For many people, becoming self-employed means fulfilling a lifelong dream. The creation of a business plan is essential for planning and structuring the project . A business plan is also required if you want to apply for a KfW start- up loan or any other form of start -up financing.
For example, if you want to apply for a subsidized loan to open a restaurant without ever having worked in the catering industry yourself, it will be difficult to get it. The takeover of a horse farm (reading tip: company takeover ), for example, will probably also fail if you have not had the experience of regularly caring for and training a horse and do not have the appropriate training. The seriousness and confidence in trusting a founder of a business with a successful start -up is often measured by the career and the experience already gained by this person. Industry knowledge also simplifies the path to a promotional loan.
Create a business plan – make potential visible
The readers of the created business plan must recognize the potential of the founding team and, if necessary, the most important employees – this is one of the decisive success factors of a business start-up. It is important and necessary that the management skills are in place at the senior level to tackle a business start-up. The most important properties include:
- professional and entrepreneurial knowledge and experience
- Market and industry knowledge
- leadership and communication skills
- Social skills for teamwork
- motivation and vision
- networks
When creating a business plan, it is necessary to present the entrepreneurial visions, missions and goals. Because the more extensive and innovative a company project is, the more important is the external perception of motivation and resilience in the management team. However, it is sometimes difficult to put these qualities into writing. In personal discussions with investors, the specified soft skills are usually also checked.
When founding a company , it is not expected that all management positions are filled with the best possible technical expertise right from the start. The snapshot may of course deviate from the wishful thinking. Rather, what counts is honesty and realistic consideration of strengths and weaknesses, personnel requirements and the explanation of appropriate measures to counteract any gaps. These insights must be integrated into the business plan creation so that investors can get an overview of how a company plans and executes the path to success.
Reveal your own career
The feasibility of starting a business is all the more credible the more experience and qualifications have been made or are available in the sector of the planned start-up. It is therefore important to present the professional career of the founder or the founding team. Without appropriate proof that you were already active in the desired market segment, for example through previous employment or self-employment or through courses of study and specific further training, it will be difficult. The employees, who are key factors for the company, should also be presented in the business plan that has been drawn uprepresent. Entrepreneurial progress also means constantly evolving. Investors are well aware of this. Therefore, when creating a business plan, one should address the importance of personnel development and further training in the company. This strengthens the statements about the measures to eliminate current deficits in the management positions.
Specialist skills cannot always be available internally
Not every personnel requirement is tied to the permanent employment of a full-time employee. Do you only want help during intensive project phases, or occasionally when needed on a small scale? Do you need technical expertise, or is it enough to hire someone who is willing to learn? Do you just want to fill a position, or are you looking for talent for the future? There are numerous alternatives : whether mini-jobbers, part-time employees, working students or freelancers. When creating the business plan, it is not only necessary to describe which positions are occupied internally and will be in the future, but also externally, such as tax consultants, marketing agencies, or designers. The external use of resources offers the advantages that experience, know-how and new impulses are brought into the company. Nevertheless, the external employee must be trained in the company’s tasks and usually costs more money than an internal appointment.
The mix of the founding team is crucial
At the beginning of the company foundation, the focus should also be on team building in relation to cohesion. If a team only consisted of extroverted and assertive types, there would be conflictsinevitable in the event of disagreements. That’s why you should not only pay attention to professional but also to personal diversity when making the composition. It is crucial for a management team that skills and qualifications complement each other and that a shared vision can be identified. It is also not expedient to be a team of several business economists if, for example, the focus is on implementing an app idea. Therefore, a founding team should be composed of different disciplines, such as a business economist, developer, designer or engineer.
In a CV, the motivation of an applicant is difficult to see. However, this is an important key factor in professional life. When someone strives to keep learning, rather than repeating a job on a regular basis, it can be very significant to a company. These types of individuals can grow into responsibilities and roles and are likely to be able to take on progressively more responsibilities as employment progresses. Sometimes hiring a highly motivated career changer instead of a sluggish veteran can be the right decision. Above all, young and dynamic companies need employees who have a high level of stamina and who identify with the company.
Clear role allocation is important
The smaller the founding team, the more diverse the tasks that each individual takes on. If no one in the team has certain competencies, it is important to collect everyone’s skills and interests in the first step in order to be able to better implement the distribution of roles. It can also be the case that several people prefer certain activities to others. Therefore, a clear distribution of responsibilities and competencies is essential. Not only internally, but also in external communication.
Conclusion:
For development banks such as KfW or investors, the greatest risk does not lie in the business idea, but in the founding team. The potential financiers only have the created business plan in order to get to know the idea, organization, employees and future planning. The latter also includes the deployment of personnel. If the founders separate due to disagreements and conflicts, then even the best business idea will not help. For example, if three founders with the same professional background want to implement a business idea, this is sometimes less effective. It is therefore advisable not only to build up a team of founders with a diverse range of expertise , but also to pay attention to social skills .
In summary, when creating a business plan, it is important to address the professional and human skills of founding members and employees, who are key factors for the company’s success. If there is still a need for staff, the implementation should be explained in the business plan. This applies to both internal and external personnel.