Funding a Startup

JonnyVo New member

Member since 25 September 2020

JonnyVoNew member30 September 2020 18:58:15

So I'm sure there are some entrepreneurs here! How did you go about securing funding for your business in Germany? I'm looking at opening up a small shop and the owner wants me to outright pay off the value of the equipment inside, that's 35,000€. For a bank that's capital which I think might be slightly appealing. That being said I do have a partner and he's a paperwork guru. So far he's secured 20k. I feel completely useless here. I do have income but since it's not coming from Germany it's "invalid" however taxable(shakes head). Suggestions for banks that fund startups? My business plan and forecasts are as professional as it gets so no need to ask about that😜

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beppi Germany/Singapore Expert

Member since 08 August 2010

Germany & Singapore Expert

beppiGermany/Singapore Expert01 October 2020 19:27:20

15608

Banks do not usually fund startups (too high risk!) and if they do, they usually want security (as you found out).
What you need it an Angel Investor, but I cannot tell you how to find (and convince) one.
But if you do not have €35k initial investment, how will you survive until he business turns profitable (which can be many months or even years)?

beppi Germany/Singapore Expert

Member since 08 August 2010

Germany & Singapore Expert

beppiGermany/Singapore Expert01 October 2020 19:27:52

15608

If your business plan is a good as you claim, you could also try crowdfunding.

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JonnyVo New member

Member since 25 September 2020

JonnyVoNew member02 October 2020 07:58:28

Hey thanks for commenting. As far as the bank goes its been odd. I'm honestly a bit done with them. My profit margin is high enough that they didn't consider it realistic. Crowdfunding is so finicky and honestly I have no clue how to do that successfully. YouTube only takes you so far and promoting crowdfunding from my past experience has some negative results.