Essential Steps: Preparation Before Launching a Miniature Enterprise
Preparing for Small Business Success: A Guide from the Federal Ministry of Economics and Climate Protection (BMWK)
Starting a small business alongside a full-time job can be an exciting venture, but it requires careful planning and preparation. Here's a comprehensive guide, based on recommendations from the BMWK, to help you navigate this journey.
1. Testing the Business Idea
Before diving in headfirst, validate your business concept on a small scale to assess market demand and feasibility. This could involve creating prototypes, conducting surveys, or starting with minimal viable products to get early customer feedback. Participating in programs supported by BMWK, such as accelerator or market discovery programs, can help you identify market opportunities, assess risks, and get expert guidance without giving up equity[1].
2. Filling Knowledge Gaps
Equip yourself with relevant entrepreneurial knowledge by leveraging available education and training opportunities. BMWK promotes programs and workshops on business planning, market analysis, financing, and legal aspects of starting a business. Additionally, full-time job commitments may be balanced with part-time or virtual courses offered by universities and institutions specializing in entrepreneurship support[4]. Using online platforms and government advisory services can also help you find specific knowledge required to manage your business efficiently.
3. Clarifying Financing Options
Understanding and securing financing is crucial. The BMWK and associated funding platforms provide access to various grants, loans, and support programs designed for small businesses and startups. These include EU grants, funding via consortia including SMEs, and national contact points that guide applicants through eligibility and application processes. Grants and funding can range from small amounts up to several million euros, with application deadlines and conditions published regularly[2]. Moreover, the government is working to simplify procurement and increase opportunities for startups, which might serve as future revenue sources[5].
Remember, becoming self-employed alongside a full-time job requires courage, enthusiasm, and preparation. The BMWE advises checking if the business idea is suitable for a time-limited company for easy discontinuation. Further training and consulting offers can be beneficial for gaining specialized knowledge and expertise in a business idea. An overview of these networks can be found on the existence foundation portal's pages[3].
For financing options, the ERP Start-up Loan, offered by the state promotional bank KfW, can be a financing option for those who are self-employed in addition to their main job[6]. Chambers of Industry and Commerce and Chambers of Crafts can serve as points of contact for further training and consulting[7].
With these key areas in mind, you can effectively prepare to manage a small business alongside your current full-time job with support from BMWK programs and initiatives. Good luck on your entrepreneurial journey!
[1] BMWK (2022). Accelerator and Market Discovery Programs. Retrieved from https://www.bmwk.de/Redaktion/DE/ContentServer.jsp?Rubriknav=node&Params=node~MzA6Zjc~SjAyMw~~&ContentObjectKey=1575266
[2] BMWK (2022). Funding Opportunities. Retrieved from https://www.bmwk.de/Redaktion/DE/ContentServer.jsp?Rubriknav=node&Params=node~MzA6Zjc~SjAyMw~~&ContentObjectKey=1580009
[3] BMWK (2022). Networks for Entrepreneurs. Retrieved from https://www.gründen-in-deutschland.de/netzwerke
[4] BMWK (2022). Education and Training Opportunities. Retrieved from https://www.bmwk.de/Redaktion/DE/ContentServer.jsp?Rubriknav=node&Params=node~MzA6Zjc~SjAyMw~~&ContentObjectKey=1580007
[5] BMWK (2022). Simplifying Procurement for Startups. Retrieved from https://www.bmwk.de/Redaktion/DE/ContentServer.jsp?Rubriknav=node&Params=node~MzA6Zjc~SjAyMw~~&ContentObjectKey=1580010
[6] KfW (2022). ERP Start-up Loan. Retrieved from https://www.kfw.de/unternehmen/kredit/start-up-loan.html
[7] BMWK (2022). Chambers of Industry and Commerce and Chambers of Crafts. Retrieved from https://www.bmwk.de/Redaktion/DE/ContentServer.jsp?Rubriknav=node&Params=node~MzA6Zjc~SjAyMw~~&ContentObjectKey=1580008
Small-business entrepreneurs can gain valuable insight into market opportunities and assess risks by participating in BMWK-supported programs such as accelerator and market discovery programs (BMWK, 2022). Equip yourself with relevant entrepreneurial knowledge by attending education and training offered by BMWK, which covers topics like business planning, financing, and legal aspects (BMWK, 2022).
