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Steps to start your business in Germany

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How to start up a business in Europe

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Steps to start your business in Germany

  1. 1. How to start up your business in Germany in … steps
  2. 2. 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…)
  3. 3. 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
  4. 4. STEP 3: Development of the corporate identity BUSINESS STRATEGY SWOT-analysis Strengths Weaknesses Opportunities Threats Corporate vision 1) Present goals 2) Future goals (5 year period) Realization of the strategy Meetings to implement the strategy in your company
  5. 5. 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 vs strict hierarchy (tasks: managing director, sales, marketing, research) Formalities to get by authorities - Licences / qualifications - Permissions - Insurances (for you and for employees)
  6. 6. 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
  7. 7. 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)
  8. 8. 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!

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