Common mistakes made by young entrepreneurs

Starting a new business is often not that easy as it may seem at first sight. The biggest mistakes new business owners make are stated below:

• Many entrepreneurs forget to do a market research. This can be disastrous for them. Only having a great idea does not mean that a business will be successful.
• Some young entrpreneurs think that a business plan is not neccessary. That is maybe true in a single case, but usually business plans helps entrepreneurs to avoid several problems.
• It is mostly an illusion to believe that everything can be done without other people’s help. A network of colleagues and professionals is a must-have to help you out in tough times.
• Success does not come by itself: Everyone has to work hard and believe in his idea.  Usually, an entrepreneur does not make profit in the first year. For this reason, it is important to have enough resources.

Preferably you establish or convert your company with STARTUPS.CH. STARTUPS.CH will provide you with professional guidance before and after the foundation.

Here you will be able to apply for a counselling interview and to request free documentation.

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Reasons to trademark a business name

By registering a business name in the commercial regsiter you can prohibit someone else from entering the same name for his business. However, the entry in the commercial register does not disable somebody from using your firm name as a name for his products. Therefore, it is necessary to trademark the business name. An early trademark registration can protect you from the risk that you can only use your firm name for your products under restricted conditions, because another person already registered your firm name as a trademark. Trademark protection can also be used for a logo and is for all of Switzerland. If you want to protect the name or logo of your firm also abroad, you have to register a trademark in these countries.

STARTUPS.CH can help you out and trademark your business name. You can also apply for professional counselling interview whenever you desire.

Preferably you establish or convert your company with STARTUPS.CH.

Here you will be able to apply for a counselling interview and to request free documentation.

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Company name: Registering a suffix like “Ltd” in Switzerland

In order to register a limited liability company (Swiss LLC) or a corporation, it is necessary that the company name indicates the legal form (“GmbH” for Swiss LLC or “AG” for Swiss corporation). However, it is also allowed to register the business name with the suffix “Ltd”, but therefore, both company names have to be registered (e.g.: RealEstate33 GmbH [RealEstate33 Ltd]). The problem is that by registering only the company name with the suffix “Ltd” people would think that the company is incorporated in the UK or another country, where the suffix “Ltd” is obligatory or common.

Preferably you establish or convert your company with STARTUPS.CH. STARTUPS.CH will provide you with professional guidance before and after the foundation.

Here you will be able to apply for a counselling interview and to request free documentation.

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10 Ways to find customers

For many new entrepreneurs, the hardest thing about starting a business is to find customers, in particular when the marketing budget is low. Even though your business idea is excellent that doesn’t mean that the customers will find your product or service on the market. Here are some useful strategies to find customers:

1. Define your customers and their needs and consider how they would normally find products or services like yours.
2. Get in touch with local newspapers and ask them for an article about your business.
3. Watch for events which you can promote.
4. Atttend meetings and seminars which can be useful for your business.
5. Give away free samples of your product or, if you’re a consultant, free advice.
6. Build up a social network of friends and clients.
7. At the beginning many small ads are more effective than one big ad.
8. Ask people for reasons, if they don’t want buy your product.
9. Stay polite with customers.
10. Tell your customers to recommend your product/service if they’re pleased.

Preferably you establish or convert your company with STARTUPS.CH. STARTUPS.CH will provide you with professional guidance before and after the foundation.

Here you will be able to apply for a counselling interview and to request free documentation.

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How can I find business ideas?

Potential business ideas are on everyone’s mind. Nevertheless, it’s necessary  to analyse market trends and consumer needs first and to make sure that you or your employees would have the essential skills to work on your specific business. A good way to find business idea is to keep up with the news and current events.  If you do so, you will identify new ideas which have business possibilities. It’s also an advantage to speak with many people as possible and to ask them, what goods or services they would like to be invented or improved. The most successful entrepreneurs are often people who create something new or add extra value to an existing product or service. That’s obvious: People aren’t interested in products or services which already exist.

Preferably you establish or convert your company with STARTUPS.CH. STARTUPS.CH will provide you with professional guidance before and after the foundation.

Here you will be able to apply for a counselling interview and to request free documentation.

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Why should I write a business plan?

Writing a business plan isn’t a waste of time. It’s worth to write a well structured business plan. The primary purpose of a business plan is to define business goals. It should explain why they’re attainable and describe how to reach those goals.

First of all, a business plan helps you to gain a better understanding of your business idea. However, many entrepreneurs forget that a business plan isn’t static. Every business plan will change over time as the business develops. It can prevent you from loosing a lot of money because it’s likely that your idea isn’t that good as you expected before and that you have to consider other things. A solid business plan also helps you to attract investors.

Further information, especially how to write a business plan, is available here.

Preferably you establish or convert your company with STARTUPS.CH. STARTUPS.CH will provide you with professional guidance before and after the foundation.

Here you will be able to apply for a counselling interview and to request free documentation.

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Business name of a limited liability company/corporation

Composition

Companies may choose their business names freely, subject to the general principles of business name composition. The business name must however indicate the legal form (“GmbH” or “AG”).

General principles of business name composition

In addition to the essential content required by law, each business name may contain information which serves to describe the persons mentioned in greater detail, an allusion to the nature of the company or an invented name provided that the content of the business name is truthful, cannot be misleading and does not run counter to any public interest. The Federal Council may enact provisions regulating the permissible scope for use of national and territorial designations in business names.

Examples

- “Brainstorm GmbH” (e.g. of a business name for a limited liability company)

- “Peak Bungee AG” (e.g. of a business name for a corporation)

Preferably you establish or convert your company with STARTUPS.CH. STARTUPS.CH will provide you with professional guidance before and after the foundation.

Here you will be able to apply for a counselling interview and to request free documentation.

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Names of general partnerships

Composition of the business name

Where the business name of a general partnership does not contain the names of all the partners, it must include the family name of at least one of the partners, together with an addition that alludes to its status as a partnership. Where further partners join later, the general partnership may retain its business name without change. The names of persons other than the partners with unlimited liability must not feature in the business name of a general partnership.

Changing the business name

Where a person whose family name features in the business name of a general partnership leaves the partnership, with the consent of such person or his heirs his name may be removed from the partnership’s business name. Exceptions may be authorised where the partnership status is expressed through kinship, provided at least two partners with unlimited liability are still related by blood or marriage and one of them bears the family name that features in the business name.

Exclusivity of the registered business name

The name of a general partnership entered in the commercial register may not be used by another business proprietor in the same location even if he has the same first name and family name from which the older business name is formed. In such a case, the owner of the newer business must add a suffix or ending to his own name to produce a business name which is clearly distinct from the older business name. Claims in respect of unfair competition against general partnership registered in other locations are reserved.

Examples

- Miller & Co.

- Paul Miller & Co.

- Printing Shop Miller & Co.

- Printing Shop Paul Miller & Co.

Preferably you establish or convert your company with STARTUPS.CH. STARTUPS.CH will provide you with professional guidance before and after the foundation.

Here you will be able to apply for a counselling interview and to request free documentation.

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Names of sole proprietorships

Essential content:

A person operating a business as sole proprietor must use his family name, with or without first name, as the essential content of his business name.
The business name must not have any kind of suffix or ending which suggests constitution as a company or partnership.

Exclusivity of the registered business name:

The name of a sole proprietorship entered in the commercial register may not be used by another business proprietor in the same location even if he has the same first name and family name from which the older business name is formed. In such a case, the owner of the newer business must add a suffix or ending to his own name to produce a business name which is clearly distinct from the older business name. Claims in respect of unfair competition against sole proprietorships registered in other locations are reserved.

Examples:

- Miller

- Miller Printing Shop

- Paul Miller Printing Shop

Preferably you establish or convert your company with STARTUPS.CH. STARTUPS.CH will provide you with professional guidance before and after the foundation.

Here you will be able to apply for a counselling interview and to request free documentation.

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Advantages and Disadvantages of a sole propietorship

Advantages of a sole proprietorship:

• § Few formal business requirements
• § No minimum capital
• § No corporate tax payments

Disadvantages of a sole proprietorship:

• § Personal liability of the sole proprietor
• § Poor credit-worthiness
• § Other persons can not participate

Preferably you establish or convert your company with STARTUPS.CH. STARTUPS.CH will provide you with professional guidance before and after the foundation.

Here you will be able to apply for a counselling interview and to request free documentation.

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