Implementing my business idea correctly to the business plan - Part 1

Mon, 18.04.2022, 15:00

Do you have a business idea in your mind or have you been toying with the idea of finally starting your own company for a long time? The first step into entrepreneurship is associated with many challenges. We show you how to put all the pieces of the puzzle together, from your startup idea to your business plan. This way, nothing stands in the way of your successful start into self-employment.

The business idea

If you want to start your own business, the first thing you need is a business idea that suits you. The business idea is the core of the foundation. The whole business plan will be based on it. It is important that you have a systematic approach. This way you always have an overview. You have to ask yourself which target group your product should address and whether your idea really has potential on the market.
If you don't have a business idea, it doesn't mean that your dream of self-employment is dead. Think about the problems you often encounter in everyday life or talk to people about. In this way, you will soon recognize potential business ideas or solutions that are in demand on the market.
 
You are welcome to have your business idea tested by the Canvas Model.

The Analysis & Feasibility

SWOT Analysis:
The SWOT analysis is a strategy and business planning tool. It explains the strengths and weaknesses as well as the opportunities and threats of a company. This strategy will help you to develop your business plan. The goal of this analysis is that you think concretely about how you can position your company on the market and how you can stand out from others.
What are opportunities and risks?
The opportunities and risks include the influencing factors of the company's environment. These include the changes in the environment, digitalization and the competition. These factors belong to the external analysis.

What are strengths and weaknesses?
Strengths and weaknesses may include financial resources, employee qualifications, product quality, dealing with customers or image. These factors belong to the internal analysis.

Here you can find our checklist for the SWOT analysis.
 
Competitor analysis:
Now you need to analyze your competitors as precisely as possible. Since your startup is competing with them, you should work out a unique selling proposition. You can figure out what their market position is, what their pricing policy is, what advertising measures they use, what target groups they have, what products they sell and what other services customers might need.
If you couldn't find any competition, you most likely didn't exhaust all resources. Basically, there are always competitors in some form or another. There is hardly a market today that is not being served. So get back to work and find competing companies or products.
 
Feasibility:
It is important to be realistic about your plans. Through the SWOT and competitor analysis you will quickly realize if your business idea has potential or if the realization of your idea will be difficult. You must ask yourself whether you can implement your business plan in a timely manner. Question your idea and implementation again and again in order to be prepared for future success.

How do I create a business plan from my idea?

The business plan is the heart of a company. It offers the optimal preparation for your project but also serves as a future cooperation with partners or other organizations and authorities. It helps to get an overview and shows the course of the next plan years. The business plan is always adapted to the latest developments.
 
A well-structured business plan should include the following:

• Company and all founding members with their qualifications
• Current business situation
• Legal form of the company
• Presentation of product and service
• Market and industry data
• Target group
• Market assessment
• Marketing and sales
• Financial and liquidity planning

You want support?
At our free online workshop you can develop your own business plan live.
In our second part of this blog series we will show you how to organize your contacts right from the start. Sign up now for the IFJ newsletter to make sure you don't miss the next blog parts.

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