What are examples of a business plan
1. Lack of commercial qualifications
A business plan covers all entrepreneurial areas of your business idea. It describes the goals, the strategic approach and contains all important data and information. The first deficits also become clear here.
While most founders can prove their professional qualifications and have sufficient industry knowledge, they often lack commercial expertise.
Commercial deficits are one of the most common reasons why start-up projects fail. This applies above all to qualifications in the areas of finance and marketing. If the founding team is not optimally positioned in these areas, it is advisable to seek external help.
This includes business start-up seminars with a qualified start-up consultant or start-up coaching supported by KfW.
2. Missing unique selling point
Regardless of whether you are opening the fourth cosmetic studio in the vicinity or bringing an already known product onto the market. In order to be able to survive successfully with your business idea, you should stand out from your competition in at least one characteristic.
Not only innovative product features play a role here. Your offer can also stand out through a different pricing strategy, creative marketing or a high-quality design. Put your business idea in the limelight in the business plan and above all focus on the unique selling point. This is the only way to convince the reader of your start-up project.
3. Inadequate market analysis
Many successful business ideas fail due to a lack of knowledge of the market. A detailed market analysis plays an essential role in the success of a company. Because the resulting data form the basis for solid and realistic financial planning. Above all, investors pay attention to this.
Deal with your market environment. How big is the market potential? How will the market develop in the coming years? In the worst case, an inadequate market analysis leads to an overly optimistic market assessment and thus to wrong business decisions.
4. Not knowing your own customers
Target group analysis also plays a major role in a detailed market analysis. In addition to the risk of not knowing your own market environment, a lack of information about your own target group is another reason for founders to fail.
Get to know your customers: Identify your customers' needs. A supply that finds no demand will not work in any market.
5. Disregard risks
Entrepreneurs shy away from addressing risks in their business plan. Above all, potential investors should not be frightened off. Above all, possible risks play an important role in a realistic financing decision. Especially since the concealment of potential risks is often rated negatively.
Aggressive competitors, innovative trends or poor market forecasts must be considered in a good business plan. Use the opportunity in the context of a SWOT analysis to show that you have the necessary foresight and entrepreneurial skills to face these challenges. And convert these risks into opportunities.
As a founder, you are convinced of your business idea. And you have to be too. You should convince potential investors and business partners to invest in you and your idea. At the same time, a business plan is about objectively illuminating and evaluating your own business idea. An overly optimistic assessment will not get you any further in your start-up project and in the worst case has fatal consequences.
Involve outside third parties and ask them to read the business plan. They read the business plan without any emotional connection to your business idea. Take advantage of this opportunity.
7. Inadequate planning
Before you create your business plan, you should reserve time for planning. Inadequate planning quickly becomes noticeable in a poor structure. You will not arouse the interest of your readers and in the worst case even scare off potential investors. In the end, a clear and coherent structure suggests a well-thought-out business idea.
Use our business plan template and collect all the necessary data and information. In addition to various Internet sources, there are also numerous information offers for business start-ups available to you. Take part in a business start-up seminar or take advantage of offers from institutions such as the Employment Agency and the Chambers of Commerce and Industry.
8. Bad form
Do you want to win the reader over to your business idea? In addition to the content of the business plan, the appearance also plays a role. Go for an unobtrusive layout that doesn't distract from the content.
With our business plan template, we have already given you a business plan structure. This structure corresponds to the current standards. Stick to it. Above all, potential investors or funding agencies expect a certain structure.
Spelling mistakes and mistakes in the calculation should also be avoided at all costs. Have your business plan proofread as well. Use a clear and simple formulation and refrain from theoretical considerations and incomprehensible specialist vocabulary. Make it as easy as possible for your readers to follow you and convince themselves of your business idea.
9. Financing deficiencies
Another pitfall is insufficient and unrealistic financial planning. One of the most common reasons is inadequate market analysis, which often leads to incorrect or unrealistic sales forecasts (see point 3).
Many founders also find it difficult to correctly assess their capital requirements. In addition to the running costs, many misjudge the start-up and investment costs. Private living expenses are also often forgotten. Avoid financial bottlenecks and make realistic assumptions.
In this context, also think about coverage, such as private health insurance and occupational disability insurance. Include these costs in your calculation.
Even after starting your business, your business plan should be a constant companion. In this way, planned strategies are implemented and important goals are not lost sight of. But banks and cooperation partners also still like to ask for a business plan after setting up a business.
So make sure that the content of the business plan is always up to date. Adapt it to new developments and use the latest figures.
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