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Amway Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their Amway companies.

If you’re unfamiliar with creating an Amway business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a Amway business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your Amway business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start an Amway business or grow your existing Amway network, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your Amway business to improve your chances of success. Your Amway business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Amway Businesses

With regard to funding, the main sources of funding for an Amway business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for Amway companies.

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How to write a business plan for an amway business.

If you want to start an Amway business or expand your current Amway business, you need a business plan. The guide below details the necessary information for how to write each essential component of your Amway business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of Amway business you are running and the status. For example, are you a startup, do you have an Amway business that you would like to grow, or are you operating Amway businesses in more than one state?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the Amway industry.
• Discuss the type of Amway business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of Amway business you are operating.

For example, you might specialize in one of the following types of Amway businesses:

• Retail Sales Amway Business: In this type of Amway business, you will concentrate on retail sales to customers within your developing network.
• Leadership Team Development Business: If you are concentrating on developing leaders within Amway networks, your concentration will be on conferences, events, training materials and other forms of leadership training and communication.
• High Volume Amway Business: This type of Amway business is focused on high-volume network customers who buy in bulk in order to distribute to Amway business owners who have a lower-level volume of sales.
• Online Amway Business: Offering select Amway items that are available in an online-only format, this type of Amway Business has online customers and network growth via digital sales exclusively.

In addition to explaining the type of Amway business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of customers served, the amount of revenue during the past six months, opening a second Amway network, etc.
• Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the Amway industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the Amway industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your Amway business plan:

• How big is the Amway industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your Amway business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your Amway business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, families, corporations, medical distributors, and civic organizations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of Amway business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regard to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other Amway businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes warehouse store chains, grocery stores, mail-order companies, and wholesalers. You need to mention such competition, as well.

For each direct competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of Amway business are they?
• What is their pricing (premium, low, etc.)?
• What sets their business apart from others?
• What are their weaknesses?

With regard to the last two questions, think about your answers from the customers’ perspective. And, don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide options for volume discounts or special deliveries?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a Amway business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of Amway company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide Amway products with a 2-day delivery service for senior orders?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your Amway company. Document where your company is situated and mention how the site will impact your success. For example, is your Amway business located in a business district, a home office, or is it purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your Amway marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Reach out to websites
• Distribute direct mail pieces to your target audience
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) with target keywords on your website

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your Amway business, including answering calls, taking orders, planning and scheduling Amway deliveries, paying invoices, contacting customers, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to reach a high-level in the network , or when you hope to reach $X in revenue. It could also be when you expect to expand your Amway business to include additional Amway networks.

Management Team

To demonstrate your Amway business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing Amway businesses. If so, highlight this experience and expertise. But, also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing an Amway business or successfully running an Amway distributorship.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you serve 25 online customers per day, and/or offer special Amway volume sales with an online order? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your Amway business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit, but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a Amway business:

• Cost of inventory and related packaging
• Cost of furnishings or accessories
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, office supplies and equipment

Attach your full financial projections in the appendix of your plan, along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of friends and associates who are already lined up to buy Amway from your business.

Writing a business plan for your Amway business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the Amway industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful Amway business.

Amway Business Plan FAQs

What is the easiest way to complete my amway business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your Amway business plan.

Where Can I Download an Amway Business Plan PDF?

You can download our amway business plan PDF here. This is a business plan template you can use in PDF format.

How Do You Start an Amway Business?

Starting an Amway business is easy with these 14 steps:

• Choose the Name for Your Amway Business
• Create Your Amway Business Plan
• Choose the Legal Structure for Your Amway Business
• Secure Startup Funding for Your Amway Business (If Needed)
• Secure a Location for Your Business
• Register Your Amway Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Amway Business
• Buy or Lease the Right Amway Business Equipment
• Develop Your Amway Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Amway Business
• Open for Business

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Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to learn about Growthink’s business plan writing services .

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Buffalo Wild Wings Franchise Costs $3.6M (+ 2023 AUV & Profits)

• March 6, 2024

This article was updated with the 2023 Franchise Disclosure Document

With more than 1,200 locations across the globe , Buffalo Wild Wings is a popular franchise brand among both consumers and franchisees. The problem for the latter though might be its cost: you would need to invest on average $3.6 million to open a new Buffallo Wild Wings restaurant..!

That’s definitely much higher than the average investment required for similar restaurant franchises. So is this is really worth it?

In order to answer that question, we need to look at how much profits you can really generate with a Buffalo Wild Wings franchised restaurant.

In this article we’re looking into the latest Franchise Disclosure Document to find out how much profits you can make with this business, and whether you should invest in a Buffalo Wild Wings franchise. Let’s find out!

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About Buffalo Wild Wings

Buffalo Wild Wings is an American sports and entertainment-themed dining restaurant headquartered in Atlanta, Georgia. 

It serves the US, Mexico, Panama, India, United Arab Emirates, the Philippines, Saudi Arabia, and Canada. 

Buffalo Wild Wings was founded in 1982 in Columbus, Ohio, by James Disbrow and Scott Lowery and specializes in chicken wings, sandwiches, burgers, sauces, and beer. It began franchising in 1991, long before merging with Inspire Brand . 

Today, the sports bar brand has 1,258 locations spread across 50 US states and 10 other countries across the globe.

Buffalo Wild Wings franchise pros and cons

• Training : the franchisor offers a management training course to help new sports bar owners familiarize themselves with the business model. The in-restaurant training lasts 60-120 days . In addition, franchisees can expect 210 hours of on-the-job training and another 40 hours of classroom training. 
• Third-party financing: Buffalo Wild Wings does not offer direct or indirect financial support to its franchisees. However, its third-party affiliates can provide funding to cover the cost of equipment, startup costs, accounts receivable, payroll, and inventory. 
• Global presence : Buffalo Wild Wings is a leading casual dining restaurant, and its good reputation makes it easier for franchisees to tap into new markets. 
• An innovative menu : the combination of spiced chicken wings in different seasonings with beer and the sports-viewing thrill is unmatched. Also, the sauce varieties entice customers to keep coming back for more. This helps restaurant owners stand out from the competition. 
• Marketing planning and support : the franchisor provides detailed marketing support and promotional campaigns. These include social media management, ad templates, email marketing, regional advertising, national media, and website development. 
• Ongoing support : the parent company supports franchisees in every step of the business operation. This includes the grand opening, site selection, propriety software, field operations, security and safety procedures, and online support.
• No absentee ownership : the franchisor expects new restaurant owners to participate in the business’s daily operations. It’s almost impossible to pursue other investment opportunities if you own a Buffalo Wild Wings franchise. 
• Not a home-based franchise : franchisees can only operate their businesses from an active office or retail facility. 
• 40-60 employee requirement : this is the minimum number of employees to run the franchise business. 
• No exclusive territories : Buffalo Wild Wings does not give restaurant owners exclusive rights to operate their franchise businesses in the selected regions. You may face fierce competition from similar units and other restaurant chains like Applebee’s, Chili’s, and Wingstop. 
• The ambiance may not suit everyone : Buffalo Wild Wings is loved for its wings, beer, and sports combination. But the ambiance may not suit customers looking for a serene environment .

How much does a Buffalo Wild Wings franchise cost?

You need to invest around $3,651,000 to open a Buffalo Wild Wings Sports Bar.

The investment amount is an average for both freestanding and non-freestanding Sports Bars. Thus, the amount can change depending on the type of Sports Bar and other factors like location, size, etc. Although, the latest FDD shows that the difference is relatively low ($3.8 vs. $3.4 million).

The amount you would pay as investment covers a range of startup costs.

In addition to the initial franchise fee ($12,500-$25,000), the investment also covers costs like site approval fees, training fees, building costs, equipment, the first 3 months of working capital , etc. Here’s the full breakdown with low and high estimates:

What’s the AUV of a Buffalo Wild Wings franchise?

On average, a Buffalo Wild Wings franchise makes $3,306,000 in revenue per year (the “Average Unit Volume”).

This number is the annual median sales of 521 franchised Sports Bars operating in 2022.

As this is average, it can vary based on the type of sports bar you are willing to open. For example, an inline or end cap bar revenue is nearly the same, whereas, a free-standing bar revenue is slightly higher.

How profitable is a Buffalo Wild Wings franchise?

On average, a Buffalo Wild Wings franchise makes $554,000 in profits per year. This represents a 17% EBITDA margin. 

Note that Buffalo Wild Wings doesn’t provide any detailed information about the financial performance of its franchises in its latest Franchise Disclosure Document. Instead we had to make assumptions which we have summarized below.

Is a Buffalo Wild Wings franchise a good investment?

As we just saw, it costs on average $3.6 million to open a new Buffalo Wild Wings franchise. That’s significantly more than the average restaurant franchise.

So are the profits worth the $3.6 million price tag? Well, we think it does.

Indeed, we estimate Buffalo Wild Wings franchises have a 7 years payback. In other words, you would repay the $3.6 million within 7 years on average by using the profits generated by the business.

Disclaimer: This content has been made for informational and educational purposes only. We do not make any representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the information presented in the article. You should not construe any such information or other material as legal, tax, investment, financial, or other professional advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any franchises, securities, or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the franchise and/or securities laws of such jurisdiction.

All content in this article is information of a general nature and does not address the detailed circumstances of any particular individual or entity. Nothing in the article constitutes professional and/or financial and/or legal advice, nor does any information in the article constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content in this article before making any decisions based on such information or other content.

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Buffalo Wild Wings Franchise: 7 FAQs on its Profit Potential!

By henry sheykin, resources on buffalo wild wings franchisee.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan
• SWOT Analysis
• Business Model
• Marketing Plan

How much does it cost to open a Buffalo Wild Wings franchise?

Opening a franchise of any kind comes with significant investments and costs, and Buffalo Wild Wings is no exception. The cost of opening a Buffalo Wild Wings (BWW) franchise can vary depending on several factors, such as real estate, location, size, equipment, staffing, and other expenses.

According to the BWW franchise disclosure document, the average total investment to open a restaurant ranges between $1.6 million and $3.9 million. This investment includes several items such as:

• Franchise fee – BWW charges a one-time franchise fee of $50,000 for each restaurant that you open.
• Real estate – The cost of renting or purchasing a location can vary, but it typically ranges between $450,000 and $750,000.
• Construction – The cost of building a restaurant can vary depending on the size and location, but this expense can range between $500,000 and $1.5 million.
• Initial inventory – You will need to purchase initial inventory, including food, beverages, supplies, and other goods, which can cost between $70,000 and $120,000.
• Equipment and furnishings – This expense can range from $175,000 to $475,000 and includes kitchen equipment, furniture, and fixtures.
• Marketing – The cost of marketing, advertising, and promoting your restaurant can vary, but it is essential to invest in a proper marketing strategy to attract customers.
• Training and support – BWW offers training and support to franchisees to ensure they understand the business model and are prepared to run a successful restaurant.

It is essential to note that these costs are estimates, and the actual costs may vary based on many factors. As a potential franchisee, it is essential to conduct thorough research and create a detailed business plan that includes projected expenses and revenues.

Furthermore, to reduce the risk of investing in a new franchise, consider partnering with an experienced business consultant, such as a franchise lawyer or financial adviser, to help review the franchise agreement, understand the costs, and mitigate potential risks. Additionally, ensure that you have adequate funding to cover potential losses, such as marketing expenses and other operating costs.

In conclusion, opening a BWW franchise is a significant investment that requires dedication, hard work, and financial resources. By researching and understanding the costs involved, creating a detailed business plan, and seeking professional advice, you can increase your chances of successfully opening and operating a BWW franchise.

• Becoming a Buffalo Wild Wings franchisee requires financial stability, business experience, leadership skills, and a commitment to the brand.
• Successful franchisees also typically have excellent communication skills, strategic thinking abilities, flexibility, and the ability to adapt to changing circumstances.
• Buffalo Wild Wings offers comprehensive training to its franchisees, including pre-opening, on-site, and management training, as well as ongoing support.
• The term of a Buffalo Wild Wings franchise agreement typically ranges from 10 to 20 years, and potential franchisees should conduct thorough research before signing.
• Buffalo Wild Wings provides numerous support services to its franchisees, including training, site selection and lease negotiation, marketing and advertising, procurement, operations support, technology support, and financial assistance.
• As a franchisee, it is essential to take advantage of these resources and work closely with the franchisor to maximize the potential of your business.

What is the royalty fee for Buffalo Wild Wings franchise?

Buffalo Wild Wings is a popular American sports bar franchise that offers a variety of food and drinks to customers. To open a Buffalo Wild Wings franchise, one must first meet stringent criteria and pay a number of fees, including a royalty fee. A royalty fee is the amount of money a business owner must pay the franchisor for continued use of the company’s brand and services. The fee is generally paid on a monthly basis and is calculated as a percentage of the franchisee’s gross sales.

In the case of Buffalo Wild Wings, the royalty fee is 5% of the franchisee’s gross sales. This means that if a franchisee earns $50,000 in sales for a particular month, they would be required to pay a royalty fee of $2,500 to the company. While this may seem like a significant amount, it is important to keep in mind that this fee includes access to Buffalo Wild Wing’s established brand, marketing support, and ongoing training and support for the franchisee and their staff.

Franchisees must also be prepared to pay an initial franchise fee, which is the cost of obtaining the franchise rights. The initial fee for Buffalo Wild Wings varies, but it typically ranges from $40,000 to $80,000 depending on the size and location of the franchise. This fee covers the cost of initial training, site selection, construction or renovation, and other expenses associated with opening a new franchise location.

• Tip 1: Do your research

Before investing in a Buffalo Wild Wings franchise, it is important to do your research and ensure that it is the right fit for you. This includes learning more about the company’s history, operations, and franchise requirements.

• Tip 2: Plan for additional expenses

In addition to the initial franchise fee and ongoing royalty fees, franchisees should also plan for additional expenses such as rent, utilities, inventory, and advertising costs. It is important to create a realistic budget to avoid unexpected costs and financial strain.

• Tip 3: Take advantage of support and resources

Buffalo Wild Wings offers ongoing training and support to franchisees, including marketing and operational support. By taking advantage of these resources, franchisees can better position themselves for success and growth.

In conclusion, the royalty fee for a Buffalo Wild Wings franchise is 5% of the franchisee’s gross sales. While this may seem like a significant amount, it includes valuable resources and support from the company. Franchisees should carefully consider the initial investment and ongoing expenses before committing to a franchise, but with careful planning and support, a Buffalo Wild Wings franchise can be a successful and profitable venture.

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How Much Can You Make Owning a Buffalo Wild Wings Franchise?

Investing in a Buffalo Wild Wings franchise is a lucrative opportunity that can lead to significant profits. However, the amount of money you can make owning a Buffalo Wild Wings franchise can vary based on several factors, including location, size of the restaurant, competition, and operational costs.

According to Franchise Direct, the estimated initial investment for a Buffalo Wild Wings franchise ranges from $1.5 million to $4 million. This includes the franchise fee, real estate, equipment, inventory, and other startup costs.

Once the franchise is up and running, the success of the business depends on factors such as location, customer service, menu offerings, marketing strategies, and operational efficiency. A well-managed Buffalo Wild Wings franchise can easily generate millions of dollars in revenue each year.

For example, the Franchise Disclosure Document for 2018 shows that the average annual sales for a Buffalo Wild Wings restaurant were $3.8 million, with some locations generating revenue of up to $6 million per year.

However, it's important to note that operating costs such as rent, employee salaries, and food and beverage expenses can significantly impact profits. In addition, franchises are required to pay a 5% royalty fee and 4% advertising fee to Buffalo Wild Wings for using the brand and operating under their guidelines.

In order to maximize profits, franchise owners can implement strategies such as reducing overhead costs, increasing sales through effective marketing and promotions, and providing exceptional customer experiences to build a loyal customer base.

Tips for Owning a Successful Buffalo Wild Wings Franchise

• Location is crucial. Choose a location with high foot traffic and easy accessibility.
• Hire and train a skilled management team and staff who are dedicated to providing exceptional service.
• Offer a diverse menu with quality food and beverage options that cater to a variety of tastes and preferences.
• Create a welcoming atmosphere with a fun, sports-centric theme that appeals to customers.
• Implement cost-saving measures such as energy-efficient equipment and inventory management systems.
• Develop a strong marketing strategy that engages and attracts customers through social media, print advertising, and promotions.

Ultimately, owning a Buffalo Wild Wings franchise can be a lucrative and rewarding investment for entrepreneurs who are willing to put in the effort to create a successful business.

What qualifications do I need to become a Buffalo Wild Wings franchisee?

Becoming a Buffalo Wild Wings franchisee requires a variety of qualifications and experience. To start with, you need to have a good understanding of the restaurant industry and a passion for serving customers. Additionally, the company has set specific requirements for franchisees to meet.

• Financial Stability: You need to have a minimum net worth of $1.5 million and liquid assets of $750,000. This requirement ensures that you have the resources to invest in the restaurant and sustain its operations.
• Business Experience: Buffalo Wild Wings seeks franchisees who have owned or managed at least one multi-unit restaurant operation. This experience helps to ensure that you understand the complexities of running a restaurant business and can handle the challenges that come with it.
• Leadership Skills: As a franchisee, you will be responsible for managing a team of employees, overseeing day-to-day operations, and ensuring that the business is profitable. Therefore, strong leadership skills are essential for success.
• Commitment to the Brand: Buffalo Wild Wings wants to partner with franchisees who understand and are committed to the company's values, culture, and brand standards. This dedication ensures that the Buffalo Wild Wings experience remains consistent across all locations.

In addition to meeting the requirements mentioned above, successful franchisees also typically have excellent communication skills, strategic thinking abilities, flexibility, and the ability to adapt to changing circumstances.

Once you meet the qualifications and complete the company's application process, you will be considered for franchise ownership. If you are selected, the company will provide you with extensive training and ongoing support to help you start and operate your Buffalo Wild Wings franchise.

Is There Training Provided to Buffalo Wild Wings Franchisees?

Yes, Buffalo Wild Wings provides comprehensive training to its franchisees. The company offers both classroom and hands-on training programs to ensure that franchisees understand the business model, brand standards, and operations.

The training program is designed to help franchisees learn everything they need to know about running a successful Buffalo Wild Wings restaurant, including pre-opening training, management training, and ongoing support. Here are examples of training provided to franchisees:

• Pre-opening training: Before a franchisee's restaurant opens, the company offers three weeks of classroom training at their training center. During this time, franchisees learn about everything from menu to operations.
• On-site training: Once a restaurant is ready to open, Buffalo Wild Wings provides five weeks of hands-on training to its franchisees and employees. This training program covers everything from food preparation to customer service.
• Management training: For franchisees that will oversee multiple restaurants, the company offers additional management training. This program provides leadership development, operational training, and financial training to ensure that franchisees can effectively run and manage their restaurants.
• Ongoing support: Buffalo Wild Wings provides support to its franchisees even after their restaurants have opened. This includes access to a franchise support team, ongoing training and development programs, and a franchisee portal for managing operations and finances.

As a tip for new franchisees, it’s important to take advantage of all the training and support offered by Buffalo Wild Wings. The training programs are designed to help franchisees succeed, so be sure to ask questions and seek help when it’s needed. Additionally, attend training sessions with an open mind and be willing to learn new things to make your restaurant successful.

Term of a Buffalo Wild Wings Franchise Agreement

A franchise agreement is a legal document that grants the rights and obligations to operate a business model owned by a franchisor. Before investing in a franchise, it is important to understand the terms of the franchise agreement, including the term of the agreement.

The term of a Buffalo Wild Wings franchise agreement typically ranges from 10 to 20 years. However, the actual term may vary depending on various factors, including the location of the franchise, the size of the franchise, and the agreement between the franchisor and the franchisee.

For instance, a Buffalo Wild Wings franchise in a busy city center might have a shorter term compared to a franchise in a less busy area. Meanwhile, a franchisee that invests a large amount of capital in the business might have a longer term. Ultimately, the term of a Buffalo Wild Wings franchise agreement is negotiated between the franchisor and the franchisee based on the specific circumstances of the franchisee.

It is important to note that the term of a franchise agreement does not guarantee success in the business. Rather, the success of a franchise is determined by several factors, including the franchisee’s management skills, location, marketing strategies, and competition in the local market.

Before signing a franchise agreement, it is essential to understand the terms and conditions of the agreement, including the term of the agreement. It is also crucial to conduct thorough research on the franchisor and the local market to determine the potential for success in the business.

• Research the franchisor and its operations.
• Analyze the local market where you plan to establish the franchise.
• Seek assistance from a franchise attorney to review the franchise agreement.
• Conduct a financial analysis to determine the profitability of the franchise.
• Consider the ongoing support and training offered by the franchisor.

In conclusion, the term of a Buffalo Wild Wings franchise agreement is typically between 10 and 20 years. However, the actual term may vary based on various factors negotiated between the franchisor and the franchisee. Franchisees should conduct thorough research and seek professional assistance to ensure they fully understand the franchise agreement and the potential for success in the business.

What support does Buffalo Wild Wings offer to its franchisees?

Buffalo Wild Wings is a well-known restaurant brand famous for its buffalo wings, and it also has a successful franchise program. As a franchisor, the company provides numerous support services to its franchisees, including:

• Training and development: Buffalo Wild Wings offers an extensive training program for its franchisees, which includes classroom training on the company's operations, policies, and procedures. The training also covers food preparation, management, and customer service. The company provides ongoing support to franchisees through training updates, webinars, and conferences.
• Site selection and lease negotiation: Buffalo Wild Wings assists its franchisees with site selection and lease negotiation. The company uses a data-driven approach to help franchisees find the best locations for their restaurants. The company also has a team of experts who help franchisees negotiate favorable lease terms and conditions.
• Marketing and advertising: Buffalo Wild Wings has a robust marketing and advertising program for its franchisees. The company provides national campaigns, which ensures consistency in brand messaging across all locations. Additionally, the company provides its franchisees with access to the brand's marketing materials, including digital and print advertisements, social media content, and in-store signage.
• Procurement: Buffalo Wild Wings has a centralized procurement system in place to help franchisees with the purchasing process. This system enables franchisees to purchase goods and services at lower costs, thus improving their profitability.
• Operations support: Buffalo Wild Wings provides continuous support to its franchisees through operations manuals, operational checklists, and periodic inspections. The company also conducts regular audits to ensure that franchisees meet the company's standards and comply with the franchise agreements.
• Technology support: Buffalo Wild Wings has implemented various technologies to streamline its franchisees' operations, including point-of-sale systems, mobile ordering, and payment processing. The company also provides training on how to use these systems, as well as technical support when needed.
• Financial support: Finally, Buffalo Wild Wings offers financial support to its franchisees. The company provides financing assistance to help franchisees secure loans for their restaurants. The company also provides ongoing financial guidance to help franchisees improve their profitability through efficient operations and cost management.

In conclusion, Buffalo Wild Wings offers comprehensive support services to its franchisees, ranging from training and development to financial assistance. These services are designed to help franchisees succeed and maintain the consistency and quality of the brand. As a franchisee interested in partnering with Buffalo Wild Wings, it is essential to take advantage of these resources and work closely with the franchisor to maximize the potential of your business.

After reviewing the comprehensive training and support services provided by Buffalo Wild Wings to its franchisees, it is clear that investing in a franchise with this well-known restaurant brand can be a worthwhile investment. From pre-opening training to ongoing support, Buffalo Wild Wings offers its franchisees the tools necessary to succeed in the competitive restaurant industry. However, it is important for potential franchisees to conduct thorough research, seek professional assistance, and carefully review the franchise agreement to ensure they fully understand the investment and potential for success. With the right approach, a Buffalo Wild Wings franchise can provide a profitable and rewarding business opportunity.

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Strategic Plan and Presentation Buffalo Wild Wings, Business Plan Example

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Table of Contents

Executive Summary…………………………………………………………,,,………3

Company Background………………………………………………………,,,….….4

Mission…………………………………………………………………………,,,……,, 4

Vision……………………………………………………………………………,,,,…… 5

Environmental Scan…………………………………………………..…,,,, ……….6

External Factors…………………………………………….………………..……………6

Internal Factors……………………………………………….………………………………8

Organizational Strategy..…………………….……….……………… …….….10

Implementation Summary……………………………………….……………..…10

Functional Tactics……………………………………………………………………..….12

Key Success Factors ………………………………………………………………,……13

Projected Financials and Break Even Analysis ……………………………………………13

Risk Management Plan……………………………………………………………………..14

Conclusion…………………………………………………………………………….15

Executive Summary

Buffalo Wild Wings is one of the fastest growing sports bar food chains in the United States and Canada with over 900 locations and counting. Buffalo Wild Wings the place to go with family and friends to enjoy award winning wings and tasty sauces, with beer and drinks while watching the favorite sports team. Buffalo Wild Wings specializes not only in wings but offers a wide assortment on their menu of shrimp, wraps, chicken tenders, beefy burgers, and tasty salads. There also offer a full bar of favorite mixed drinks and beverages to quench any thirst. Buffalo Wild Wings offers the viewing pleasure of catching up on the latest sports from football games, basketball games, hockey, and other games and pay per view events on their popular screen TVs. Buffalo Wild Wings is not just another bar, it serves as a friendly restaurant to bring the family, friends, or yourself to enjoy a delicious meal.

Buffalo Wild Wings is a dominant market player ranked as the eighth largest restaurant in the U.S. by Technomic Inc. (Merrill, 2002). For 2012 total revenue increased 37.8% to $303.8 million. This strategic plan will examine the company’s vision and mission Statement in order to implement an expansion strategy to plan for growth to reach the target 1000 locations, and expand globally. It will include charts and analysis of external and internal factors, access the factors in the implementation plan that might affect the whole company. These steps are essential is testing the feasibility of the growth strategy for Buffalo Wild Wings.

Company Background

Buffalo Wild Wings is a chicken wing restaurant that opened in 1982 by Scott Lowery and Jim Disbrow (Merrill, 2002). Their main target was college students thus most of the restaurant’s chains were located near colleges. With time, growth being one of the goals of the chicken wing firm, they extended their target market to not only college students, but also to the people living in emergent suburban areas. The restaurant’s specialty in chicken wings and a sports bar has made it popular among males aged between 21-34 years. Close to, a decade after the first restaurant was up and running, the chicken wing business had grown and could boast of having seven more outlets (Merrill, 2002). However, the financial state of the chains of the restaurant was in jeopardy, which forced Jim Disbrow to employ Sally Smith as the chief financial officer to restore affairs back in order. Within two, years, she had managed to correct financial affairs in the chain of restaurants, and by 1996, the firm had added 60 more outlets to its name and was still showing signs of growth. The hundredth restaurant was established in 1999 and was seeking to merge with Frito-Lay to introduce potato chips (Merrill, 2002). Buffalo Wild Wings owns, franchises, and operates in over 900 locations across 49 states and Canada. There are currently out looking in 2013 to open up 100 more stores, 60 company operated, and 45 franchised. They recently announced a multi-year partnership with the NCAA gives us exclusive marketing and promotional opportunities and makes Buffalo Wild Wings the ‘Official Hangout’ of NCAA March Madness®. We’ll increase the presence and popularity of the Buffalo Wild Wings brand and look forward to achieving a successful year of the unit and net earnings growth.” (Buffalo Wild Wings, 2013)

Mission Statement

Buffalo Wild Wings has a unique market. The target market is people from the ages of 20 to 50. Buffalo Wild Wings Inc., owns, operates, and franchises restaurants, which take part in the made-to-order menu items. Part of Buffalo Wild Wings the mission is to WOW people every day. They are guest driven, team focused, community connected, and dedicated to excellence. They strive to wow our guest by achieving the highest level of satisfaction with high focus on friendly service, food, fun and great value. They also want to WOW their team members and employees by showing the same respect and positive encouragement. Their miss is to always show good citizenship by helping to make these communities’ better places to live, work, and grow. They will dedicate ourselves to excellence by returning our franchisees and stakeholders with outstanding, industry-leading financial results and superior performance.

Vision Statement

Buffalo Wild Wings vision is short and precise, their vision is to provide the ultimate social experience through restaurant brands worldwide. They plan to reach 1000 units by the end of 2013. The CEO’s vision for the future is for continual growth and future investments to make the company a success.

Value Statement

Buffalo Wild Wings follows a strict code of conducts and places value on their customers, employees, and franchise owners. Buffalo Wild Wings depends on the character of its team members and employees. Their character is a reflection out the company’s leadership values which includes attracting and recruiting quality, knowledgeable, honest people with leadership skills, and a passion for doing their best. Buffalo Wild Wings value their guests, co-workers and communities and strive to treat them with respect. (Code of Ethics, 2008)

Environment Scan

Internal Environment

There are several factors that contribute to the success or fail of a business as Buffalo Wild Wings continues its plan for future growth, it must take into account the internal environment of the company. Buffalo Wild Wings currently at the end of 2012 owned or franchised 891 Buffalo Wild Wings restaurants in North America, of which 381 were company-owned, and 510 were franchised.(Buffalo Wild Wings, 2013) Buffalo Wild Wings currently employs approximately 25,500 Team Members. With approximately 2,800 full-time and 22,300 part-time Team Members working in the company-owned restaurants and 400 Team Members based out of the home office or in field management positions. (Buffalo Wild Wings, 2013) The management of Buffalo Wild Wings include CEO Sally Smith and CFO Mary Twinem who both came on the scene in 1994, have helped lead a successful turnaround from where it once stood. Including implementing a standard point-of-sale management information system, and changing the layout and design of the company.

(Motley fool, 2013)

There at a financial advantage that continues to show through revenue of $ 1 billion, with system wide sales at $2.5 billion and net earnings of $57 million. 15% of company-owned and franchised. Sales of the company-owned restaurants, which represented 93% of total revenue in 2012. Food and nonalcoholic beverages accounted for 78% of restaurant sales. The remaining 22% of restaurant sales was from alcoholic beverages. The menu items with the highest sales volumes are traditional and boneless wings at 20% and 19%, respectively, of total restaurant sales.(Buffalo Wild Wings, 2013) The remaining revenues is from royalties and franchise fees received from our franchisees. Their debt-free capital structure is a primary factor of the company that puts at a high advantage over their competitors, who contain significant debt, As the company is becoming more efficient, the company‘s margins are expanding. The Return on Assets has been an average of 7.01% for the last few fiscal years. Buffalo Wild Wings success is also contributed to the growing success of their franchises.

The restaurant sales for company-owned and franchised restaurants are as follows (amounts in thousands):

Increases in comparable same-store sales are as follows (based on restaurants operating at least fifteen months):

With the overall demand for chicken wings at an all-time high, Buffalo Wild Wings has placed their self in a market that is in a competitive industry. Buffalo Wild Wings differentiates itself based of the quality, price-value relationship, and taste of the food. They create a friendly, family, and gaming environment that is unique to a sports bar. The atmosphere of all the restaurants include a place to view all the latest sporting events, a focus on exceptional guest experience, and compete primarily with local and regional sports bars and national casual dining and quick casual establishments, and modern open layout.

At Buffalo Wild Wings, has updated its technology by implementing a standard point-of-sale system in all of the company-owned restaurants which is integrated to their central offices through a secure, high-speed connection. The system works in accordance with their geographic layout in restaurants, allows Buffalo Wild Wings to appeal to families, drinkers, and sports viewers alike.

External Analysis

External factors are as influential as internal factors. Buffalo Wild Wings significant external factor is its reliance on chicken wings sales, they account for over 20% of revenue. Any disruption in the wing price or demand could negatively affect their revenue and sales. As the chart shows the prices of wings over the years.

As Buffalo Wild Wings must continue to explore other purchasing strategies to lessen the severity of cost increases and fluctuations. Like adding new food choices to the menu and keeping other costs down to account for the increase in price of wings. Wings affect the cost of sales percentage of chicken wings represented in terms of total restaurant sales. The market price for traditional wings reached its lowest price in 2011, and the price rose toward the end of 2012. The chart below illustrates the fluctuation in chicken wing prices from quarter to quarter in the last five years. (Buffalo Wild Wings Annual Report, 2013)

Competition is still an external factor, as entrance in to market is easy for an entrepreneur willing to put out the same layout and business format. It is then easy to acquire the same amount of customers by copying the same business and marketing strategy. There are in some direct completion with other restaurants such as Outback Steakhouse, Applebee’s. Cheesecake Factory and other sports type restaurants, however, they are still pulling in less revenue than them all, and BWW revenue growth is much stronger. However, in order to stay ahead of the competition they need to continue to add more choices to the menu, continue the customer loyalty relationship, and price strategy.

Global expansion is also an external factor that if not managed properly could be a weakness. Over expansion and under expansion of the company can be of no benefit whatsoever, especially with the restaurant facility. Expansion of the company has it is demerits for instance, due to its expansion it strains available resources hence can lead to standstill of activities and especially, challenges can arise in the management. If the company does not expand, it fails to take advantage of emerging markets. The essence of entry into emerging markets is that the outcome is reliant on the quality of products as the competitors are placed on an equal footing with a littler advantage over each other.

Organizational Strategies

Buffalo Wild Wings is a dominant market player ranked as the eighth largest restaurant in the U.S. by Technomic Inc. (Merrill, 2002). For the firm to realize growth, it needs to analyze its SWOT analysis and come up with strategies that will seek to minimize its threats, which are mostly external, and work on its weaknesses while taking advantage of its opportunities and maximizing on its strengths. Best value discipline, generic strategy, and grand strategy are several strategies options for Buffalo Wild Wings, however for the company to seek the expansion that they desire they must implement a growth strategy. With this strategy, Buffalo Wild Wings will help to tackle the threats of finding appropriate sites in new and existing markets. It must also acquire funds for constructing new restaurants that are conventional, and get more franchise locations.

Implementation Plan

The objectives and goals of Buffalo Wild Wings must be clear and concise. With the goal of reaching 1000 units domestically and global expansion in mind. The specific goals that need to be implemented include creating a substantial need to raise awareness of the restaurants in new markets through massive advertisements. This will put the firm at par with the competitors and in turn increase sales and consumer base (Smith, 2003).

Most importantly, Buffalo Wild Wings needs to recognize adequate number of appropriate new restaurant sites for it to endure the revenue growth rate it has achieved. It is notable that market acceptance in the new geographic regions may be slow hence interfering with the rate of returns. Product diversity is essential. It will create authenticity and originality in the established and new chains hence ensuring that no restaurant affects the other one in a negative way. Lastly, the restaurant chain should choose a way in which the implementation of the expansion strategy does not strain the company’s resources. This will help the firm to keep up with their competitors and increase the financial growth.

The key functional tactics that must be addresses in order to hire quality management, thorough background and referrals must be made to provide the necessary set of standards that are then applied through employee training. The plan of action is for the hiring and training to be handle by HR, HR to go over recommendations received from applicants, and provide new hires with orientation sessions. This goal is obtainable within the next year. The resource allocation used is the investments from the HR into the new employees that will eventually make good on the return of investment.

In order to compete in the market better the tactic of advertisement on television, word of mouth, and internet campaigns must be successfully implemented using the sources of social networks with the help of marketing executives. The plan of actions include, setting up a viral campaign on YouTube, crowdsourcing for an innovative marketing idea on Facebook, and buying celebrity endorsements. This goal is achievable with a six months deadlines, with milestone that of gaining international exposure. The resource allocation will also be taken from the marketing team for the benefit of the company. In order to locate more places for future locations the tactics of selecting locations based on selection criteria, select locations that they are able to obtain agreeable lease terms, and every site is located in a marketable site with the overview of the operating manager. The action plan includes gathering market data from local offices, scouting for locations with feedback from local residents. The deadline for this is within two years as more time is needed for careful evaluation. The resource allocation will be taken from planning time for operations manager to research sites and budget figures. The last functional tactic of to be able to utilize the company’s resources for expansion strategy by planning a schedule that is efficient and cost efficient. The plan of actions are to come up with budgeted income to account for new expansion and write up a plan for design and construction. This tasks will be delegated to the operations manager with the deadline of two years. The resource allocations to obtain this goal and meet the deadline is allocated from using the operations and project manager in developing blue prints for future layouts and budgets.

The key success factors are in line with obtaining the goals set in place for more customers, better management, more franchises, and better locations for growth. If these goals are achieved then the goal of 1000 units by the end of 2013 will be obtained. The goal for global expansion is within reach, but factors including hiring qualified mangers need to be successfully completed. Further illustrated for the future of Buffalo Wild Wings is a chart for future financials. All the objectives have been budgeted to meet the needs of the company, the company continues to do business and function in the way it has, and then the financial forecast will present the company’s predicted results for the upcoming year. The company recently took in $1 billion in revenue. Employee training and hiring for qualified management is already apart of Buffalo Wild Wings budget, for this goal an additional $500,000 to $1 million operating expenses to pay for HR time and salaries, new training hours, utility bills, and research. For advertisement, the company needs to try and lock down celebrity endorsements, viral campaigns that will cost the company from upwards of $3-4 million. For expansion of new sites, Buffalo Wild Wings has already budgeted and allocated resources to support up to 1200 locations. There is no need to add any additional money to the budget. For the total expenses budgeted would equal, around $4-$5 million additional costs. The added changes would only increase revenue and sales of Buffalo Wild Wings. A forecast of additional growth is illustrated.

A break even analysis was made on the rounded total fixed costs, a variable cost per unit at roughly .10 a unit, the total sales for wings increased with wings per pound purchased at 1.97. So for a year break even analysis costs and expenses will continue to stay medium with profits continuing to rise.

Risk Management Plan

The risk plan for Buffalo Wild Wings takes into account all the outside risk factors that could affect the operations and growth of the company. To access the risks for the growth strategy Buffalo Wild Wings must minimizes individual risk and by having substantial background checks that follow a tier system, back up marketing and advertising plans if the viral campaigns were to not generate the expected outcome and generate a plan if expansion were to be delayed. Once the risks have been accessed and prioritized what risks will have the most impact cost wise, financially, and overall operations. Once all is access the necessary analysis of reducing the probability of these risks factors will be crucial. A contingency plan to reduce the impact on these risks will be made including using the money budgeted to be make up for any impact of operations or loss of sales. Implemented a newer growth strategy with the company’s goals in mind of new sites, newer menu products, and global expansion, and looking to quality headhunters for quality management.

Buffalo Wild Wings has enjoyed substantial success during the last few years and are on track to more revenue growth and earnings. The goal of expansion in reaching 1000 units by the end of 2013 is within reach with a total of 900 units at the end of 2012. Buffalo Wild Wings continued close relationship with their customer base keeps their customers loyal and coming back. The implementation plan of growth strategy will tackle some key objectives to help the company grow even more with better customer interaction and brand awareness, leadership reflected in qualified management, and global expansion to reach international markets. These objectives show to only help the company in spite of the possible risks for failure. The strategic plan includes all the necessary charts and analysis to help support the growth strategy that Buffalo Wild Wings will embark on.

Buffalo Wild Wings Annual Report. (2013). U.S. Securities and Exchange Commission Retrieved from http://www.sec.gov/Archives/edgar/data/1062449/000143774912001595/bwld_10k-12251

Buffalo Wild Wings Financial Analyst. (2013). NASDAQ. Retrieved from http://www.nasdaq.com/symbol/bwld/pe-growth-rates#. UTGSolful-w

Buffalo Wild Wings Financials. (2013). the Motley Fool. Retrieved from http://www.fool.com/quote/nasdaq/buffalo-wild-wings/bwld

Code of Ethics and Business Conduct. Buffalo Wild Wings. (n.d) http://public.thecorporatelibrary.net/ethics/eth_107322.pdf.

Merrill, A. (Feb. 5, 2002). “Hot Prospects: After a Faltering Start Buffalo Wild Wings is Finding its Stride,” Star Tribune (Minneapolis), Retrieved from http://www.fundinguniverse.com/company-histories/buffalo-wild-wings-inc-history/fundinguniverse.com/…/buffalo-wild-wings-inc-history

Smith, S., J. (Sept. 11, 2003) Securities and Exchange Commission. Retrieved on 20th Feb, 2013 from http://www.sec.gov/Archives/edgar/data/1062449/000119312503048285/ds1.htm

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Buffalo Wild Wings was sucked into a downward spiral as millennials ditched the chain — but the new CEO has a plan for a comeback

• The parent company of Arby's, Roark Capital Group, completed its $2.9 billion acquisition of Buffalo Wild Wings on Monday.
• Paul Brown, who led an effort to turn around Arby's business, will be CEO of the newly formed operating company that will oversee both Buffalo Wild Wings and Arby's.
• Brown told Business Insider that the major changes on Buffalo Wild Wings' horizon include a new menu and new marketing strategies.
• The biggest problem Brown says he has to solve: Buffalo Wild Wings lost what made it unique.
• You can read Business Insider's full interview with Brown here .

Buffalo Wild Wings needs a savior — and it may have found one in the CEO who led an effort to transform Arby's business.

Buffalo Wild Wings has struggled over the past two years with slumping sales and a monthslong battle between executives and an activist investor.

On February 5, the parent company of Arby's, Roark Capital Group, closed a $2.9 billion deal to acquire Buffalo Wild Wings. Paul Brown will serve as the CEO of the newly formed holding company Inspire Brands, which encompasses Arby's, Buffalo Wild Wings, and R Taco.

The next day, Brown sat down with Business Insider to talk about Inspire Brands and his plan for Buffalo Wild Wings.

"There will obviously be some changes to the menu, changes to the experience, and changes to the marketing," Brown said.

And while Buffalo Wild Wings isn't going to transform into Arby's 2.0, the sandwich chain's turnaround over the past five years — which primarily involved shifts in its menu and marketing — has become a blueprint for the future of the chicken-wings chain.

"I think the process and the mindset of how we went about it is exactly how we're going about it with Buffalo Wild Wings too," Brown said.

Solving Buffalo Wild Wings' biggest problem

Brown says Buffalo Wild Wings' biggest problem is that it lost what set it apart from the competition.

"I think that if you look back when Buffalo Wild Wings was really, really, really successful, it was really the only one out there doing what it was doing," Brown said. "We had a nationalized local sports bar, and then more competition has come in, and I think that some of that competition has been a little bit more innovative."

Brown continued: "I think there's an opportunity to figure out the 21st-century incarnation of what made it so successful during particularly the early 2000s."

A " sea of sameness " has emerged as a common problem in the sit-down casual-dining industry in recent years. Buffalo Wild Wings, which has sought to market itself less as a sports bar and more as a general casual-dining chain, was caught up in the industry sales slump as more millennial diners ditched the sector.

In May, Buffalo Wild Wings' CEO at the time, Sally Smith, wrote in a letter to shareholders explaining its slumping sales that "millennial consumers are more attracted than their elders to cooking at home, ordering delivery from restaurants, and eating quickly, in fast-casual or quick-serve restaurants."

Brown plans to emphasize what makes Buffalo Wild Wings different from other sit-down chains.

"When it was growing gangbusters, it didn't position itself against its traditional cast of casual-dining players," Brown said.

He added: "I think there's an opportunity to step way back and say it's not and let it define its own category — a little bit of what we did with Arby's."

Buffalo Wild Wings needs a menu no one else could serve

Brown has signaled that Buffalo Wild Wings needs a new menu strategy. Currently, much of the chain's success depends on chicken prices , which can be extremely volatile.

"Ultimately, if you're in the restaurant business, it comes down to food and innovation," Brown said.

To update Buffalo Wild Wings' menu, Inspire Brands is turning to Arby's for inspiration.

Related stories

When Arby's spun off from Wendy's in 2011, it was losing millions of dollars a year. Brown took over as CEO in 2013 and drastically revamped the chain's menu and marketing strategy.

In 2016, Arby's reached $3.7 billion in sales, making an average of $1.1 million in sales per US store, up 20% from when Brown joined the chain.

Arby's had realized that it needed to serve menu items that customers couldn't buy anywhere else, Brown said. And if the item was sold elsewhere, Arby's needed to have the lowest price.

The chain kept its iconic roast-beef sandwich and Jamocha shake but began rolling out limited-time offerings like the Meat Mountain, which contains every meat on Arby's menu between two buns.

At Buffalo Wild Wings, whose menu has been little changed over the years, Brown plans to roll out a similar strategy: looking for things that other chains aren't serving but that Buffalo Wild Wings can provide.

"There's been a loss of product development at Buffalo Wild Wings over time, partially because casual dining to date has not done as much of it," Brown said.

Inspire Brands wants to fix that with a "systematic approach" that Brown says allowed Arby's to rapidly churn out creative new menu items.

A new 'persona' is on the horizon

Arby's success has also been tied to its creative and sometimes borderline bizarre marketing strategy.

The chain debuted the bold "We Have the Meats" campaign in 2014. Its social-media manager was given more freedom that year after a tweet comparing Pharrell Williams' hat at the Grammys to Arby's logo went viral.

Brown described the approach as "create the personality, the brand, use earned media and all forms of earned media to create a persona around it as well as an awareness around it."

"If you think about it, the Buffalo Wild Wings brand is made for that," he said.

He suggested Buffalo Wild Wings' "persona" wouldn't be a rip-off of Arby's but would involve taking similar risks.

"If we sit here a year from now saying that Buffalo Wild Wings is sounding a lot like Arby's, then we failed," Brown said.

Brown continued: "I think that is going to be the key — how we actually take the learnings and the capabilities from what we've done and leverage those learnings, leverage the infrastructure, and do it in a way that the brands look completely different from each other."

Nothing at Buffalo Wild Wings will change — yet

When asked what customers can expect to change at Buffalo Wild Wings, Brown said, "Nothing."

Much of the work to turn the chain around will be occurring behind the scenes, at least for the next few months, he said.

Brown says he's already met with some Buffalo Wild Wings franchisees. And in January, before the deal officially closed, Inspire Brands started consumer research to figure out what is going wrong at the chain and determine what Buffalo Wild Wings' new era should look like.

Arby's provides a blueprint for change, Brown said. However, he'll need to prove that its success wasn't a fluke.

Inspire Brands plans to acquire a diverse array of chains in need of "repositioning," Brown said. Meanwhile, Buffalo Wild Wings will be the test drive of whether Arby's turnaround can be replicated — or whether Brown is operating with a flawed blueprint.

Watch: Buffalo Wild Wings' Blazin' Wing Challenge requires a waiver before attempting

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How to Write an Amway Business Plan [Sample Template]

Are you about starting an Amway company? If YES, here is a detailed sample Amway business plan template & FREE feasibility report. Amway over the years have grown to become one of the world’s biggest direct selling companies by providing any willing entrepreneur with the platform to have a business of their own.

Known as a front – runner in the united states multilevel marketing (MLM) industry, Amway Corporation manufactures and sells its own products as well as brand name products from other companies through a network of three million independent distributors worldwide.

But unlike all other MLM firms, Amway provides a broad selection of items, from cleaning products, cosmetics, vitamins to travel services, discount car purchases, and catalog merchandise. The company’s manufacturing facilities include a 3.5-million-square-foot production plant in Ada, Michigan, as well as plants in California, South Korea, and China.

Meanwhile, Amway products are delivered to distributors in the United States and the Caribbean region through 12 Amway Service Centers.

A Sample Amway Business Plan Template

1. industry overview.

Before going further, it’s pertinent you first understand about multi-level marketing. The Multi-level marketing scheme is a model that can be used to sell goods along with the services of the company with the help of promoters and partners of the company. The total earnings which are collected from the entire sale are distributed amongst the key players. So, in the process, the seller is not the only owner of the profit accumulated from the sale.

There is also an involvement of the step where the associates will have to get paid with the help of a proper multi-level system, and there are commissions provided to these associates and promoters as well. Multi-level marketing, popularly termed as Network or Referral Marketing, has always been in the news due to its seemingly contentious scheme of marketing.

Amway Business Owner (ABO) plays a major role in channelizing the business at a different level. ABOs let the Amway products reach the customers. With the Amway Business model, the associates will be able to sell the products of the company directly and also they can make sure that they help in the promotion of the products as well. This will create different levels of people working towards one common goal.

Note that the functioning of the Amway Business Model is based upon the performance of ABOs (Amway Business Owners). So, for evaluating their performance, Amway has a term known as Product Value, i.e. PV and Group Product Value, i.e. GPV. PV is actually the MRP of the product, and commissions of ABOs are decided as per the PV of that product.

Howbeit, in the hierarchy, the top-level ABO will get the product from the company at a discounted price based upon their commission, so he or she can sell that to others by that retail margin. In addition, ABOs get the bonuses as per their performances, plus growth incentives are offered to them, so they stay motivated in making the chain to channelize the multi-level marketing program of the company.

The business model of Amway is not really that difficult to understand. There are certain roles that ABOs will be playing. They can either act as the distributor of the company, or they will be playing the role of the recruits who are recruited by the distributor.

You will also be able to easily recruit the people in order to do the job for you in the best way. So, it seems quite obvious that the Amway Business model is one of the best models from the other models of businesses.

2. Executive Summary

Amway is an American company which deals in health, beauty, and home care commodities. At Amway Chicago, which is literally an Amway product store in the heart of Chicago, we will still offer a complete line of Amway products.

Our product prices will be quite stable since we will be buying direct from Amway Corporation. Another beneficial features of this relationship which is of significant value to us is the willingness of Amway Corporation to allow our store in Chicago to place orders as small as $160. The Amway Model is acutely infiltrated into the market, that is what makes it unlike the others and appears as a sham to many.

This is because the networking needs to keep on increasing for better results – more and more people are to be made to join hands and more and more people are to be talked to. At Amway Chicago, we have made plans and drafted result oriented strategies to be able to attract consumers who will in turn become distributors

Amway Chicago, just like Amway Corporation, will offer an efficient and effective distribution model where the products are purchased direct from the Corporation ensuring the highest quality and low prices. They are then sold direct to the consumer.

MLM businesses are often confused with pyramid schemes which are illegal in the U.S. Pyramid schemes are business forms that offer compensation specifically for the recruitment of new sellers. People are promised economic rewards for the more people they recruit, independent of what these people sell.

Herein lies the crucial distinction that regulatory authorities analyze when determining if a business is a pyramid scheme: the way compensation is rewarded. If it is based on recruitment, it is presumed illegal. At Amway Chicago, we will only compensate distributors for sales, an effective and efficient sales and distribution system.

Amway Chicago is an exciting new business which will leverage individuals’ needs for good and quality products and the ability to make money while sharing this need with friends and colleagues. By carefully using the efficient multi-level marketing business model, we will quickly generate sustainable revenue.

Sales forecasts indicate that sales for year two and three respectively will be $1,200,000 and $2,340,000. Net profit for the same years will reach 6.19 percent and 9.81 percent.

3. Our Products and Services

Amway Corporation is known to manufacture and sell a wide variety of products that are of top-notch quality which helps the company in making good money. At Amway Chicago, we will still offer a complete line of Amway products to the people of Chicago. These products include;

• Household Cleaners
• Original multi-purpose cleaning product LOC
• SA8 laundry detergent
• Dish Drops dish-washing liquid
• Health and Beauty
• Body Series
• Atmosphere and iCook as well as XL and XS Energy drinks

4. Our Mission and Vision Statement

• Our vision at Amway Chicago is to grow an organization that compensates individuals for sales made by other people that they recruit, while also satisfying the need for Amway products all over Chicago.
• At Amway Chicago, our mission is to build of a environmentally friendly distribution company that uses grassroots and network marketing techniques to sell the product and make a meaningful contribution to the environment. Earthly Clean exists to support its members and to support the environment.

Our Business Structure

In Amway business functioning, Amway Business Owners have the right to sell the products at different levels. The hierarchy is like: Amway – ABO1 –  ABO2 – ABO3 – Customer. ABO gives a fix commission to ABOs, plus income of 1st ABO added when he or she adds the second ABO.

This hierarchy continues, and in some way, the commission gets added in the account of every ABO. We at Amway Chicago, with our salespeople who are a part of the company, will be working down the entire hierarchy. We will be selling all the products from the list and to the distributors that are working in the retail markets. We plan to do this with the help of some great promotional marketing options and schemes.

Our distributors who will be entrusted with all sales methods will also get to recruit some other new dispensers that they want around the entire hierarchy which can be further helped when it comes to the expansion of the network in the best way. We at Amway Chicago also plan to recruit employees to help in the running of our open store.

Leveraging an effective interview process designed to staff our store with highly qualified people for each position, we will also create a path to let them join the network. Background checks will be utilized for designated positions. Recruiting efforts will always center on referrals. These roles include:

Store Operator

Information officer

• Department managers

Store manager

5. Job Roles and Responsibilities

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counselling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Creating, communicating, and implementing the store’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall store’s strategy.
• Tasked with fixing prices and signing business deals
• Tasked with providing direction for the business
• Tasked with signing checks and documents on behalf of the Amway Chicago

Financial Officer

• Tasked with preparing financial reports, budgets, and financial statements for the store
• Provides managements with financial analyses, development budgets, and accounting reports
• Tasked with financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting
• Tasked with developing and managing financial systems and policies
• Tasked with administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the store
• Serves as internal auditor for the store
• Provide technological guidance within the store.
• Supervise information system and communications network.
• Develop and implement a customer service platform to serve the store in every aspect.
• Design, establish, and maintain a network infrastructure for local and wide area connectivity and remote access.
• Consult with administration, department managers, and manufacturing representatives to exchange information, present new approaches, and to discuss equipment/system changes.
• Oversee Internet and computer operations.
• Assess and anticipate technology projects and recommend appropriate action and resources.
• Establish and direct the strategic and tactical goals, policies, and procedures for the information technology department.
• Propose hardware/software solutions to accomplish Amway Chicago’s business objectives.
• Identify user needs and resolve problems.
• Maintains receiving, warehousing, and distribution operations by initiating, coordinating, and enforcing program, operational, and personnel policies and procedures.
• Complies with federal, state, and local warehousing, material handling, and shipping requirements by studying existing and new legislation; enforcing adherence to requirements; advising management on needed actions.
• Safeguards store operations and contents by establishing and monitoring security procedures and protocols.
• Controls inventory levels by conducting physical counts; reconciling with data storage system.
• Maintains physical condition of store by planning and implementing new design layouts; inspecting equipment; issuing work orders for repair and requisitions for replacement.
• Completes store operational requirements by scheduling and assigning employees; following up on work results.
• Maintains store staff by recruiting, selecting, orienting, and training employees.
• Maintains store staff job results by coaching, counselling, and disciplining employees; planning, monitoring, and appraising job results.
• Provides the client with a personalized customer service experience of the highest level
• Through interaction with customers on the phone, uses every opportunity to build client’s interest in the Amway Chicago ’s products
• Takes care of administrative duties assigned by the operator in an effective and timely manner
• Consistently stays abreast of any new information on Amway Chicago, promotional campaigns etc. to makes sure accurate and helpful information is supplied to customers when they make enquiries
• Tasked with cleaning the store at all times
• Makes sure that toiletries and supplies don’t run out of stock
• Any other duty as assigned by the operator.

6. SWOT Analysis

Just like Amway Corporation, our goal at Amway Chicago is to grow a more efficient marketing machine that does away with the inefficient traditional distribution systems. We’ve gone the length of analyzing our chances in the Chicago market and have properly stated our SWOT analysis. Clearly summarized below is the result of our SWOT Analysis;

• All our products are of high quality and their demand in our Chicago market has peaked.
• We will only recruit experienced salespersons to assist in the sales of the products.
• Build the company on a solid basis of integrity.
• Recruiting and retaining quality employees
• Tight margins will allow little wiggle room for error

Opportunities

• Little barriers to entry allows for immediate business opportunities
• New and viable market
• Multi Level Marketing has always been in the news due to its seemingly contentious scheme of marketing.
• Rising operating costs
• Building/maintaining sales volume
• Parent Club legal issues

7. MARKET ANALYSIS

8. our target market.

The reality of Amway’s networking business model is that besides the retail end customer, the very salespersons recruited or sponsored by the ones higher up in the network also act as end-user retail customers for Amway as they are required to pay an entry fee to join the network.

Aside that, we at Amway Chicago have identified two distinct type of customers for our Chicago store. The first customer is the end user of Amway products. These are people who have needs for health, beauty, and home care commodities. The second customer group will be a good number of people from the first group with an interest in becoming distributors of Amway products.

These two customer segments are very much attractive because they represent people who are most likely to be consumers of all Amway manufactured supplies. The distributors will be individual consumers who have an even stronger conviction and belief in the products as well as have the time to sell the products and find potential people to recruit into the distribution effort.

To be a distributor does not require a huge sacrifice of time, the majority of distributors will have full-time jobs in addition to marketing Amway. This makes the job of distributor all that more attractive, the person is able to adjust their already existing job with another source of income.

• Our Competitive Advantage

From our due diligence, we at Amway Chicago have been able to properly identify concrete competitive advantages that will help us succeed.

• Quality Products

Every product sold at/by Amway Chicago are manufactured and supplied by Amway Corporation. This offers us the unique platform to sell very competitive products that meet the needs of the market.

• Stable Pricing

At Amway Chicago, we will be able to offer great pricing because all our products are sourced directly from Amway Corporation. Although Amway Corporation pays out sale commissions to the various layers of distributors, this grassroots distribution model is still more efficient than the traditional distribution channel, keeping prices competitive.

• Favorable Business Model

Unlike other businesses in the industry, instead of profits going to a large corporation, all profits are dispersed among the user distributors that assist Amway. This arrangement is quite rare, and attractive for the targeted customer segment.

9. SALES AND MARKETING STRATEGY

At Amway Chicago, our marketing strategy will focus on the need to generate visibility for Amway as a company that offers health, beauty and home care commodities. Our primary marketing strategy will be based on grassroots networking. We believe that this strategy is most effective when the person selling the products knows the products and is passionate about what they are selling.

This is specifically why we chose to sell Amway products. We understand that in the MLM industry, networking is the key to increased visibility and distribution. Networking will take place in a number of venues including: the traditional work environment, social organizations, religious organizations, and other gatherings/situations that bring people together.

Distributors are expected to set up a meeting with the prospective person (someone they generally already know and have some sort of relationship with), show them the product catalog and provides them with samples.

Immediately the client must have used the products and impressed by them, another meeting can be scheduled to determine if the person is interested in making a purchase, and/or is interested in an additional source of income selling Amway products.

10. Sales Forecast

At Amway Chicago, we will be tracking both the sales to the individual consumers and the revenue received through commissions from sales from the various distributors. Our sales forecast indicates that initially the bulk of revenue will be from sales to the individual customers.

But as time progresses and more distributors are secured, the amount of revenue from the distributors will increase. We at Amway Chicago have adopted a reasonably conservative sales forecast. We estimate that our total first year sales should reach $1,200,000. Our second year will see sales increase to $2,340,000. The third year, with the addition of such a significant number of outlets, we will see sales increase to $5,192,440.

11. Publicity and Advertising Strategy

At Amway Chicago, our plan is to gather enough brand awareness to leverage the product line into other regions and gain inquiries from potential investors. To achieve this goal to expand and grow, we plan to do the following;

• Amway Chicago will spend $1,450 per month on Public relation services for the next year intended to build awareness of editors and product information insertions, reviews, etc.
• Amway Chicago will also spend $440 per month concentrating on drive time Radio advertising. We plan to experiment with different stations, keeping careful track of results. As with the school fundraising program, we expect the stand and signage to be a substantial portion of our advertising.
• List our business on local directories
• Attend relevant international and local health, finance and business expos, seminars, and business fairs et al
• Leverage on the internet to promote our business
• Engage direct marketing approach
• Encourage word of mouth marketing from loyal and satisfied clients

Sources of Income

With the help of the products and services that are provided by Amway Corporation, we at Amway Chicago will be able generate encouraging revenue. Amway Corporation manufactures more than 450 products, and via its MLM model, it sells those products all across the globe, generating a good amount of money.

Amway practices direct selling which is ‘A method of selling goods directly to the consumer by an independent Distributor. A Distributor can then introduce further Distributors and generate income from retail profits supplemented by bonus payments based upon the total sales of the group built by a Distributor”. We at Amway Chicago will generate income through:

• The retailing of Amway goods to consumers. Retail margins (mark-ups) on the basic wholesale price represent income to the selling distributor.
• Additional performance and leadership bonuses, paid on the volume of personal business and the business volume we plan to introduce into the business. Various levels of leadership bonuses, dependent upon the overall size and shape of the business, paid on achieving different levels of business performance.

12. Our Pricing Strategy

Amway as a company maintains a stable price for all products. With the Amway Business models, all associates will be able to sell the products of the company directly and also they can make sure that they help in the promotion of the products as well. This will create different levels of people working towards one common goal, and that is to make sure that the company of Amway is able to make a lot of money.

Meanwhile, the functioning of the Amway Business Model is based upon the performance of ABOs (Amway Business Owners). So, for evaluating their performance, Amway has a term known as Product Value, i.e. PV and Group Product Value, i.e. GPV. PV is actually the MRP of the product, and commissions of ABOs are decided as per the PV of that product.

So, in the hierarchy, the top-level ABO will get the product from the company at a discounted price based upon their commission, so he or she can sell that to other by that retail margin. In addition, ABOs get the bonuses as per their performances, plus growth incentives are offered to them, so they stay motivated in making the chain to channelize the multi-level marketing program of the company.

• Payment Options

All our payment options at Amway Chicago will be inclusive and acceptable because we understand greatly that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

• Payment by cash
• Payment via Point of Sale (POS) Machine
• Payment via online bank transfer (online payment portal)
• Payment via Mobile money

We have also chosen banking platforms that will help us achieve our plans with little or no issues. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our products charge.

13. Startup Expenditure (Budget)

To get started with Amway, Individual Business Owners need to pay a $62 registration fee. This is direct profit for the company, but it also comes with a 100% satisfaction guarantee for the first 90 days. The fee provides a welcome kit that helps to get new representatives up-to-date with the various product lines that are offered.

Those who are just starting are also recommended to purchase an $83.90 product kit so the items that Amway sells can be sampled and sold with authenticity. The product kit contains $160 worth of full-sized Amway products to try. Meanwhile, we at Amway Chicago have incurred the following expenses for the launching of our store:

• Storage space: This will be used for the storage of product inventory.
• Service provider fees: We’ve incurred both accountant and attorney fees in the setting up of the business. The accountant will set up the Linton accounting system and the attorney will develop and register the business formation as well as draft some sale agreements for distributors.
• Computer system: The computer system will be used for correspondence, accounting purposes as well as to develop marketing and sales information. The system will include a laptop computer, printer, fax/scanner, and a broadband Internet connection. Earthly Clean will use Microsoft Office and Linton Accounting as their preferred software.
• Assorted types of paper and stationery: Personalized with a logo, return addresses, etc. for catalogs, and brochures.
• Assorted office furniture and accessories

Generating Funding/Start up Capital for Amway Chicago

Amway Chicago is a Store owned by Martha Flinch and Damson Cone. Both have been with Amway Corporation for over 10 years and understand the visions and values of the company. At Amway Chicago, we hope to raise our startup fund through the following ways;

• Generate part of the startup capital from personal savings
• Source for soft loans from friends and family
• Generate fund from angel investors

Note : The owners of the company are willing to invest $200,000 to start up Amway Chicago.

14. Sustainability and Expansion Strategy

The key to a successful business with Amway has to be in the building of the downstream. When working appropriately, the Amway business model is one that can work. The tiered levels of sales representatives in each up line can all help us and our distributors succeed.

The unfortunate fact, however, is that many Amway representatives get involved thinking that they can start their own business for a small price and very little overhead. The reality is that Amway is just like any other business opportunity, but with a small twist – sales reps don’t actually have their own business.

For those in Chicago that are good at sales and love to be social with people, we will offer them a tremendous opportunity for success. The underlying fact is that the Amway Business Model is not a scam. Just that it is not really a pyramid model of business – all it relies on is a granted hierarchy of partakers who purchase, retail and further spread out this sequence to earn more proceed-fractions, which is more of a network than a pyramid.

At Amway Chicago, our sales strategy will emphasize our high quality products and 100% customer satisfaction. We believe that by combining these two benefits, consumers are able to try the available products risk free. This provides them with the opportunity to test them out and determine if they are as good as they claim to be. Once the consumer has recognized the outstanding quality that Amway offers, the option of becoming a distributor becomes more attractive.

If the consumer truly believes in the product, then it becomes that much easier to convince them that there is an excellent opportunity available that allows them to sell a product that they believe in, obtain an additional source of revenue, and make a positive impact on the environment. All of this will be done on a grassroots, one-to-one level.

Also, retailing Amway products enables us provide immediate financial incentive rewards to our distributors. Direct selling involves sales people showing and demonstrating products to obtain orders. The objective involves matching consumer needs with the product.

The better the match, the more lasting the potential for the relationship between the seller and the buyer. The selling process is aided by Amway’s retail strategy to provide high quality, readily purchasable items with a good environmental positioning, offering consumers good value for money.

As with all direct selling activities, the process involves two-way communication and this can be time-consuming. Business success and the resulting financial results are a direct consequence of effort, commitment and personal group motivation.

Personal contact between distributors at one-to-one or group meetings provides the opportunity for individuals to discuss strategies, difficulties, levels of involvement and plans for the future. The income objectives and individual targets may be determined by each distributor based upon what he or she wants to earn.

Checklist /Milestone

• Business Name Availability Check : Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Conducting feasibility studies: Completed
• Leasing, renovating and equipping our store: Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• writing of business plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Printing of Packaging/Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of software applications, furniture, office equipment, electronic appliances and store facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with banks, financial lending institutions, vendors and key players in the industry: In Progress

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How To Start Writing A Business Plan That Works

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For the entrepreneur, knowing how to start writing a business plan can be as exhilarating as it is overwhelming. The business plan is a foundational document and the blueprint of your business and is critical for securing funding, setting clear goals, and communicating your vision to the world.

Let’s explore the significance of a business plan, the essential elements it should include, and strategies to forge a plan that resonates with stakeholders and steers your business toward success.

Whether you are about to launch your first business or need to revitalize an existing business strategy, a business plan provides the foundation that supports your entrepreneurial journey.

Why a Business Plan Is Needed

A business plan is not solely for the benefit of a bank manager or an investor . The business plan is a document that helps bring clarity to your vision and can guide every decision and strategy within your company.

A well written business plan forces you to put your goals and ideas into concrete, manageable steps. It cuts through the noise, ensuring you stay focused on what truly matters for your business’s growth.

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For startups looking to secure that critical initial investment, a business plan is often the first point of reference for potential backers. It’s a chance to sell your vision, show your financial acumen, and demonstrate a roadmap to profit.

Identifying potential pitfalls early is a vital aspect of proactive business ownership. A good business plan helps you prepare for the unexpected and develop strategies to mitigate risk and safeguard the longevity of your business.

Setting clear, measurable goals in your business plan provides a framework for tracking your progress. This will give you the insight needed to pivot or double down on strategies as the market dictates.

Creating Your Story

Before you start drafting sections and compiling data, step back and consider the story of your business. Your plan should be like a good book, with a clear narrative arc that compels the reader from the first sentence to the last.

Any good story is rooted in an understanding of the world it inhabits. Your business's narrative begins with a comprehensive analysis of the industry in which you operate, as well as the consumers you aim to serve.

Think about how you define your unique selling proposition (USP) . What sets your business apart from competitors? All good stories have a unique twist, and your business plan should articulate what makes your venture different from, and better than, the competition.

Introduce your team into the story. Highlight their expertise, experience, and any relevant achievements that lend credibility to the business’s ability to execute on its vision.

Writing Your Business Plan Is Just the Beginning

A business plan can span from a quick roadmap sketched on the back of a napkin to a hefty document carefully crafted to align with industry standards. Regardless of size, it should contain certain fundamental elements .

The act of writing a business plan, while pivotal, is just the first step in an ongoing process of refinement and execution.

Here’s how to make sure your business plan is a living document:

1. Regular reviews and updates

Markets shift, consumer behavior changes, and your business will grow. Your plan must evolve with these factors, which makes regular reviews and updates a must-do.

2. Be realistic

It’s essential to be both ambitious and realistic in your plan. Don’t over-inflate projections or underestimate costs. An unrealistic plan is as unattractive to investors as a lack of vision and ambition.

3. Seek professional input

Don’t be afraid to ask for help. Experienced business advisors, accountants, and mentors can provide invaluable feedback and spot issues you may have missed.

4. Start small

Your first draft doesn’t have to be perfect. Write down your initial thoughts, outline your ideas, and refine them over time. Starting with a large plan can be intimidating but working on it gradually can be a more manageable and effective approach.

The bottom line is that writing a business plan can feel overwhelming, but with the right approach and attention to detail, you can create a document that not only articulates your vision but actively works to make that vision a reality. It’s a living, breathing narrative that outlines your business’s course of action, and should be treated with care and enthusiasm.

Melissa Houston, CPA is the author of Cash Confident: An Entrepreneur’s Guide to Creating a Profitable Business . She is the founder of She Means Profit, which is a podcast and blog . As a Finance Strategist for small business owners, Melissa helps successful business owners increase their profit margins so that they keep more money in their pocket and increase their net worth.

The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.

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Taxes & fees apply. New line w/device payment purchase agmt & Business Unlimited Pro plan req’d. 0% APR. Up to $1,000 (iPhone 15 Pro Max, Pixel Fold, Galaxy S24 Ultra or Galaxy Z Fold5) credit, varying by smartphone trade-in, applied to acct over the term of your agmt (up to 36 mos); promo credit ends when eligibility requirements are no longer met. Credit will not exceed device price. Monthly credits begin 2-3 bills after trade-in is received by VZ. Smartphone trade-in must be received by VZ w/in 90 days & meet program requirements. Most trade-in device conditions accepted; exclusions apply. 10-line trade-in limit per order. Cannot be combined with other device offers. Limited time offer.

New Verizon customers can get $100 off a new smartphone.

New line w/device payment agmt & $34.99 or higher price plan req’d. 0% APR. $100 credit applied to acct after 2-3 bills. Can be combined with select offers. VZ reserves the right to charge back to your acct all or a portion of the value of any promotional credit you received as part of this offer in the event you no longer meet the eligibility requirements. Any such charge back may be subject to the terms of your VZ agmt. Offer available online only for a limited time.

Switch with your phone and number. Save $600.

New line w/month-to-month agmt & Business Unlimited Plus 5G or Unlimited Pro 5G plan req’d. Cust must transfer smartphone & number to VZ; new line activation & number transfer must be completed in one transaction. Smartphone must be compatible w/VZ network. $600 credit applied to acct. over 24 mos; promo credit ends when eligibility requirements are no longer met. Credits begin in 1-2 bills, will include appropriate credit amounts from order date & do not appear in Biz Unlimited 5G plan fee section of your bill. Biz Unlimited 5G plan fee increases in month 25. Cust must retain smartphone & remain on selected plan in order to receive credit(s). Cannot be combined with other device offers. Business Unlimited 5G plan terms apply. Limited time offer.

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