area code. Your team will determine what franchise to purchase and develop the strategic plan ensuring all avenues are researched well. This would involve items such as:
Do we rent or purchase real estate? It needs to be a real building for sale or rent in these zip codes.
How much are taxes?
Are permits required?
What is the competition?
What opportunities are there for this franchise to expand?
What are the startup costs and initial investment?
Training Costs, disability, PPE, vehicles, insurance and so on.
What is the ROI expected within the first year?
DO you need to use the historic society for renovations?
All external, internal analysis and many more tools should be used, i.e. SWOT analysis.
There are many, many more questions that must be answered but these questions will get you headed in the right direction. Ensure you prioritize your strategic plan to areas that need to be addressed. What competitive advantage do you have over other franchises in the areas? Are there a lot of students in the area that prefer Jimmy John’s over McAlister’s because of the price? DO NOT GET STUCK GOING DOWN A RABBIT HOLE! Think big picture as an investment. Look at other franchises that are successful in the area.
There are so many questions that need to be thought of and put into a strategic plan on how to ensure success. Again, the strategic plan will be developed by your team and accompanied by an executive summary. There are peer reviews due along the way to ensure everyone is doing their part. These peer review count towards each individuals grade towards the project. There are 6 teams fighting for the investment opportunity. Think as if you are working at a firm that will get a contract if your proposal impresses the investor and you are competing against the other five firms for the contract. Your firm only gets paid if you win the contract.
What questions would you want answered if you were to start this franchise? Startup costs? Insurance?