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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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Create encumbrance - What to pay attention to

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

A specification is a document that defines the requirements and specifications for the development of a product, system or service. It is usually created by a client or customer and serves as the basis for the development process.

The requirements specification describes in detail which functions, services and properties the product to be developed should have. It specifies which requirements must be met so that the final product meets the needs and expectations of the client. The document often includes technical specifications, interface requirements, performance characteristics, safety requirements, quality standards, and other relevant information.

A specification document is an important communication tool between the client and the development team. It provides a clear and consistent understanding of what is expected and serves as the basis for further planning, development, and implementation of the project. It ensures that both the client and the contractor have a common understanding of the requirements and facilitates the evaluation of the finished product in terms of meeting the defined criteria.

It is important to note that a requirements specification is often created in collaboration between the client and the development team to ensure that the requirements are realistic, actionable, and understandable.

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What are the most common objections in B2B sales conversations?

06/22/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

In B2B (business-to-business), the most common objections from potential customers can vary by industry and product or service. However, here are some of the generally most common objections that can arise in B2B sales:

Price: Price is often a big objection, especially if the offering is perceived to be more expensive than expected.

Need: If the potential customer doesn't feel that they really need the product or service, or that it doesn't meet their current needs, they may object.

Time: Sometimes it is just not the right time for the potential customer to accept the offer, possibly due to restructuring, budget issues, or other priorities.

Risk: If the potential customer has concerns about reliability, quality, or customer support, they may object.

Competition: If the potential customer is already working with another vendor or has received quotes from other vendors, they may object to the offer.

Decision making: In many organizations, decisions must be made by multiple people, and it can be difficult to get all the decision makers around the table.

It is important to understand and address the potential customer's objections in order to move the sales process forward. By answering questions and offering solutions, you may be able to address concerns and convince the customer to accept your offer.

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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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Which reputable rating portals are there?

06/20/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

There are a number of reputable review portals that specialize in different industries and fields. Here are some examples:

TripAdvisor: TripAdvisor is one of the most well-known and widely used review sites for hotels, restaurants, and attractions.

Trustpilot: Trustpilot is a global online review platform that focuses on businesses and services.

Yelp: Yelp is a review portal for local businesses, including restaurants, bars, stores, and service providers.

Google Reviews.

Google Reviews: Google reviews are a major source of reviews for businesses around the world and are displayed directly on the Google search results page.

Kununu: Kununu is an employer review platform that allows users to rate their working conditions, work environment, and management.

Jameda: Jameda is a German review platform for physicians and other health care providers.

It is important to note, however, that not all review portals are equally trustworthy, and some may contain fake reviews. It is therefore advisable to consult several rating portals and critically examine the reviews before making a final decision.

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