Skip to content

+49 (0) 345 13 14 15-00

accelerator@weinberg-campus.de

Weinberg Campus Accelerator
  • Home
  • Accelerator
  • About us
  • Network
  • Hub
  • events
  • Blog
  • Contact
  • Application
  • Home
  • Accelerator
  • About us
  • Network
  • Hub
  • events
  • Blog
  • Contact
  • Application
  • +49 (0) 345 13 14 15-00
  • accelerator@weinberg-campus.de
  • LinkedIn
  • Facebook
  • Instagram
  1. Home>
  2. Business Bascis>
  3. Starting a Business: 10 Things You Need to Do
2 people giving a handshake while sitting on a table with a laptop and documents.

04.08.2021

Starting a Business: 10 Things You Need to Do

Starting a Business is not an easy undertaking…especially when you have zero experience. Therefore, we made a list of things you need to do to found your own company. So […]

Starting a Business is not an easy undertaking…especially when you have zero experience. Therefore, we made a list of things you need to do to found your own company. So read further and maybe you can already check off some tasks.

You can see a map of aspects one should do to start a business.
Overview of Starting a Business

Checklist to start your own business

1. Business Idea

First and foremost you need to come up with a good business idea. Otherwise there is no sense to enter the market with something no one needs. So do some research, brainstorm, and let your imagination flow. Find out what people are still missing in their lives. A good way is to talk to friends and family to find out about their consumption habits. You should definitely be up to date regarding trends and also have the big picture in mind: have a look at what is trending in other countries or where people detected a problem. That is your chance to step in and find a solution for that. Congratulations your business idea has arosen.

Finding a Business Idea is the first step to start your own business

2. Business Plan

A bulletproof Business Plan is vital: there is no way around it. There is no rule of which content it should exactly cover. It also depends on your business. However, the following should defenitely appear in your Business Plan:

  • Executive Summary
  • Businss Description & Structure
  • Market Research & Strategies
  • Management & Personnel
  • Financial Plan

3. Finances

Have you thought about how you want to finance your business? Do you have enough private capital or have you looked into other options? One possibility could be to get a loan from a bank or to find someone who is interested to invest in your company and to give equitiy in your business in return. If that doesn’t sound right to you and you want to keep the business in your hands crowdfunding could be a suitable alternative. Another great way to cover your costs is to apply for public funds. There are a lot of programs that are specialized in bringing entrepreneurship forward. So do some research, there might be the perfect program for you.

Once you have your Business Idea make a plan how you want to finance your business.

4. Legal Structure

The decision which legal structure you want to choose is not an easy one but a necessary part of running a business. It, however, determines what kind of formalities and paperwork you have to deal with. That is why it is important to understand the options. The most common types of business entities are the following:

  • Sole proprietorships
  • Partnerships
  • Limited Liability Companies
  • Corporations
  • Cooperatives

A good start is also to open a business bank account as it is also mandatory for some legal structures.

5. Network

Once you are clear about your finances and legal structure it is time to mingle and put your feelers out. A good business idea only will not make any difference. A supportive network of people pushing you to the next level, introducing you to other important players that may be beneficial along your journey is key here. So go to networking events, spread the word about your business, meet other enrepreneuers, exchange experiences, successes and mistakes…and learn from others. Thus, it can prevent you from doing the same errors.

Mingling with like-minded people can be very beneficial to exchange ideas, experiences and advice.

6. Business Licences

Before you can legally operate your business you have to put Business Licences and Permits on the agenda. The most common licence is the general business licence. However, it depends on your company type and industry which business licence you might need. A good way to start this process is to contact the Secretary of State office of your state and your local municipality. They can give you lots of information and advice.

7. Intellectual Property

“IP” stands for Intellectual Property which protects creations of the human intellect like software, know-how, inventions etc. Any startup should think about an IP strategy to safeguard their work. So that competitors cannot copy their service or product or even parts of it. There are many types of intellectual property rights like patents, copyrights, trademarks and trade secrets. Choosing when to start a patent process is a very critical decision for startups. You don’t want to wait too long risking your patent right might be forfeited but you also don’t want to rush things and spending a high amount of capital when your business is not ready yet.
However, many startups don’t know about the strict deadlines in patent law of filing a patent. Most countries follow the “first to file” instead of “first to invent” rule. Which means that they won’t allow a patent protection of products or services if you have demonstrated your business idea to the public already before applying for a patent. This is a note to yourself that “IP” will require lots of decision-making.

Filing a patent for your product or service needs to be done at the right time.

8. Team

Thumbs up, you have found your business idea. However, this is only one piece of the puzzle. One thing is clear you cannot do the work all by yourself: So look for great team members that can join your business and together with you bring your startup forward.

9. Brand Building

Great, you have put your team together. But there is nothing much to do if no one knows about your business. Thus, Brand Building and Brand Managament is the key here. What is your company logo? Do you have a website already? Are there any other channels you want to be present and active on Social Media? What’s the positioning of your business? Have you thought about your USP (Unique Selling Proposition)? Well, think about these questions and come up with a thought-out marketing campaign that also states how, where, for how long and for which budget you want to advertise your company. These measures are significant to make people aware of your offering and to build your brand. Maybe you also want to consider a specific company culture with values that you can transmit internally and externally. Nothing has a better effect than working toward a greater purpose people can identify with.

A huge topic on your agenda should be about Brand Building. Determine what your brand stands for and transmit it to the public.

10. Have fun!

Last but not least and probably the most important aspect: Enjoy what you’re doing and have fun! Nothing is worse than being unhappy or suffering at work. So create a nice work atmosphere, set tasks for the week with deadlines but also schedule enough breaks. These are the sources for new inspiration and creativity.


Join us

Are you a founder yourself and need help bringing your startup forward? Then find out more about our Accelerator Program here!

Profilbild Kathleen Bier

Author: Kathleen Bier
Online Marketing & Project Management

Follow us on Social Media

  • Facebook
  • Instagram
  • LinkedIn
  • Former Accelerator participant is doing very well: “The vision is evolving! – InLine-Med successfully closes seed financing round”
  • IdentMe wins the 2022 City of Halle IQ Prize
  • Weinberg Campus Accelerator review Startup Meetup
  • Weinberg Campus Accelerator now a AWS Activate Provider
  • All about “DiGA”

Did you like this post? Recommend it to your friends

[addtoany]

Events

stay_tuned

Latest News

22.07.2022

Former Accelerator participant is doing very well: “The vision is evolving! – InLine-Med successfully closes seed financing round”

Read More →

05.07.2022

IdentMe wins the 2022 City of Halle IQ Prize

Read More →

22.06.2022

Weinberg Campus Accelerator review Startup Meetup

Read More →

28.03.2022

Weinberg Campus Accelerator now a AWS Activate Provider

Read More →

You may also be interested in

10.12.2020

Accelerator of Innovation

Accelerators offer those who want to start a business within the Life-Science sector beneficial coaching and networking possibilities as well as valuable infrastructure support. Without the biotech and life science […]
Read More →
Werner Ehrich sitting on a straw bale in Kleinkorbetha.
05.11.2021

On the trail of straw bale construction: Werner Ehrich talks about the sustainable form of house construction.

Meeting point: Kleinkorbetha. To most people, the small village in the south of Saxony-Anhalt is probably rather unknown. However, here you will find amazing nature and an unforgettable idyll to […]
Read More →
22.12.2021

SAMPOCHEM made it for ego.-START

We are happy to share that, also with our support, SAMPOCHEM has succeeded in acquiring the ego.-START startup grant from the state of Saxony-Anhalt, which has just begun on December […]
Read More →
logo@2x

We accelerate innovation in Saxony-Anhalt.

c/o TGZ Halle Technologie- und
Gründerzentrum Halle GmbH

pin

Weinbergweg 23
06120 Halle (Saale)
Link Google-Maps

phone

+49 (0) 345 13 14 15-00

message

accelerator@weinberg-campus.de

Funded by

The Weinberg Campus Accelerator is part of the project “AIMS plus Startup- & Growth-Accelerator” and is funded by means of the European Union (ESF) and the Ministry of Economy, Tourism, Agriculture and Forestry of Saxony-Anhalt.

Coordinated by

The Weinberg Campus Accelerator is coordinated by TGZ Halle Technologie- und Gründerzentrum Halle GmbH. For more information visit our website.

Accelerator

Startup-Accelerator

Growth-Accelerator

FAQ

Network

Startups

Coaches & Consultants

Partners

About us

Team

Technologiepark
Weinberg Campus

Innovation Hub

Coworking Space

Co-Office

Seminar room/ HUB 1

Laboratories

Hub Coffee

© Copyright 2020 TGZ Halle Technologie- und Gründerzentrum Halle GmbH
Made with 🤍 by WebArtisan   |   Imprint   •   Privacy Policy

Application