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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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Company headquarters Rostock - What are the advantages and disadvantages?

06/08/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Rostock offers some advantages and disadvantages as a company headquarters. Here are some of them:

Advantages:

Good infrastructure:

Rostock has a good transport infrastructure with a port, an airport and well-developed road and rail links. This facilitates the transportation of goods and access to international markets.

Scientific and educational institutions: Rostock is home to a renowned university and other educational institutions. This provides access to well-educated professionals and facilitates collaboration with the academic world.

Educational facilities: Rostock is home to a renowned university and other educational institutions.

Quality of life: The city of Rostock offers a high quality of life with an attractive coastal location, historic architecture and a diverse cultural offering. This can help attract and retain qualified employees.

Lower cost of living: Compared to larger cities in Germany such as Berlin or Hamburg, the cost of living in Rostock is generally lower. This can be an advantage for companies, especially when choosing a location or housing employees.

Disadvantages:

Regional dependence:

Graphically, Rostock is somewhat removed from the major economic centers in Germany. This may mean that it is more difficult to reach business partners or customers outside the region. There could also be challenges in obtaining certain resources or services.

Limited market: Rostock has a comparatively smaller market size compared to large metropolitan areas. This could mean that companies may have limited opportunities for growth and expansion, or may need to focus on niche markets.

Skilled labor shortage: Although Rostock has educational institutions, it may still be difficult to attract highly skilled professionals in certain industries. Companies may need to make greater efforts to attract and retain qualified employees over the long term.

Limited industry diversity: Rostock is best known for its maritime, tourism, and food industries. Other industries may have more limited opportunities to locate in Rostock and benefit from synergies with similar businesses.

It is important to note that the advantages and disadvantages of Rostock as a company location may vary depending on the industry, company size and individual needs. It is advisable to conduct a comprehensive location analysis and consider the specific requirements of one's own company before making a decision.

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What does everyday sales life look like?

05/15/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Daily sales work can vary depending on the industry, company and position, but generally includes the following tasks:

Customer acquisition:

Sales representatives seek out potential customers and try to win them over for the company.

Customer care: sales representatives maintain existing customer relationships to ensure that customers are satisfied and their needs are met.

Sales calls: sales representatives conduct sales calls with potential customers to convince them of the benefits of the product or service.

Quotation preparation: sales representatives prepare quotations for potential customers and work closely with the sales team to ensure that the quotations meet the customers' needs.

Contract Negotiation: Sales representatives negotiate contracts with customers and ensure that all contract terms are acceptable to both parties.

Sales representatives negotiate contracts with customers and ensure that all contract terms are acceptable to both parties.

Reporting: sales representatives prepare regular reports on their activities and results to provide the company with an overview of sales progress.

Training: Salespeople regularly attend training sessions to keep their knowledge of the company, its products and services, and sales techniques up to date.

Overall, salespeople are required to provide the company with an overview of sales progress.

Overall, day-to-day sales requires a mix of customer orientation, negotiation skills, assertiveness and the ability to deal with pressure and uncertainty.

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Why you can forget about other PR software providers in the future

05/11/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Public relations (PR) is a crucial area in marketing and corporate communications. It is about creating and maintaining a positive perception of the company, its products and services, and its employees and directors. In this day and age, there are many PR software providers on the market that offer various solutions for the PR industry. But why should you forget about them in the future and rely on other alternatives? In this article, we are going to talk about that.

First of all, we need to ask ourselves what PR software providers actually do. Most of them offer software platforms that enable PR teams and professionals to do their work more effectively and efficiently. These can be, for example, tools for monitoring media coverage to see where and how often the company is mentioned. It can also be tools to manage press releases or social media posts.

It's important to note, however, that most of these PR software providers are geared toward the needs of large companies. Small and medium-sized businesses often don't have the budget or resources to invest in these expensive software solutions. As a result, many companies resort to manual methods and Excel spreadsheets to manage their PR.

Another problem with these PR software providers is that they are often very complex and require a long learning curve. This is especially a problem for small businesses, as they may not have the time to devote to using this software in depth. This can result in the software not being used properly or even lead to additional frustration.

With our Media & PR Database we offer you a powerful and time-saving PR tool and THE alternative to expensive PR software or outdated Excel lists.

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How do I get a volunteer position?

05/10/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

There are several ways to get a volunteer position in a newsroom. Here are some steps you can take:

Research: identify newsrooms you'd like to work for. Look at what media and publications they produce and what topics they cover.

Make contacts: look for contacts in the editorial offices where you would like to apply. Check out the newsroom's website to see who is in charge of human resources or editorial management and try to contact them. You could also try contacting editors or editorial staff via social media or LinkedIn.

Application: write a compelling application explaining why you want to volunteer in this newsroom, what experience and skills you bring to the table, and what you hope to gain from the experience. You should also include your portfolio or samples of your work to support your skills and experience.

Internships: Also consider doing internships in newsrooms in the meantime to gain experience and make contacts. Internships can often be a stepping stone to a volunteer position.

Network: Go to events and conferences hosted by journalists and editors to expand your network and make contacts. This is also a great way to hear about new opportunities.

It's important to be persistent and determined when pursuing a volunteer position in a newsroom. It can be a challenging and competitive industry, but showing passion and commitment will increase your chances of achieving your goal.

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