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Starting a business - you should consider this in advance

03/09/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

If you are planning to start a business, there are a few important points that you should consider beforehand. Here are some aspects to consider:

Business Idea: Think about what products or services you want to offer. Do a market analysis to see if there is demand and how tough the competition is.

Target group: Determine your target group and analyze their needs and expectations. Think about how you can best achieve them and which marketing strategies you can use to achieve this.

Financing: Create a business plan to calculate your costs, income and financing needs. Consider whether you can contribute equity or whether you would like to use external financing options.

Legal form: Decide on a suitable legal form, e.g. as a sole trader or as a GmbH. Pay attention to tax, legal and organizational aspects.

Official registrations: Find out about the necessary official registrations and permits, e.g. business registration, tax registration and IHK contributions.

Insurance: Check which insurances are necessary for your company, e.g. liability insurance, business liability insurance and health insurance.

Schedule: Create a realistic schedule that includes all necessary steps and milestones. Also note buffer times for unforeseen events.

Network: Build up a network, e.g. through contacts with potential customers, business partners, suppliers and consultants.

It is important that you take sufficient time to plan your business start-up and that you have the support of experienced consultants in order to minimize possible risks and start your company successfully.

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