10 steps to start a business

Many dream of their own personal business. But at the same reasons for which people decide to open their own business, is all different. For some – it is an opportunity to fulfill themselves, for others – it is a way to earn money and be independent, for the third – is a departure from unemployment. There are 10 steps to start a business

1. Answer to your question – are you ready?

Business, especially in the beginning, is challenging, huge time investment and costs, and only then it brings income, freedom, independence, and all the rest.

You will have to work hard for at least 10 hours a day and seven days a week, for business at the initial stage is highly unstable and prone to bankruptcy.

2. Determine what you want to do!

If you have already firmly decided that you want to work only for yourself, then you need to decide what exactly you’re doing. I often tell my clients and participants of our seminars that proper and competent idea – that’s half the battle. However, when choosing a business idea, consider the following: If you like the idea of you, your family and friends, unfortunately, is not the fact that it is like the other.

For a successful business it is important to ensure that your idea had enough loyal customers and attract new ones.

3. Make a plan for the construction and development of the business!

Yes, yes! Business plan – it is not only the “evasion” for the exchange of labor, but a mandatory step in planning your business.

Good and competent plan will help you increase your chances of success. Start a business without a plan – it’s the same thing to go to foreign lands without a road map. This paper deals with the basic aspects of the future of your company, predicts and analyzes the possible problems it may have, as well as identify ways to address these issues. To learn how to write a business plan, you can read on our website, under “Online Services.”

The most dangerous thing in the business – to deceive himself. Business plan, drawn up only for external use, often embellish reality. And this belief in his own propaganda can be destructive factor.

4. Do the math!

At this point you will need to answer the following questions:

– How much to invest in your business?
– Is there enough equity or debt capital needs?
– Will your business viable, profitable?
– Do you have enough of these profits in order to feed themselves and their families?

You also have to calculate the cost of starting a business – it is worth thinking about before, not after you have opened. After all, if you for some reason have to shut down, then spent for his discovery of the means to you, is not likely to return.

5. Decide on the sources of funding?

Here, I will not write much, but just to say that the sources of funding include not only bank loans. It can be a lease, and private investment, and a variety of grants and state. subsidies.

6. Determine the status of the company!

At this point, you need, first, to understand if you can run your own business, or you need partners.

Second, you need to decide whether you want to limit their liability or not, that is, whether your company GmbH, mini GmbH (UG) or Limited.

7. Collect information on how to properly make a business!

In Germany, almost all there is any law or rule. At this point you will need to know which organizations you need to register your company, you have to pay fees, etc. Such information can be obtained as a tax, and a business consultant.

8. Find a reliable business partner!

At this stage, it is not a partner with whom you could start a joint business. This we have already mentioned in the seventh paragraph. This refers to those individuals or companies that help you grow your own business. This, for example, tax consultants, lawyers, accountants and business consultants (who, besides the fact that help with writing business plans, and are still firm on many issues, and after opening).

For partners may also include your suppliers, advertising agencies, companies recruiting, etc.

9. Plan your first advertising strategy!

As you remember, meet on clothes. The way you get out on the market, in many ways will determine your future success. Do not forget to think not only about business cards, but also about where you will advertise, in what form and to what extent and at what amount.

10. … And open! But remember, this is just the beginning. The continued success of your business depends on you!

Of course, this is not a complete list of what needs to be done before opening. However, I tried to list the most important steps. And if you still have questions, call us – our consultants will be happy to assist you.

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