Unfortunately, many good ideas never see the light of day. However, we have a strong passion for good business ideas and want to help you make your vision a reality. The first step to successful entrepreneurship is a business plan. This not only allows you to organize the chaos of thought and your idea on paper but is also essential when it comes to financing your company. Here, you can find out how exactly this works with a business plan and what should be in it.
What is a business plan?
The term business plan is not clearly defined, even if everyone can agree that it is essential. The business plan, also known as the business plan, serves as a central component in setting up a company and usually contains a summary, an introduction, the business model, a market analysis, a financial plan, an action plan, and a description of the organizational structure.
Why should founders write a business plan?
The business plan is a document that summarizes how a company will be implemented and how it wants to make a profit. A business plan is essential both as a document for internal control and as a communication tool for potential investors.
What should be in a business plan?
The term business plan is not clearly defined, even if everyone can agree that it is essential. The business plan consultant, also known as the business plan, serves as a central component in setting up a company and usually contains a summary, an introduction, the business model, a market analysis, a financial plan, an action plan, and a description of the organizational structure.
1. Summary
You will probably write the first part of your business plan last. The best way to start your business plan is with a short 1 to 2 page summary of the items listed below. You can assume that the reader will devote less time than desired to your business plan, so this should be short and sweet. Mention your business idea’s most important unique selling points, and don’t forget to mention the most significant figures from the financial plan. You want to arouse interest here and demonstrate directly that you have a great idea and how it can also bring profit.
2 Introduction
As the name suggests, this section introduces your concept, who you are, and why the idea should be implemented. The background and company’s goal should also be mentioned to formulate and present your vision. Above all, think about what your company offers your target group and what problem you are solving for the customer. This is precisely what makes your company unique and what sets you apart from other competitors.
3. Business model
In this part, you describe the elements of your business model and thus give an overview of your offer. Keep the following points in mind:
What kind of products or services do you offer?
Who is the customer, and what is their budget?
How do you market your products or your services?
4. Market analysis
A market analysis aims to determine the extent to which a market is profitable and to identify possible opportunities and risks. This will help you identify the strengths and weaknesses of the planned company. A PESTEL analysis is a frequently used method to represent the external environment on a macro level.
PESTEL is an abbreviation for:
P: political (political)
E: economic (economic)
S: socio-cultural (social)
T: technological (technological)
E: ecological-geographical (environmental)
L: legal (legal)
5. Budget
The actual business plan content is the financial plan, especially when getting funding for your business idea. The presentation of your financial situation is an indicator for potential investors that you know what you are doing. For yourself, it is also a good idea to become aware of your financial situation and to define it clearly – so you know exactly where you stand.
The business plan should contain the following points:
The expenses at the beginning: investments and start-up costs
Capital requirements for setting up a business
Financing of capital requirements
Post establishment expenses: ongoing expenses
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6. An Action plan
In this part of the business plan, you describe which activities will be taken over by which people during the start phase – it is also essential to determine the goal of the respective action. This way, you create an action plan that gives you an overview of the tasks you have planned, with thoughtful descriptions of each lesson.
You can create the action plan using three points:
- How would you describe the problem and the tasks involved?
- When, how, and by whom are these tasks carried out?
- What is the deadline by which the tasks must be completed?
7. Description of the organizational structure
Another critical point is the elaboration of the organizational structure in the business plan. It is often exciting for potential investors to get an overview of the people who will build the company. Describe here how your team will be built up and what their positions will look like – if you are the only employee of the new company, then deepen your skills here and how they can help you to set up a successful company.
In this section, you can mention the following:
- The legal form for your company
- Required permits and legal requirements
- Organization of administration
- The employees, their skills, and functions
- Possible consultants, partners, investors, etc.