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How to get off to a successful start as a young entrepreneur

If you have always had a mind of your own and don’t want to be ranked at the bottom, you may have toyed with the idea of setting up your own business and getting off to a flying start. The statistics say however that a whole 30% of all existence founders fail, while the remaining […]

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If you have always had a mind of your own and don’t want to be ranked at the bottom, you may have toyed with the idea of setting up your own business and getting off to a flying start. The statistics say however that a whole 30% of all existence founders fail, while the remaining 70% create the break-through. This aspect can quickly take the wind out of your sails and cause doubts and fear to arise. However, these are completely unfounded. Because, if you know how to start your own business and don’t ignore a few basic things, it’s basically quite simple, albeit with a lot of work.

Business plan: the cornerstone of any company Without a business plan, it will be relatively difficult to build a successful business. This is because it is the blueprint for the entire company. special attention should be paid to the financial planning. Because here it is determined how much money the enterprise needs and above all how much must be earned. Sites like bitreviews.com can help to save cost.

Planning is enormously important for a company. Because the more you think about what you want to do and why, the higher the chances that you will be successful in the end. Many people tend to put off unpleasant topics such as customer acquisition or finances, or even put them aside altogether. It should be noted, however, that everything that is postponed during the planning process will be returned twice and three times later.

This type of business plan is especially needed when a loan or other funding must be applied for. And this is only because banks, employment agencies but also other funding agencies always want to see exactly how a particular business idea is to be implemented in concrete terms, whether the necessary seriousness is behind it and, above all, where their money is going.

These subsidies are available especially when you are young and maybe just left university, you often don’t have the financial means at your disposal which you would need to get off the ground the way you might want to. Furthermore, you need a certain amount of capital to survive the early days. But also general questions, which one asks oneself as a beginning entrepreneur often cannot be answered. Therefore it is quite recommendable to fall back on one or other means of promotion.

Start-up consultation

There are so-called start-up consultants, who know the specific problems of future founders. These consultants are specialized in giving feedback that helps to improve and develop oneself. As a rule, these professionals have years of experience, various contacts with banks and can protect against making basic mistakes. And there are also subsidies for this advice to be able to take advantage of it.

Founder credit

Special founder credits make it possible to realize the existence of founders and young enterprises in your dream promptly. One of the most important aspects here is that state credit institutions such as the Kreditanstalt für Wiederaufbau (KfW) take over part of the liability and you therefore pay significantly less interest than with an overdraft facility.

However, it must be said that many banks unfortunately refuse the founders here because they do not want to take the risk of never seeing their money again in the end. That’s why it’s important to prove to the bank that you’re a high-performing and committed entrepreneur who has planned everything out in detail. And this includes, above all, financial planning. Because the bank wants to see that you, as a founder, have an eye on your finances and know exactly what you are doing. The basis for this is a business account, with clear lines drawn between business and private income and expenses.

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