Self-Employment. How to set up as your own boss" Pia-Felicitas Homann Lüneburg-Wolfsburg Chamber of Industry and Commerce Office Celle

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1 Self-Employment How to set up as your own boss" Lüneburg-Wolfsburg Chamber of Industry and Commerce Office Celle

2 Content I II III IV Self-Employment: An Attractive Career Perspective Facts and Figures: Self-Employment in Germany Preconditions for Starting up a Business A. Understanding the Basics B. Preparing the Launch Assistance 2

3 Self-Employment: An Attractive Career Perspective bringing the own ideas to fruition master of one s own destiny reaping the rewards of one s own efforts opportunity to acquire a wider range of skills freedom to organise the own approach to things 3

4 Facts and Figures Central Motive for Setting Up a Business: Realising a Business Idea other reasons 5,2 business transmission 1,4 private reasons 3,2 individual fulfillment 5,5 pecuniary reasons 7,3 missing job alternative 30,4 realising a business idea 34, % Source: KfW-Gründungsmonitor

5 Facts and Figures self-employment rate of 11 % in 2011 men are more likely to become self-employed than women (men: 13,3 percent vs. women: 7,4 percent) year 2012 showed an increased number of start-ups by women and migrants 5

6 Facts and Figures Proportion of Foreigners among all Founders in Germany % year Source: Statistisches Bundesamt; IfM Bonn 6

7 Content I II III IV Self-Employment: An Attractive Career Perspective Facts and Figures: Self-Employment in Germany Preconditions for Starting up a Business A. Understanding the Basics B. Preparing the Launch Assistance 7

8 Preconditions for Starting up a Business A. Understanding the Basics: a. Legal Requirements b. Personal Attributes and Specialist Qualifications c. Business Idea 8

9 Legal Requirements related to the Right of Residence and Labour Citizens from all EU member states enjoy unrestricted Freedom of Establishment Free Movement of Services Freedom of Movement for Workers 9

10 Legal Provisions subject to the Type of Business Established Types of new Business Business People Members of Liberal Professions Chamber of Trade & Industry Chamber of Crafts 10

11 Preconditions for Starting up a Business A. Understanding the Basics: a. Legal Requirements b. Personal Attributes and Specialist Qualifications c. Business Idea 11

12 Personal Attributes and Specialist Qualifications personal characteristics commercial expertise specialist knowledge about your sector language skills supportive social environment 12

13 Preconditions for Starting up a Business A. Understanding the Basics: a. Legal Requirements b. Personal Attributes and Specialist Qualifications c. Business Idea 13

14 Hunting for a Business Idea or Working with a Proved Concept Your business idea can derive from: own mindset trends in other countries or regions local market demand Alternatives: Franchising: support offered by an established brand Takeovers: established brand & established customer base 14

15 Is your Business Idea well thought-out? Business Idea Industry Market Analysis Customer Analysis Competitive Analysis 15

16 Conclusion III Preconditions for Starting up a Business A. Understanding the Basics: a. Legal Requirements b. Personal Attributes and Specialist Qualifications c. Business Idea B. Preparing the Launch IV Assistance 16

17 Preconditions for Starting up a Business B. Preparing the Launch: a. Choosing the Right Legal Form b. Understanding Taxation c. Measuring Insurance Needs d. Capital Requirement and Investment Planning 17

18 Choosing the right Legal Form Legal Form sole proprietorship one man GmbH/UG incorporate firm non-incorporate firm GbR KG OHG PartG GmbH & Co. KG GmbH/ UG AG 18

19 Sole Proprietorship Advantages Disadvantages easily established owner must bear all costs of set up and maintenance minimal government regulation no others to share burden or add expertise no partners or shareholders unlimited liability for debts only taxes on income generated unlimited liability for malpractice all after tax profit stays with the owner 19

20 Limited Liability Company (GmbH) Advantages Disadvantages limited liability higher capital requirements own legal capacity publicity requirements greater status as a business higher administration effort profits earned are taxable only at the corporate level accounting obligation 20

21 Basic Knowledge about the Tax System Taxes you need to know about VAT and/or input tax specific professional groups, small business operators are exempted trade tax individuals & partnerships who earn less than per annum are exempted income tax liable for sole traders and partnerships corporation tax mandatory for coporations wages tax 21

22 Measurement of Insurance Needs Important Personal Insurances: health insurance nursing care insurance pension insurance accident insurance Important Business Insurances: employer s liability insurance buildings and property insurance legal protection insurance business interruption insurance 22

23 Preconditions for Starting up a Business B. Preparing the Launch: a. Choosing the Right Legal Form b. Understanding Taxation c. Measuring Insurance Needs d. Capital Requirement and Investment Planning 23

24 Financing the Start-Up: Small Sums prevail Capital Requirements for Financing the Start-Up (in %) Source: KfW Gründungsmonitor

25 Financial Analysis: How much money do I need for my start-up? Capital Requirements Capital Requirements Prior to Start-up consultancy costs fees for registration and permits, etc. + Capital Requirements for the Initial Operational Phase fixed assets: buildings, machinery, vehicles, office equipment, etc. current assets: material store, goods store, etc. + Capital requirements to cover living expenses = Capital Requirement for Start-Up 25

26 Financial Analysis: How much money do I need for my start-up? Capital Requirements to Cover Living Expenses household costs rent food kindergartens, etc. + insurance policies health insurance car insurance, etc. + other costs reserve for income tax, etc. = Private Expenditure (necessary salary) 26

27 Financing the Capital Requirement (I) own resources in the form of savings and/or assets participation (II) investment loans from financial institutions (III) investment loans & non-repayable grants from regional authorities NBank - (IV) Federal Government support programs - to new business people provided by the KfW Bankengruppe ( - to the recipients of unemployment benefit (ALG) offered by the Employment Agency ( Agentur für Arbeit ) 27

28 Content I II III IV Self-Employment: An Attractive Career Perspective Facts and Figures: Self-Employment in Germany Preconditions for Starting up a Business A. Understanding the Basics B. Preparing the Launch Assistance 28

29 Assistance Industrie- und Handelskammer Lüneburg-Wolfsburg Sägemühlenstraße 5, Celle web: phone: / Handwerkskammer Braunschweig-Lüneburg-Stade Johannisstr. 13, Lüneburg web: Dietmar Prieß phone: / 29

30 Assistance Wirtschaftsförderung Landkreis Celle Trift 27, Celle web: Silke von der Kammer phone: / / 30

31 31

32 Thank you four your attention. Counsellor 32

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