Tip 2: Take the time to plan thoroughly
Keep going with your creative thinking. If have you an idea you just can’t get out of your head, then you need to consolidate it. You should give it more and more shape with a concept. Gather together all the necessary information and think through every step until you can turn it into a business plan.
The business plan not only helps you to think through your concept, but once it is actually finalised you can show it to people you want to convince of your business ideas, such as investors, banks or potential business partners.
Be critical too: do not allow yourself to be overtaken by enthusiasm and make sure you consider potential risks. If you are not able to put together a coherent business plan, perhaps it is not the cameroon telegram screening right time or this is not yet the optimum business idea. These are important insights which many entrepreneurs have discovered to be true.
Executive summary
Idea and target group
You may need around 20 to 50 pages for this. The drafting process can take several months.
Tip 3: There are many financing options
Is it now time to search for big investors like we see on TV programmes such as ‘Dragons’ Den’ or ‘Shark Tank’? Stefan Hamann recommends keeping the traditional route in mind and enquiring at your bank first. Local banks in particular can be very helpful.
That’s not everything, of course! Remember there are other options. How about a crowdfunding project, for example? For products and ideas which have social added value or which target a passionate fan base in particular, the potential can be exploited here.