Starting a business: how to make it work

Are you considering starting your own business? There are many good reasons to start a business.

What are the different ways of starting a business?

Usually, founders start with a business idea that they want to implement commercially. They think of a suitable company name, register their business and start from scratch with the development of their business.

Founded companies, however, do not necessarily have to start from scratch. For existing companies, for example, it can make sense to spin off a business area that is taken over by a founder and managed from then on. If the founder was already active in the company beforehand, this is referred to as a buy-out; if he or she comes from outside, this is referred to as a buy-in.

Requirements for founding a company

For people who have previously been employed, the thought of starting their own business may be tempting. But prepare well for the step into self-employment. Become aware if this is the right decision for you.

The step into self-employment is a significant step in your life. Prepare well for it personally, professionally and commercially. Create a solid business plan to be sure your entrepreneurial effort will pay off, and organize solid financing. When you assess your entrepreneurial wage, you always see the reward for the effort you put in, plus a premium for your entrepreneurial risk. So you need to estimate more entrepreneurial wages than you would receive in an equivalent position as an employee. If the business plan doesn’t give you that, consider whether going self-employed is really worth it for you. You may appreciate the entrepreneurial freedom, but be aware that you may have to buy that freedom at a high cost.


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