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FAQ about business plans

What is a business plan?

A business plan is a structured summary of the business idea and provides information about the most important facts of the business concept. This includes, for example, the target group, the strategy, the opportunities, and risks as well as financial planning.

On the one hand, the business plan is a basic tool for assessing the chances of success by potential and interested investors for instance. On the other hand, it is a personal guide for self-employment.

What do you need for a business plan?

A good and suitable business idea is of course necessary to create a business plan. Furthermore, you should have examined important factors and carried out analyses and assessments of the market.

It needs a stringent structure with a common thread. The TAKE-OFF model is particularly suitable for this.

In addition to this, a business plan takes time and requires a considerable amount of information about your business idea, the market and financing possibilities.

Why is the business plan so important?

The business plan gives structure to your business idea. It supports strategic and operational decision-making. With it, you will not forget any important factor or area.

The business plan helps you to work out the relevant questions at the beginning of your business activity, such as the target group, customers, competition, market, and finances.

When preparing your business plan, you critically examine your own business idea and recognize eventual risks as well as opportunities. You deal with the practical feasibility and economic profitability of your project.

Do you write a business plan exclusively for investors?

No. You write a business plan primarily for yourself. It helps you taking important strategic and operational decisions, gives structure to your business idea, and serves as a guide for your business activities.

Nevertheless, investors, banks, and stakeholders often require a business plan, which they use as a basis for decision-making.

Who are the addressees of the business plan?

First and foremost, you are the addressee of your business plan. But you are not the only one who needs it. Other addressees such as investors, business partners, or banks may also be interested in your business plan.

However, who actually belongs to the addressees of your business plan depends on your business model and the stage in which is your company.

Which contents should a business plan cover?

According to the TAKE-OFF model a business plan should contain the following topics:

Activity
Customers
Competition
Market Entry
Organisation
Outlook
Finance
Management Summary

What is the purpose of a business plan?

In your business plan you define the goals, strategies, and measures of your business idea. In addition to that, you use financial planning to determine whether the business model is economically profitable, and whether, or how much additional capital is needed.

The business plan serves as a basis for discussions with potential investors. At the same time, it is a guideline for your strategic and operational decision-making.

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