Before you start a business, take the time to think carefully about your business idea. Ask the people or organizations in your target group what they think. Ultimately, the concrete benefits for your customers – and whether customers are willing to pay for them – will determine whether your business fails or succeeds.
Check the following questions:
- What specific benefits does my product or service offer to my customers?
- Is my target group willing and able to pay for my product or service?
- Can I explain my business model in clear and simple terms?
Talk to your target group and constantly review your business idea!
Your customers and your target group will determine whether your business fails or succeeds. Involve your target group and your future customers in the development of your business concept at a very early stage. That will give you valuable feedback and useful ideas about how to match your idea and your product/service to their real needs. And that can give you an advantage over the competition!
Present your business model in a structured form. Review it honestly and improve it before finalizing your detailed business plan. The following approaches are good ways to do so:
- Business Model Canvas at a glance
The Business Model Canvas helps you visualize your business model and highlight its key success factors clearly and logically. - Engpasskonzentrierte Strategie (EKS) – Specialization as a success factor
The EKS approach helps you understand your personal strengths (“What am I good at?”) and use them to develop attractive offerings (“Where can I create the most benefits?”). In the interests of your lasting success, it is important to match your offerings as closely as possible to the needs (the bottleneck) of your target group (“Who needs me?”).
Taking over an existing company
Apart from setting up a new business, taking over an existing company is also a possible route to self-employment.
With an established and well-running company on the market, you generate sales from the very beginning and ideally take over the existing customer base and staff.
A company takeover is a complex process. In addition to economic, legal and tax issues, family and social aspects can also play a role. The questions you typically need to clarify during a takeover include:
- Do I have access to all the relevant information for a realistic situation analysis?
- How much is the purchase price? How much investment is required? Can I finance both?
- How do I estimate the future sales and profit potential of the company?
- How do I organize the takeover negotiations and the transition itself?
Finding suitable companies
You can search for current offers on the nexxt-change platform. Industry associations, professional chambers and professional associations are also a good place for research. The Nachfolge-in-Deutschland.de web page offers in ist wiki a large selection of online contact points. With the company value calculator from Unternehmenswerkstatt Deutschland, you can calculate the value of a company.
Where can I get help and support?
Many areas of business succession can only be properly assessed and handled with the help of experts:
- The Chamber of Commerce and Industry offers detailed information and checklists as well as business management advice.
- The Chamber of Skilled Crafts provides information and advice on taking over a business in the skilled trades.
- The non-profit organization Aktivsenioren Bayern e.V. offers business succession advice and provides support during the takeover process.
- The succession coaching support program [Nachfolge Coaching Bayern] enables you to receive a subsidy for personal business advice from an experienced coach of your choice.
- Service providers for tax, legal and management consulting can provide advice and support.