Franchising allows a business to operate under the name and brand of an existing business, and sell their products or services.
If you think franchising could be for you, read our Franchising business topic.
Read our Valuing a business page to help determine methods of valuation before purchasing an established business.
To help you determine a fair price, seek advice from a solicitor, accountant or business advisor.
A business plan for existing company should include a financial plan and high-level strategy with clearly assigned priorities, specific responsibilities, deadlines and milestones.
Business plans are not only meant for new businesses.
Existing businesses are often more credible to investors because much of the financial data in the business plan has already been proven accurate. Include sections on explaining your business, growth strategy, environment and competition, target market and marketing, operations, finances, and an executive summary. This is a one-page explanation of who you are, what your business is about, where you're located, your offices and so on.
In this section, spell out the management structure and give bios of the principals and any particularly impressive members of the Board of Advisers.
Evangeline Marzec is a management consultant to small high-tech companies, and has been in the video games industry since 2004.
As a published writer since 1998, she has contributed articles and short stories to web and print media, including e How and Timewinder.