Plan your business

Good to know

Special tailored information for founders with all types of (migration) background in English you can find here: http://www.wir-gruenden-in-deutschland.de/en/precise-information/

Steps

Step 1
The decision: Are you the entrepreneur type?
Try to answer these test questions:
Is self-employment really the right path for you?
Are you qualified for the job?
Do you have experience in the sector?
Do you have commercial skills?
Do you have your family‘s backing?
Will you be able to handle the burdens of the launch phase and later?

Step 2
Get advice and further training: There is a lot of support for start-up founders in Germany. Information is available at public advisory offices, information centres, chambers of commerce or universities – and in all of these places, experts will provide you with relevant information and practical tips for setting up your own business. Even if you have set up a business already, you may choose to expand your knowledge in a further training course.

Step 3
Write a business plan: A business concept should be structured as follows (examples can be found on the webpage of the Chamber of Industry and Commerce in the internet):
• Table of content
• Personal qualifications, professional career
• Main emphasis of the planned business
• Market potential
• Competition situation
• Description of the start-up preparations up to now
• Legal structure, location and presumed number of employees
• Expected start-up phase and development of the business in the first three years
• Cost budget, sales revenue planning comprising of turnover and profit and loss forecast,
• liquidity plan, capital requirement plan.

Step 4
The financial plan: Calculate how much start capital you will need. Calculate your earnings. Identify all possible sources of finance.

Step 5
Start up your business: Take care of all the necessary formalities: Consider the requirements of public authorities, chambers, professional associations, etc. Find out about the special pre-conditions and certificates, official permits or licences that are needed for certain projects. Remember your tax obligations. Remember to make provisions for company risks. Continue to seek advice even after your company is up and running.