Which startups should turn their business around?
Analyze the feasibility of the business idea
Self-employment is not an end in itself. At the end of the day, you need to make money off of your offer. You have already described your target group in the previous section on specifying the business idea. You will carry out a detailed market analysis in the business plan. The following considerations provide initial indications for this:
- Market size: How many potential customers are there for your offer?
- Competitors: How have competitors' customers or sales figures developed recently?
- Purchasing power of the target group: Do your customers have the financial means to buy your offer?
- Willingness of the target group to buy: Are you considering why the customer would pay money for it? Would you pay for it yourself? Would your friends pay for it?
- Purchase frequency: How often will the purchase be made?
- Prices: What prices are possible in the market? You may be able to make an estimate of the margin at this point. So how much remains in your pocket, for example after deducting the manufacturing costs?
At this point, of course, you cannot give an exact estimate of your sales. However, you should get a first impression of whether there is a promising market for your offer. The target market doesn't have to be very large for you to be successful. Even a small market may be promising if you can get good prices with a high margin.
To find out whether your business idea is actually marketable, you can look at existing business ideas or franchise concepts. If you see successful concepts for self-employment there that are similar to your project, this should serve as support for your concept. Alternatively, the lean startup method helps you to quickly check your business idea for its suitability directly on the market.
Next step: Protect the business idea
Now check possible industrial property rights for your project. With property rights such as patents, designs or utility models as well as trademarks, you can protect the decisive competitive advantages of your business idea from your competitors.
Discuss your idea with others. In the business plan, you will later carry out a small market study with your target customers in order to grasp the potential more precisely.
As editor-in-chief, René Klein has been responsible for the content of the portal and all publications by Für-Gründer.de for over 10 years. He is a regular interlocutor in other media and writes numerous external specialist articles on start-up topics. Before his time as editor-in-chief and co-founder of Für-Gründer.de, he advised listed companies in the field of financial market communication.
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