How to start up your business in Germany in …

steps

STEP 1: Your business idea

BUSINESS IDEA

The center of your future business => must be well-thought-out

Find a partner/a coach to help you develop and check the idea

(take a local businessman, a business teacher or look for someone at a university)

(By the way: Is it going to be a part-time or a full-time job? => think about insurances and taxes…)

STEP 2: Find out about your market

Conduct a market research

Customer:- Target group- Its needs

Supplier:- Supplying prices- Continuity of supply- Cost-value-ratio

Competitors:- Property rights- New developments

Similar/substitute products:- Existence?- Price Market:

- Development (history and future)- Size of the total market

STEP 3: Development of the corporate identity

BUSINESS STRATEGY

SWOT-analysisStrengths

WeaknessesOpportunities

Threats

Corporate vision1) Present goals2) Future goals (5 year period)

Realization of the strategyMeetings to implement the strategy in your company

STEP 4: Legal form and personnel structure

Decide on a legal form for your company

(most common in Germany: GmbH, OHG, KG, GbR, AG)

Leadership within the business:working in equal teams

vsstrict hierarchy

(tasks: managing director, sales, marketing, research)

Formalities to get by authorities

- Licences / qualifications- Permissions- Insurances (for you and for employees)

STEP 5: Financial planning

Financing your business

Budgeting- Cost of employees (wages, insurances, etc.)- Cost of material- Operating costs (rent, consulting, running costs, marketing, etc.)

Budget control- Price fixing- Break-even-analysis

Sources of finance- Crowd funding- Bank loan- Subsidies (KfW, EU, HWK, BMWi)

Cooperation with the tax office

STEP 6: Going public

Information of customers

Website

Press release

Social media

People need to be informed about your company and about your product!

Company presentations (possible future cooperations)

Marketing strategy and promotion

Public relations(press releases, etc)

Direct marketing(contacting

customers via internet, phone

calls or visits)

Advertising(Internet, radio, TV,

newspapers, fairs, cinema)

make your product popular!