The customer is king: the success of your business idea will depend on whether your product or service fulfils your customers’ requirements. This means that, before embarking on your business, you should carefully consider who your target group is. You need to be familiar with the needs and desires of your customers in Germany – bear in mind that these may be different from those in your country of origin. Make sure that your business idea is suitable for Germany.
In your business plan, you should also describe the market situation. Find out who your competitors are and what the prices of similar products or services are. As you do that, you should always ask yourself a core question: what makes you different from the competition? Develop a unique selling point (USP) for the product or service you are offering, make sure you sell superior quality, or gain a competitive edge by offering exceptional services. On the Startup Portal, you’ll find a concise overview of the most important aspects of target group and competition analysis (in German).