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Setting up your own business

How does one set up a business? What should be taken into account?

Business idea and business plan
Everything starts with clarifying your business idea.
Funding your business
Choose suitable funding for your company.
Choosing the company form
Do you know the difference between a proprietorship and a limited company?
Agreements for entrepreneurs
Avoid misinterpretations and agree on things clearly in advance.
Insurance policies for entrepreneurs
There are mandatory and voluntary insurance policies for entrepreneurs.
Pricing your work
Remember that you also spend time doing other things besides the work you invoice.

Interested in setting up your own business, but don’t know where to start?

You can work as an entrepreneur either full-time or part-time while working a paid job or studying, on family leave or during retirement.

Your personal attributes and readiness form the foundation for successful business activities. The foundation for success lies in your personal competence and your knowledge of the industry in which you plan to start your company. In addition, different industries require different skills and characteristics.

The key characteristics of a good entrepreneur include:

  • customer-oriented mindset
  • innovativeness, ability to change your approach
  • ability to take initiative
  • courage, readiness to take reasonable risks
  • will to succeed.

In addition, it is a good idea to familiarize yourself with the basics of financial administration, pricing, budgeting and marketing. You do not have to know how to do everything yourself, but you can and should ask for help from experts in these fields.

Before starting your business, you should consider the following:

  • what is the market, competitive conditions
  • why would customers be interested in your particular product or service
  • need for and availability of funding
  • possible partners
  • obligations of an entrepreneur, such as insurance coverage
  • unemployment security
  • scope of business activities: full-time or part-time
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Entrepreneurship as a side business?

A secondary-occupation entrepreneur is a person, who earns their livelihood from full time employment or pension, while operating an enterprise alone or with others. Read more on what you should know when setting up a side business.

Read more