Effective communication begins with identifying your primary audience and adapting your message to your audience’s needs. This is particularly true for business plans. One of the primary reasons for writing a business plan is to obtain financing. With that in mind, what do you think are the most important things investors will want to know? How can you convince them that the information you are providing is accurate? What should you assume investors know about your specific business or industry?
Building Your Team Skills
The questions shown in Exhibit 6.7 cover major legal issues you should explore before investing money in a franchise. In addition, however, there are many more questions you should ask in the process of deciding whether to buy a particular franchise. With your team, think about how to investigate the possibility of buying a Papa John’s franchise. Go to www.papajohns .com and find the information the company provides about franchising opportunities. First, brainstorm with your team a plan to learn more about the potential positives and negatives of buying a Papa John’s franchise. Be sure to consider both regular and nontraditional franchises, as the company calls them. Next, generate a list of at least 10 questions an interested buyer should ask about this potential business opportunity. Choose a spokesperson to present your team’s ideas to the class. After all the teams have reported, hold a class discussion to analyze the lists of questions generated by all the teams. Which questions were on most teams’ lists? Why do you think those questions are so important? Can your class think of any additional questions that were not on any team’s list but seem important?
Developing Your Research Skills
Scan issues of print or online editions of business journals or newspapers for articles describing problems or opportunities faced by small businesses in the United States. Clip or copy three or more articles that interest you and then answer the following questions.
1. What problem or opportunity does each article present? Is it an issue faced by many businesses, or is it specific to one industry or region?
2. What could a potential small-business owner learn about the risks and rewards of business ownership from reading these articles?
3. How might these articles affect someone who is thinking about starting a small business?