Even though many responsibilities are required of an entrepreneur when they purchase a franchise, there are still some important small business tasks that must be carried out. Unlike designing a store, marketing it aggressively and creating an image for it, drafting a business plan is an important step for any potential franchisee.

Franchisors may not require a future small business owner to create a detailed business plan, but it is nonetheless a good idea. Creating a written financial strategy givesfranchisees the confidence to see their ideas made into reality, and provides important guidelines to follow when they eventually get to be in charge of a franchise location. Consider the following parts as essential elements of any written outline.

Market analysis
The level of detail that's required in a business plan's market analysis isn't set in stone. Of course, the more information that's present, the better. However, many small business owners aren't research experts themselves, so this section can be done casually or professionally. At the very least, a franchisee-in-waiting should attempt to understand the area they wish to do business in. Online research can yield a great deal of demographic information about local people's incomes, habits and tastes, but nothing beats actually spending time in the area. Note what businesses are popular with what sorts of people and why.

A plan that's as simple as "make $250,000 in the first year" is a strategy, but it isn't a very good one. Potential entrepreneurs need to be able to consider all the costs that go into owning a franchise. These can usually be obtained in a franchise agreement or literature that franchisors provide. However, the franchisee will need to understand how to realize them.

Web plan
Most franchisors are responsible for marketing and online efforts, but some franchisees may be able to take matters into their own hands. This may even include running a separate website for a certain location, or at least managing the local portal for a national chain. Find out from a franchisor what the level of influence that can be exerted on a company's web presence can be, and find a way to work within it accordingly. Small businesses in particular can thrive by using search engine optimization, inbound marketing, promotional products and in particular, social media.

About Liberty Tax Service
Liberty Tax Service is the fastest-growing retail tax preparation company in the industry’s history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service has prepared over 8,000,000 individual income tax returns. With 42 years of tax industry experience, Hewitt stands as the most experienced CEO in the tax preparation business, having also founded Jackson Hewitt Tax Service.

Liberty Tax Service is the only tax franchise on the Forbes “Top 20 Franchises to Start,” and ranks #1 of the tax franchises on the Entrepreneur “Franchise 500.” Each office provides computerized income tax preparation, electronic filing, and online filing through eSmart Tax.