Starting a Business while having a migration Background?

Today’s Topic in our IBC blog is Starting a Business in Germany, including information about different regulations and laws, and we will give a small Extract of the first step of starting a successful business: the business plan.

Germany is a country that is very bureaucratic, there is a lot of regulations, rules, and laws regarding starting, running and owning a business. It can be really at first but if you seek help, a lot of companies can help you with dealing with the paper load, so that you can focus on what you can do best. We will give you a quick introduction into a few phrases and steps you must take: A "Genehmigung" – meaning "permit" or "authorization" – is another word for "Erlaubnis" (permit) or "Zulassung" (approval). You need special permits from different authorities and offices to set up a business.

If you set up a company, or would like to work as a freelancer, you must register for this: At an institution, body, authority, or a chamber. Whoever is responsible is determined by the type of activity you want to carry out as a freelancer. There are various directives or regulations relating to registration. The regulations which are important for you depend on your profession and your company.

For example, doctors must register with the Doctors’ Chamber. Business operators must register with the Commercial Office. The various directives and regulations for registration are called Registration Formalities. If you want to supply services as a tradesman, the Trades Chamber is the responsible body. You sometimes need special qualifications, approvals or permits for registration of a company. For example, some freelancers must register with the Finance Office.

Sometimes you also need to register your company with several institutions.

After you have determined where to register and what institution, body, authority, or a chamber is responsible for you, you can start planning your business.

The business plan consists of a table and text. A business plan must contain:

• Who you are, and why you want to become self-employed.
• What your idea is, and where you will be located.
• Why your idea is a good one.
• How you can earn money with your business.
• How you will finance your company. You must work this out.
• Who are your customers.
• How you will do your marketing and promotion.
• Why you are better than the competition.
• You need accurate financial planning including capital required, financing, equity capital, cost planning, profitability forecast and liquidity plan. 

The plan must be very precise. The bank or other finance organization will read your business plan. Then the financial institution will decide if they will support you. Please take advice! Another term for business plan is (business) concept.

So, do you want to be successful? Do you have what it takes to survive and thrive?

Contact us in case you need some coaching, we will help you with the paperwork and make sure you are following the important rules, laws and regulations.

 Furthermore, we will help you, starting a business and write a business plan with you and make sure you will have sufficient funding, to follow your dreams.