Follow These Business Tips

Start your own business with these business tips – master all hurdles with the right planning! From the business plan to financing to permits and business registration: We show you tools for preparation and all the steps to a successful foundation and realize your dream.

It starts with you: what are your strengths?

Self-employment is an exciting new phase in life, but it also involves risks. The risks are usually higher if there is insufficient planning. The first step in well-founded planning is a self-analysis. In this personal situation analysis, prospective self-employed persons record qualifications, professional experience, knowledge of business administration, and their motivation and passion for establishing themselves.

Our start-up test helps with this.

Personality: mindset, passion for the idea

Environment & stress: 

Resistance to stress, support from family and friends

Experience: Entrepreneurial or industry knowledge

Management: 

Experience as a manager or team leader

Finances: equity, need for financing or subsidies

Market & Sales: 

Personality in terms of sales (salesperson type)

Storytelling: tell your story

Your story as the founder is what matters. The founding motivation should be packed into a 

Fascinating story: Why are you the ideal person for this business idea? What makes the concept irresistible? What drives you to start your own business, and why is now the right time? Storytelling works in the business plan, convinces lenders and customers. The more vivid and captivating founders formulate, the higher the emotional connection with the reader.

Use our founder profiles as an inspiration for your personal story. These are part of the business plan and perfectly summarize for the reader the motivation and the personal why of the founders.

Find & develop a business idea.

Now it’s about the idea with which you want to go into business for yourself. Are you already sure which business tips it will be, or do you still need a little inspiration? If you don’t have an idea yet, there are three options: to find the development ideas you should care your health and follow business tips with carefully.

What makes a good business idea?

As new and good as it may appear, a business tips must above all meet a need and solve a real problem for the target customers – because if there is no demand, the product or service will not sell. The target market should continue to be large enough to ensure the profitability of the business tips. Therefore, market analysis is a central aspect in developing the idea into a workable business model. The third piece of the puzzle of every good business idea: a unique selling point that sets your idea apart from those of the competition.

Use the Business Model Canvas.

Once the business tips has been found, it is time to develop the business model – the business plan’s preliminary stage. Here it usually quickly becomes apparent whether the idea is viable and suitable for self-employment – this way, founders can quickly improve or pursue a different approach. With the help of the Business Model Canvas, you can shed light on several areas of detail of the idea to gain clarity regarding strengths and weaknesses:

Vision & idea

Founder or founding team

Target customers, market and competition

Strategy & positioning

Income, expenses & resources

Write a business and financial plan.

No business start-up without planning: 

Even if it is advertised in many places just to get started, it always makes more sense to invest enough time in planning your own business. After all, this is about a very important period in your life!

It doesn’t work without it

A business plan is a detailed, written version of the business tips in which all business model canvas elements can be found and which are now further deepened. The creation doesn’t have to be difficult: we’ll show you how to do it:

  • Create a business plan with our guidelines from A to Z,
  • Samples, templates and examples for inspiration and
  • a tool that makes creating business plans child’s play.

The business tips always follows the same structure that the future self-employed should always use. This also helps readers find the information they need right away. You can read in our guide what the business plan’s structure should look like and how founders can create their business plan in relatively little time.

Financial planning: what does self-employment cost?

The core element in every business plan is financial planning because this is where the idea’s economic viability becomes apparent: Is your business tips good enough that you not only recoup all start-up costs but also make a profit? As a starting point for any financial planning, two points are therefore central:

Starting costs

Start-up costs (registrations, notary, etc.) and investments (possibly shop and furnishings, setting up the website, inventory, initial equipment and warehouse)

What are the running costs?

Your cost of living and rent, staff, reorders, water, electricity, internet for the office and/or shop

These two aspects are the first step in the budget. The start-up costs can be covered with equity or a bank loan, and the running costs must also be budgeted in the financing – because until the company is profitable, you must be able to keep the company and yourself afloat. Of course, this is rarely achieved within the first year – in practice, and it can take longer before self-employment is profitable.

After founders have considered the costs, the next step is to plan sales to get an impression of liquidity and profitability. It is important to go through different scenarios (pessimistic, neutral and optimistic), that is, to consider “How many customers buy how much when?” Only with good financial planning and business tips can founders count on sufficient capital right from the start and request this in good time – regardless of whether it is ultimately the loan from the house bank or apply for subsidies to finance self-employment.

It sounds more complex than it is – a financial plan tool does a lot of work and sometimes complicated calculations.

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