Do you want to create a business plan? In this article, you will learn step by step how to do it. From the business idea to financial planning to market analysis – we explain what a business plan must contain and how to structure it sensibly. Start now and lay the foundation for your company’s success.
The most important things at a glance
- A business plan is the heart of your business idea and increases the chances of entrepreneurial success through structured planning!
- Create a detailed business plan early on to meet the requirements of banks and investors and to clearly document your ideas.
- The most important components of a business plan are the executive summary, market analysis, financial plans and a thorough target audience analysis!
What is a business plan?
A business plan is more than just a simple document – it is the heart of your business concept. A business plan, also called a business plan, contains all the relevant information for implementing your business idea. It acts as a written concept that details all the steps for realizing your business idea.
The purpose of a business plan is to structure and document your considerations for decision-making. It serves as a guide and helps you to check the feasibility of your business idea and determine the financial requirements. It also helps you to decide whether your plan will be implemented and provides detailed information about your future company.
A well-thought-out business plan increases your chances of success through sound planning and accompanies you in the first few years after founding your company. It answers key questions about your products, services, market strategies, opportunities and risks, as well as the economic prospects of success of your company. It is crucial that the business plan clearly and precisely communicates the connection between the entrepreneur, the business project and the market in order to serve the interests of potential investors and financiers.
Essential information in a business plan includes:
- your business idea
- the products or services offered
- the competitive situation
- risks
- Equity capital
- detailed financial planning
In short, the business plan is the basis for a successful company start-up.
Why create a business plan?
A solid business plan helps you as a founder to structure your ideas and identify potential weaknesses and knowledge gaps. It is like a roadmap that shows you where you are headed and what steps are necessary to reach your goal.
The business plan is an indispensable document for investors. It gives them a clear idea of your business plans and serves as a decision-making tool. Investors and supporters are interested in how realistic your business idea is and what opportunities it offers for the future.
A business plan is not only important for external stakeholders, but also for yourself. It helps you turn your vision into concrete goals and plan the necessary actions to achieve those goals. In short, a well-designed business plan is the key to your entrepreneurial success.
When should a business plan be created?
A business plan should be prepared well in advance, especially if you want to apply for grants or loans. Banks and investors usually require a detailed business plan to assess the feasibility of your business plan, so it is important to start preparing it early to meet the requirements.
A business plan is also essential when applying for start-up grants, such as the start-up grant from the employment agency. The financial plan is crucial for the assessment by banks and investors for the granting of loans.
A business plan examines the feasibility and profitability of your business idea and is therefore an indispensable tool for successfully starting a business. It shows whether your business idea is viable and what steps are necessary to implement it successfully.
Who are you creating a business plan for?
Target group and addressees
A business plan is not just an internal document, but is aimed at various external recipients who can be crucial to the success of your company. The main target groups include:
- Investors : They want to know how you plan to use their capital and what return they can expect. A clearly structured business plan with detailed financial forecasts and a convincing business idea is essential here.
- Banks and lenders : These institutions require a business plan to assess the creditworthiness of your company. They pay particular attention to the financial planning and the collateral you can offer.
- Funding institutions : If you want to apply for funding, a business plan is often a prerequisite. It shows that you have thought through your business idea and will use the funds sensibly.
- Business partners : Potential partners or suppliers want to ensure that your company will be successful in the long term. A business plan helps build trust and facilitate collaboration.
It is important to tailor the business plan to the respective target group. Investors may be more interested in growth opportunities and returns, while banks look at collateral and repayment capacity. By taking the needs and expectations of your target group into account, you increase the chances of convincing them of your plan.
Structure of the business plan
A well-structured business plan is essential to convince investors and other stakeholders of your business idea. The main chapters of a business plan should include:
- an executive summary
- a founder profile
- the business idea and the offer
- a market and competitive analysis
- a marketing and sales strategy
- organization and employees
- Legal form and legal aspects
- a financial plan
- additional documents
The structure and outline of your business plan is crucial so that investors can quickly grasp the relevant information. The business plan should contain visions, market analyses and forecasts from an economic perspective in order to clearly present your business idea.
Below, we’ll take a closer look at each component of your business plan and show you how to make each one work best. Let’s start with the executive summary, the first section of your business plan.
Executive Summary
The executive summary is the flagship of your business plan. It summarizes the entire business plan and is designed to convince the reader to want to learn more. It is advisable to create the executive summary at the end of the writing process to ensure that all relevant information is included.
The executive summary should present the most convincing arguments, key planning figures and information about the company. It should generally be one to two A4 pages long.
A well-written executive summary will pique readers’ interest and motivate them to delve deeper into your business plan.
Founder profile
The founder profile should introduce both the main founder and any co-founders. It is also important to address the motivation for founding the company and explain why you and your team are the right people to implement the business idea.
The knowledge and experience of the founders are crucial to ensure the long-term success of the company. Core skills and special qualifications of the founders should be highlighted to show their suitability for implementing the business idea.
Shortcomings of the founders should be acknowledged and measures to compensate for them in the form of team support or external consultants should be mentioned. The CVs of the founding members should ideally be summarized on a maximum of two pages.
Business idea and offer
The business idea is the heart of your business plan. It describes the product or service you offer and should include a detailed description of what you offer and the benefits it provides to customers. It is important to clearly present the customer needs and the benefits of your offer.
An essential component of the business idea is defining the product and differentiating it from competitors’ offers. You should clearly define the product or service and describe the unique selling point that sets your offer apart from others.
Important information in a business plan is the functions and areas of application of the products or services offered. In addition, special aspects should be taken into account if marketing is not possible immediately after starting up the business. Support from a business plan guide can help you structure your ideas and implement your business plan.
Target group analysis
Target audience analysis is a crucial part of your business plan. The target audience includes the customers who will generate sales, both individuals and businesses. It is important to define the target audience through various factors such as demographics, interests and needs.
A comprehensive understanding of the target group is crucial for long-term business success. Target group analysis helps you adapt products and services to the needs and expectations of customers.
In B2B, there are often multiple decision makers involved in the buying process, making analysis more complex. Creating personas and using tools like the Empathy Map can help you develop a deep understanding of your target audience’s thoughts and feelings.
Market and competitive analysis
A thorough market and competitive analysis is essential to understand the opportunities and threats of your business venture. The market analysis includes data and information on market size, growth and competitor behavior. A detailed competitive analysis should include the key competitors, their market position and strategies.
The SWOT analysis is an important tool for strategic planning and summarizing the strengths, weaknesses, opportunities and threats of your company. It helps you to assess the current situation of your company and plan future developments.
Through market and competitive analysis, you can gain valuable insights and make informed decisions to successfully position your company and assert yourself in the market.
Marketing and sales strategy
A well-thought-out marketing and sales strategy is crucial for the success of your company. The marketing strategy includes all measures to publicize your product or service and must be tailored to the needs of the target group.
Buying behavior, including purchase frequency and preferred channels, is crucial for the choice of sales channels. The price sensitivity of the target group plays a central role in pricing and sales strategy.
The sales strategy defines through which channels the product or service will be sold, be it online stores, retail stores or other sales channels. A well-thought-out sales strategy will help you market your products effectively and maximize sales.
Organization and employees
The organization and employee structure of your company are crucial for long-term success. Personnel planning begins with determining personnel requirements based on the tasks that will be carried out after the company is founded. New business founders not only create employment for themselves, but also many new jobs.
Human resource planning must be divided into short-term, medium-term and long-term perspectives. It is important to define the job profiles based on the previously identified tasks. A clear plan of when and in what periods employees should be hired and what qualifications are necessary is essential.
Taking personnel costs into account, including salaries and social security contributions, is an important aspect of human resources planning. With a well-structured organization and competent employees, you can maximize the performance of your company and be successful in the long term.
Legal form and legal aspects
Choosing the right legal form is an important decision when starting a business. The legal form not only affects the liability risks, but also the structural efficiency of your company. Each legal form has specific advantages and disadvantages that must be carefully considered.
For example, the GmbH offers liability protection for shareholders, but requires a higher starting capital than a sole proprietorship. A AG enables capital to be raised by selling shares, but is more complex to set up and manage.
A GbR is easy to set up, but carries the risk of unlimited liability for all partners. Professional advice is recommended to choose the appropriate legal form and minimize legal risks. A well-founded decision regarding the legal form of your company forms a solid basis for your business success.
SWOT analysis
The SWOT analysis is an indispensable tool for strategic planning. It includes the presentation of:
- Strengthen
- Weaken
- opportunities
- risks
of your company. Through the SWOT analysis you can present the current situation of your company as well as its potential development.
SWOT analysis helps you maximize your company’s strengths and minimize weaknesses. Opportunities refer to the positive external factors, while threats represent external threats such as market changes.
It is advisable to present the results of the SWOT analysis in a clear matrix so that the findings can be quickly understood. The SWOT analysis offers advantages such as identifying core competencies and identifying risks. A well-conducted SWOT analysis helps you make informed decisions and run your company successfully.
Financial plan
The financial plan is a central part of your business plan. It is used to determine capital requirements and liquidity planning in order to demonstrate the financing and profitability of your business idea.
The financial plan should include essential content:
- capital requirements
- necessary investments
- liquidity planning
- sources of income
- Cost
The capital requirement includes start-up costs and factors influencing liquidity, which take into account both operating results and investments. The profitability forecast includes profit and sales estimates for the coming years, which are crucial for the valuation of your company.
Various tools can be used to help you create a financial plan, such as financial planning tools including liquidity planning or contribution margin calculations. A well-structured financial plan is crucial to convincing investors and creating a solid foundation for business success.
Business plan and financing
How to Create a Business Plan for Financing
A business plan is a key tool for securing financing for your business. To convince investors and lenders, your business plan must contain certain key information:
- Detailed financial planning : This includes sales forecasts, profit and loss statements, cash flow analysis, and a break-even analysis. This data shows that you have thoroughly thought through the financial aspects of your business.
- Capital requirements and use : Describe exactly how much capital you need and what you will use it for. This gives investors the assurance that their money will be used wisely.
- Return expectations : Investors want to know what return they can expect. Show how and when they will get their invested capital back and what profits are possible.
- Collateral : Banks and lenders want to see collateral that minimizes the risk of their investment. This can be physical assets or personal guarantees.
A well-thought-out financial plan is the heart of your business plan and crucial to getting funding. Use online tools and templates to ensure your financial plan is professional and convincing.
How to Find Financing Options
Finding suitable financing options can be challenging, but with the right strategy you can find the best options for your business:
- Bank Loans : Traditional bank loans are a common source of financing. Be well prepared and present a solid business plan to increase your chances of getting a loan approved.
- Investors : Venture capital and angel investors are ready to invest in promising business ideas. Network at events and use platforms to find potential investors.
- Funding programs : There are numerous government and private funding programs designed specifically for start-ups and small businesses. Do your research thoroughly and take advantage of these opportunities.
- Crowdfunding : Platforms like Kickstarter or Indiegogo allow you to raise capital from a large number of backers. A compelling project and a strong marketing strategy are crucial here.
- Business Angels : These experienced entrepreneurs not only invest capital, but also offer valuable advice and networking opportunities. Look specifically for business angels who work in your industry.
By combining different sources of financing, you can create the necessary capital base for your company and successfully implement your business concept.
Additional documents
The appendix of your business plan should only contain essential information that supports the main content. Here are some important elements that should be included in the appendix:
- CVs of the founders
- market studies
- Important contracts
- Technical design plans
- product descriptions
This information helps support the credibility and feasibility of your plan.
Technical drawings and data from clinical studies are relevant documents that can create trust among investors. CVs and certificates that do not directly belong in the business plan should also be placed in the appendix.
Additional documents are used to support and illustrate the information provided in the business plan. They offer readers the opportunity to obtain more in-depth information and contribute to the credibility of your business plan.
Tips for creating a business plan
Creating a business plan can be a challenging task, but with the right tips and tricks, you can successfully complete the task. Common mistakes in SWOT analysis include ignoring weaknesses and threats or confusing internal strengths with external opportunities.
It is advisable to sketch out the business model first before starting to develop the detailed business plan. Careful time planning is important to ensure that all parts of the business plan are thoroughly researched and prepared.
Professional feedback from external experts can help you identify weaknesses in the business plan. A startup coach can help with the creation of a business plan by offering support with questions and having the expertise to create it.
Support and tools
There are numerous supports and tools that can help you create your business plan. One particularly useful online tool is SmartBusinessPlan, which is useful for creating both the business concept and the financial plan of aspiring entrepreneurs. Here are some benefits of business plan software:
- Adaptation and fulfillment of requirements required by consultants
- Support in preparing financial forecasts
- Ability to easily edit and update the plan
- Templates and examples to help you get started
These tools can help you create a professional and convincing business plan.
The business plan software from Unternehmerheld is free and contains a ready-made capital structure as well as examples and key questions. The founders’ platform provides templates and examples to help founders create their business plan. The business plan tool makes the creation even easier.
Professional support from business consultants can help you create an objective SWOT analysis and develop effective strategies. There are also free consulting services, often available through public institutions and chambers of commerce.
Summary
Creating a business plan is an essential step for the success of your online business . A well-structured business plan helps you to clearly define your business idea, analyze the target group, conduct a thorough market analysis and develop an effective marketing strategy.
By carefully planning and structuring your business plan, you increase your chances of success and convince potential investors of your project. A comprehensive financial plan and additional documents support the credibility of your business plan and help you obtain the necessary funds to implement your business idea.
In conclusion, a business plan is not just a document, but a tool that helps you achieve your goals and put your business on the road to success. Don’t let the challenges put you off – with the right planning and support, you can build and run your online business successfully.
Frequently Asked Questions
Why is a business plan important?
A business plan is crucial because it helps you clearly structure your business idea and uncover potential weaknesses, while at the same time getting investors excited about your venture!
When should I create a business plan?
A business plan is essential to clearly structure your ideas and increase your chances of receiving funding or loans! Get started right away so you are well prepared!
What should be included in the executive summary?
The executive summary should contain convincing arguments, important target figures and relevant information about the company. This makes a strong impression and quickly conveys the essentials!
Which legal form is right for my company?
The right legal form depends on your specific needs and goals! Professional advice can help you make the best decision and minimize your liability risks!
What support and resources are available for creating a business plan?
There are great tools and templates, such as the free business plan software from Unternehmerheld, that can help you create your plan! In addition, public institutions and chambers of commerce offer professional advice to give you the best possible support!