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What do I need to consider before starting a business?

07/10/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Check the market opportunities and do research on your target group.

2. Familiarize yourself with the legal framework of your start-up.

3. Draw up a realistic business plan.

4. Check the financing potential.

5. Inform yourself about legal regulations, taxes and insurances.

6. Determine your personal time and cost requirements.

7. Take advantage of the consulting and support services for founders.

8. Look for suitable employees.

9. Develop an efficient marketing and sales concept.

10. Plan a continuous development of your company.

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What are common sources of failure for female founders?

07/06/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Insufficient financial knowledge: Many female founders do not have sufficient financial knowledge to make the right investment decisions.

2. Insufficient network resources: female founders often have less access to information sources, support networks and financing opportunities than male founders.

3. Insufficient market knowledge: Female founders often have less experience dealing with customers and little knowledge of the market in which they offer their products or services.

4. Inadequate work-life balance: female founders often have less time for their families and their own health because they invest more time in their business.

5. Inadequate business management skills: Female founders often have less experience in dealing with employees, budgeting and business management.

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What are the founding steps?

06/29/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

There are various founding steps that are important when founding a company. Here are the key steps:

Develop a business idea: The first step in founding a company is to develop a business idea. The idea should be based on market analysis and be unique.

Create a business plan: The next step is to create a business plan. The business plan includes a description of the business idea, a market analysis, financial planning and a description of the organizational structure.

Choose legal form: An important decision when starting a company is the choice of legal form. There are various options such as sole proprietorship, GmbH or AG.

Secure financing: Starting a business usually requires financing. There are various financing options such as equity, debt or subsidies.

Registration with the trade office: Before founding, the company must be registered with the trade office. The tax identification number and the sales tax ID are also requested here.

Building a business: After registering with the trade office, the company can be set up. Here you have to rent, hire employees and find suppliers.

Marketing and sales: Once the business is built, marketing and sales activities must be started to attract customers.

Controlling: Controlling is necessary to monitor the success of the company. Key figures such as turnover and profit are monitored here and appropriate measures are taken to keep the company on track.

The exact steps may vary by industry and legal entity, but these are the basic steps when starting a business.

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Why should you found a company in Rostock?

06/26/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

There are several reasons why you should incorporate in Rostock. Here are some possible advantages:

Good infrastructure: Rostock has a well-developed infrastructure, including a modern port, an airport and a well-connected road and rail network. This facilitates the transportation of goods and provides good access to national and international markets.

University and research institutions: The University of Rostock and other research institutions offer access to qualified specialists, innovative ideas and research cooperation. If your start-up is based on research and development, you can benefit from cooperation with these institutions.

Economic diversity: Rostock has a broad economic base with various industries such as shipbuilding, maritime business, tourism, information technology, biotechnology and food industry. This creates a diversified business environment and offers opportunities for different types of companies.

Attractive place to live: Rostock is an attractive city to live and work in. The city offers a high quality of life with a wide range of cultural activities, a beautiful old town, beaches and lots of greenery. This can help attract qualified professionals and retain employees in the long term.

Funding programs and support: There are various funding programs and support services for business start-ups in Rostock and the region. This can include financial support, consulting services and networking opportunities that can help you start and grow your business.

Of course, when making a start-up decision, you should also consider individual factors such as the industry in which you want to operate, the target group, the availability of skilled workers and potential competitors. A careful market analysis and location assessment are therefore important in order to make the best decision for your specific start-up situation.

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What should be considered when starting a business?

06/21/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

There is a lot to consider when starting a business. Here are some important points:

Business idea and market research:

A good business idea and a thorough market analysis are the first steps to starting a successful business. It is important to ensure that there is a demand for your product or service and that you have a meaningful strategy to differentiate yourself from the competition.

Business Plan: A well-thought-out business plan is essential to attracting investors, obtaining loans, and keeping your business strategy on track. A business plan should include a summary of your business idea, market analysis, finances, marketing and sales strategies, and your goals and plans for the future.

Business Plan.

Legal Form: The choice of legal form in which you start your business will affect your liability, tax obligations and other legal matters. There are several options, including sole proprietorships, partnerships, limited liability companies, or corporations.

Finances.

Finance: Solid financing is critical to the success of your business. You need to carefully calculate how much start-up capital you will need, what your ongoing costs will be, and how you can make your business profitable. You should also develop an accounting and tax strategy.

Permits and licenses: Depending on your business and legal form, you may need permits and licenses to operate legally. These can vary widely by location and industry, so it's important to do your research in advance.

Permits and Licenses.

Personnel: If you are looking to hire employees, you will need to learn about labor laws, social security, insurance, and other legal issues. You should also develop an application process and create clear job descriptions and employment contracts.

Personnel.

Marketing and sales: to attract customers and make your company known, you need a strong marketing and sales strategy. Here you should consider which target group you want to address, which channels are best suited for this and how you can stand out from the competition.

Marketing and Sales: To attract customers and make your company known, you need a strong marketing and sales strategy.

There are many more aspects to consider when starting a business, but these seven points should give you a good overview. It's important to do your research thoroughly and, if necessary, seek professional help from tax advisors, lawyers or business consultants to maximize your chances of success.

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