Before you start your own company, there are many questions to be answered and decisions to be made in advance. Setting up a company should therefore be well thought out and planned. Accordingly, you should take the necessary time for this. On average, the planning time for company founders takes several months. After all, you should not start thinking about financial and business plans, suitable legal forms and the right company name on the day of the foundation.
Personal requirements
Many factors influence whether you will be successful with your business idea. However, the most important factor for your own company is yourself and your personal prerequisites. You, as the founder, have the greatest influence on your future company with your dedication and ideas. In addition, you should have a number of skills and knowledge. Prerequisites for starting your own company are, for example:
– Personal initiative
– Leadership
– Sales talent
– Professional competence
– Industry knowledge
Costs & Financing
When setting up your own company, the question of the expected costs and the right financing should be clarified as early as possible. It is best to find out in advance about suitable credit offers and funding opportunities for your business start-up. In any case, it is essential that you prepare a business plan. This will help you to convince potential lenders and can be decisive for the later success of your business start-up. A well thought-out financial plan will also tell you how much start-up capital and/or outside capital you will need to set up your company. This is because in order to establish a corporation (e.g. GmbH), the necessary share capital must be deposited in an already established business account at the time the company is founded.
Suitable legal form
The legal form you choose for establishing your own company has primarily legal and financial consequences. The choice of the appropriate legal form depends, for example, on whether you want to establish your company alone or as a partnership. Do you want to limit the liability for your company? Or do you, as a founder, prefer a company form with as little start-up capital as possible? Last but not least, the legal form you choose will also influence the creditworthiness of your company vis-à-vis banks and future business partners. For these reasons, you should give sufficient thought to the advantages and disadvantages of the legal form you choose before founding your own company.
Find a name
Another important factor in starting your own business is choosing a suitable name for your company. A good company name is usually short, easy to remember and appeals to your intended target group. Ideally, the name will give an initial indication of what products or services your company offers: Examples include Airbnb, Lieferando or Volkswagen (VW). In any case, you should make sure that your desired name is not already being used by another company and/or is legally protected. In case of doubt, it is worth consulting a trademark lawyer. You should also check whether the company name is permissible for the legal form you favor. Creative suggestions for a good company name can be found on many start-up sites. In addition, they often offer generators for company titles. If you want to creat a company in cyprus, then you have use Company incorporation with Hugge.