Starting your own company in 10 steps

Starting your own company in 10 steps

What do you need to do if you want to start your own company? Idea, business plan, legal form, financing, trademark protection, insurance, notary appointments, contracts, etc. are some of the key issues on the path to starting a business. For many founders, starting their own company is a mystery. Therefore, below you'll find 10 important steps for starting a business.

If you want to start setting up your company right away, you will find all the forms relevant to the individual start-up steps in the free start-up assistant.
What do you need to do if you want to start your own company? Idea, business plan, legal form, financing, trademark protection, insurance, notary appointments, contracts, etc. are some of the key issues on the path to starting a business. For many founders, starting their own company is a mystery. Therefore, below you'll find 10 important steps for starting a business.
If you want to start setting up your company right away, you will find all the forms relevant to the individual start-up steps in the free start-up assistant.

1 |The planning

Before you officially start a company, you must complete the planning phase. According to the KfW Start-up Monitor, the average preparation time from idea to company launch is seven months. Half of all founders complete the preparation phase in three months if they want to start their company. The intensive start-up preparation phase, which includes optimizing the idea, developing a business plan, and dealing with the authorities, takes an average of 2.5 months. Over 50% of founders take less than one month to establish their company. Our tip: Take your time and focus on developing a sound business model . This is followed by the detailed development of a business plan , which is the foundation of a successful company start-up. Make sure you include a realistic financial plan . This will show you how much capital is needed and whether your planned company is worthwhile. 

2 |Main or secondary occupation?

For many entrepreneurs, becoming self-employed is a major risk. Therefore, many start-ups initially try self-employment on a part-time basis. Whether you start a business as a sideline or launch full-time is irrelevant to the basic requirements for starting a business. However, there are a few things you need to consider when starting a business on a part-time basis .

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3 |Check and protect trademark rights

Many founders enter new territory when it comes to legal issues when they start a company. These are of great importance when establishing a business and should not be neglected. After all, the company should be found at a suitable internet address. The company name should be clear and unambiguous. Tedemark protection for your products and services secures your competitive position. However, you should keep in mind that these issues are a two-way street. When founding a company, you must be careful not to infringe on existing intellectual property rights. We have compiled further details in the chapter on intellectual property rights .

Speaking of protection: Have you also thought about insurance?

When you start a business, it's also about avoiding risks—both personal and commercial—that accompany your self-employment. Insurance is available for many risks that you can't control , so that the financial impact doesn't mean an early end to your self-employment.

Regarding personal risks, you can decide whether you want to take out statutory or private health insurance within the first three months of starting your business . It's generally a good idea to compare the costs and benefits of private health insurance providers first, then compare the best plan with statutory health insurance. Get a free, no-obligation private health insurance comparison . When it comes to business risks, the primary goal is to determine your insurance needs. Depending on the industry, different commercial insurance policies may make sense – complete our free needs analysis .



4 |Securing corporate financing

Starting your own business initially involves investments and costs. And savings are often insufficient. The thought of a bank loan quickly comes to mind for many founders. But business financing can take many different forms. The starting point is the financial plan you created in your business plan. This shows how much capital you need to start your company. Funding can then be obtained through subsidies , equity, loans, or grants: make sure you raise sufficient capital when you start your company.

5 |What permits are necessary?

Do you enjoy cutting hair and want to open a hair salon? It's not quite that simple, though. This skilled trade requires a master craftsman's certificate. Opening a restaurant without first contacting the building authorities is also not recommended. Permits, licenses, or specific qualifications may be required when starting a business. Do your research beforehand before you run into problems starting your own business: an overview of the necessary permits .

6 |Legal form, account and contracts

If you want to start a company, the legal forms available come with different requirements, which can significantly lengthen the founding process. While sole proprietorships or partnerships such as GbR (German Civil Code) can be established quickly, corporations such as GmbH (German Limited Liability Company) or UG (United Kingdom of Great Britain and Northern Ireland Limited Liability Company) take longer. This includes the appointments with the notary public and the necessary registration in the commercial register. We have compiled important factors for you to compare the different legal forms . Opening a business account is also part of the process . Corporations are only registered with the commercial register by a notary public once the registered capital has been paid into the business account. While a separate business account isn't mandatory for freelancers and sole proprietorships, it's definitely advisable – it's the only way to keep personal and professional finances separate. Closely linked to the legal form is the issue of necessary contracts. However, you shouldn't just think about the articles of association or managing director contracts. Employment contracts for potential employees, general terms and conditions, and templates for customer contracts should also be ready at the start.

7 |Clarify the location question

If you're not starting your business in your own home, but renting an office, shop, workshop, or restaurant, you'll need to consider the right location. There are numerous important factors you should consider when choosing a location to ensure customers find their way to you – as the saying goes: "All roads lead to Rome.

8 |Which office should I register with?

Starting a company is a breeze without the necessary government offices. Numerous registrations are mandatory, and failure to comply can result in fines. Starting without a tax number from the tax office, founders can't yet issue invoices. It's important to proceed step by step. This way, you'll quickly be on the home stretch when you start your company. We've compiled a list of the offices to contact and when on the Registering a Company page . Of particular note are the business registration and, for partnerships and corporations subject to registration, the entry in the commercial register and the transparency register.

9 |The perfect external appearance

Part of the preparations when you start a company is to make sure that you have an optimal external appearance. These include, for example, the company logo or website design . As well as a properly prepared invoice or legal aspects such as the imprint and privacy policy. First impressions count – this applies to your company, whether it's with a customer or a first date. Give your best and impress with a successful external appearance .

10 |Win customers

After planning and completing numerous formalities, you've successfully established your company. Now it's all about generating sales and successfully entering the market. Many people might be interested in buying from you, but very few are familiar with what you offer. And even if you're completely convinced of your products or services, you still have a lot of convincing to do with potential customers. To help you with this, we've compiled a list of the various customer acquisition methods . There are many ways to advertise your offering. Advertising is unquestionable. However, you should develop and implement a coherent marketing concept —also for budgetary reasons.