Small companies, startups & founders: Overcoming all financial hurdles through risk management

Many People dream of their own Companys, but the CoronaCrisis has shown that numerous financial hurdles can stand in the way. A financial strategy and the right tool can help.

Entrepreneurial independence - a dream with hurdles

Becoming self-employed and founding a company is a long-held dream for many people. But the step into self-employment needs to be well thought out. Not only the Corona crisis has shown that sudden financial imponderables fast can be life-threatening.

On the other hand, if you don't dare, you don't win! Potential challenges shouldn't be a reason to throw in the towel. However, one should not approach the topic naively but rather strategically. A thorough one Preparation minimized risks and paves the way for a promising phase.

Do you need a business account?

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Whether you are a freelancer, prospective shop owner or blogger: one of the key ones steps for proper administration Finance consists in a klare To create separation between private and business items. Because there are a lot of hidden ones Coststhat you may not be aware of, especially if you are a small business owner or self-employed.

Opening your own business account is not a legal requirement for small companies and freelancers, but is stipulated by many banks in their terms and conditions. A separate business account is also a prerequisite for keeping an overview. All payments and incoming funds for the company are processed through this account.

What does the transaction cost?

In order to keep the costs for accounts as low as possible, a price-performance comparison should be carried out. Many banks incur fees not only for debit cards and account management, but also for all booking items. Depending on the number, it quickly becomes expensive.

In addition, there are high interest rates on current account loans. There is potential for savings with digital company accounts because the administrative effort for the provider is reduced to a minimum. Sometimes even free accounts are conceivable. In business account comparisons, for example, Holvi and Fyrst regularly emerge as winners.

Simplify accounting through automation

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Also at the Accounting is Order decisive in order to save valuable time and thus costs in the long term. All receipts must be kept and sorted, invoices must be issued correctly and all preparations for the tax advisor must be made carefully. The more conscientiously documents are prepared for the experts, the faster they can, for example Value added tax- Pre-announcements, pay slips and annual accounts draw up.

When doing monthly accounting Founders with digital Solutions achieve significant savings. With the right automation, that becomes tedious mandatory almost for pleasure. A good accounting software such as the popular tool Lexoffice can be operated comfortably even with little experience in order to accelerate processes and prevent a mess of paper.

This is all the more convincing since Lexoffice offers all sorts of interfaces for other software. For example, who one Online-Shop with WordPress or Woocommerce can be used with the excellent plugin German Market from the provider Marketpress not only make this legally secure, but also easily create PDF invoices as well as return slips and cancellations. Very convenient, these invoices can then be imported into Lexoffice with one click and are immediately available there for posting in your own accounting.

Procure start-up capital - exhaust all possibilities!

Founders are confronted with particular difficulties when it comes to obtaining start-up capital. Many banks do not grant loans due to the high risk. However, the lack of equity makes debt available for much of the economy Startups indispensable. After all, a large number of investments have to be made. The spectrum of expenses ranges from the purchase of goods, machines and office furniture to personnel costs and rent to insurance. For a quick overview, we have arranged the central options of various lenders:

• Loans from banks and cooperative banks: Where founders have their business account, they can apply for a loan to finance operating resources and investments. A distinction is made between medium and long-term investment loans and short-term working capital loans. How high the interest rate is depends on the value of the collateral and the credit rating. The latter is determined on the basis of gearing and equity ratio.
• Promotional loan: There is support from the state for start-ups. Funds from the Reconstruction Loan Corporation (KfW) and the federal budget are used for this purpose. There is also financial help from the European Union and the federal states. Promotional loans are usually characterized by long terms and low interest rates. Redemption-free start-up times are also conceivable and relieve start-ups at least part of their financial pressure. KfW's promotional loan 058, for example, extends up to 500.000 euros and does not provide for any repayment installments in the first seven years. Details on the three current promotional loans can be found at KfW.
• Supplier credits: If a supplier is only paid for the delivery of goods at a later date after consultation, this is referred to as a supplier credit.

Avoid the risk of underfunding

A major hurdle is not only the procurement of outside capital itself. Underfinancing is extremely problematic. There have been numerous new start-ups in recent years Welt wanted to change. Many of them are successful, but they often find themselves in a bind. They are less productive because they are fuller Anxiety are, but they shy away from new ones ideas zu investbecause they are afraid of her Money zu verlieren. They are stuck in a constant cycle of fear and inertia.

Therefore, quite a few startups bleed out financially after just a few months because they financial planning were much too reserved and calculated tightly. This often happens in connection with loans from banks, since borrowing as a founder is already more difficult and only a small amount of capital is provided. Underfinancing can mean the end for a young company, even though it is developing positively.

If there is a lack of money, for example no materials can be bought for new orders due to liquidity bottlenecks. A dangerous downward spiral ensues gewinnen from new customers impossible. It is therefore essential for start-ups to realistically assess their need for outside capital and to plan a sufficient buffer. The attitude must not be to get by with as little money as possible. Instead, as much as necessary is to be financed externally.

Don't forget sales planning and customers

Every business wants to grow and its Turnover increase. More sales means more revenue and the profits that keep the business healthy and growing. Increasing sales is the key Success, and sales management plays a crucial role in this.

Before a company with the Planning However, before it can begin its sales strategy, it must first figure out how many people it is targeting merchandise would like. It does this by calculating an average customer profile that takes your demographics into account. A campaign budget can then be set based on the target customer profile and desired sales volume. Around Strategy sales planning is then developed around this.

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