1. Even as an employee, there are ups and downs, and disagreements with your boss or coworkers. As a self-employed person—and you should be aware of this right away—the swings can be more extreme, for example when a client puts pressure on you or even walks away—and your client base shrinks drastically. Perseverance and courage are therefore two of the most important qualities that make a good entrepreneur. And the right amount of composure, because even entrepreneurs aren’t immune to burnout.
2. You know you want to become an entrepreneur. Hats off to you! The only thing missing is an idea? Then go out into the world with your eyes wide open. Sometimes the best ideas come to you while you’re out for a walk. Or brainstorm with friends over a beer after work. Also, take a look abroad—maybe you can adapt an idea and bring it to Germany.
3. Do you have an idea and feel that it’s a good one? Then don’t let anyone dissuade you—there are plenty of skeptics out there, especially when it comes to self-employment. If your idea stands out from the crowd: wonderful!
4. Still, having a strong opinion of your own is good, but be sure to seek advice as well. What are the first steps in starting a business? Do you need specific qualifications? Good advice isn’t necessarily expensive, but it plays a key role in the success of your venture. You can find resources for self-employment counseling at dub.de/beraterboerse
5. Only those who set goals are successful. Goals provide direction and structure. Caution: Unrealistic goals quickly lead to frustration. It’s important to set goals that are both realistic and bold.
6. For some founders, the leap into self-employment is too risky.No problem! Give it a try! Start by dipping your toes into part-time self-employment. You can always decide later whether to work 100% as a self-employed person. Alternatively, you can work for a young company and, for example, help the startup develop a new market. An entrepreneurship internship—or, as it’s now called, “entrepreneur in residence”—offers real insight and the chance to learn a lot.
7. It’s a given in today’s online society. Virtually every self-employed person needs their own website. It serves as a business card—not only to present yourself but also to attract customers. Do you know of any young company that doesn’t have a website? I’m sure very few come to mind.
8. One term is inextricably linked to that of young companies: the business plan. A detailed business plan is absolutely essential for presenting the startup’s vision to investors. The positive side effect: While developing the concept, the founder gains a clear overview of their marketing, sales, and financial strategies. Are you familiar with the Business Model Canvas? It’s a very helpful and free resource.
9. Are you aware of the success of social media platforms like Xing or Facebook? One of the reasons behind this is people’s desire to network with one another. This is especially true for founders. But don’t just network virtually. Join business associations, charitable organizations, or your university’s alumni network, and attend trade shows, events, or workshops. First, interacting with others helps you stay grounded in reality. Second, there’s always someone who knows someone who can solve your problem or at least offer some initial assistance.
10. If you don’t get people talking about you, you won’t become well-known. That’s why PR, advertising, and marketing areessential for success. Since the budget for this is often tight, especially in the beginning, you should start by advertising on social media or through your company’s own blog. This is both effective and affordable.
11. One for all, all for one. There’s often a grain of truth in proverbs. To put it another way: Very few entrepreneurs are masters of everything. It’s essential to know your own strengths and weaknesses—and to seek out the right colleagues who can turn your weaknesses into strengths. And let’s be honest: Isn’t it nicer to enjoy an after-work beer together than alone?
12. You’re convinced of your product or service. However, many startup founders forget that someone actually has to buy the product or service. What you need, therefore, is a sales strategy. Where do you want to sell your product—online and/or offline? What about a multi-channel approach?
13. If you don’t make the same mistake twice, you’re already doing well. Just as important is learning from the mistakes of others—whether other self-employed people or established companies. This applies especially to your competitors. What has already gone wrong there? Which blunders have cost them revenue? Doing some research isn’t always that hard.
14. You need someone to finance the whole thing—unless you’re a millionaire. Since very few people are, there are many funding sources available to founders. You just have to know about them. Time and again, there are reports that these funds aren’t being fully utilized. So: Read the DUB.de article on funding.
15. The German legal system offers founders several legal structures for companies. Find out which one is best for your venture. The legal structure has significant implications for your company’s taxation, among other things. Thorough research is therefore essential.
16. Anyone who has started a company needs a business bank account. Freelancers and sole proprietors can choose between a low-cost checking account and a business account. Partnerships and corporations should open a business account. For corporations, they do not become legally capable of conducting business until the share capital has been deposited into the business account, a notary has confirmed this, and the company has been registered with the commercial register.
17. Amid all the hustle and bustle of starting a business, it’s easy to forget to properly assess the risks of self-employment. Insurance is available for many risks to ensure that the financial consequences don’t bring the business to an early end. Some types of insurance are mandatory—such as health insurance. Here, you can choose between public and private health insurance.
18. Whether you like it or not, starting a business entails reporting obligations to the government. Whether it’s the local Chamber of Industry and Commerce (IHK) or Chamber of Crafts, the tax office, or the business registration office—there are many reporting requirements to fulfill. If you’re completely unfamiliar with the process, it’s advisable to contact a startup consultant.
19. Entrepreneurs not only have reporting obligations; they also have to deal with many contracts, such as those related to labor law. In this case, it’s advisable to download contract templates from the internet and customize them. This also applies to invoices and sample letters.
20. Many people know that the path to self-employment is the right one for them. The only thing missing is the idea. No problem. Just check out our business exchange or our franchise portal. You’re guaranteed to find the business idea or franchise system that’s right for you!
