Creating a business plan will not only help you receive financing, it will also become your guideline for success. Every business should have a business plan. I have seen many small business owners write their business plans and then file them away. They end up never looking at them again. You should think of your business plan as a roadmap to success.

The process of buying a franchise is a very long process that should be pursued very carefully. There are many factors to consider, and many steps to take during the franchise-buying process. The following 5 stages will help you better understand the franchise buying process.

To improve your probability of success, you must take the time to evaluate yourself, your strengths and weaknesses, and, most importantly, the franchisor and the industry in which it operates.

The "fit" is critical. Square pegs in round holes are seldom highly successful--and often fail. Continue to study and learn but gain the strength to be decisive. Don't let a great opportunity pass you by because of fear or indecision.

Talking with thousands of franchise buyers and owners has revealed many common mistakes that kept them from reaching the best decision for their situation. Here are the most common: