Getting started is easy. We'll help you take your idea through to business startup.
If you want to start right now
If you are impatient to start your own business, ask yourself the following three key questions about your business idea:
- Can it be made?
- Can it be sold?
- Can it generate a profit?
If the answer to all three questions is 'yes', then it is a question of taking the plunge and registering your business
(you need to either understand Danish or get assistance from a Danish speaking person since the information only is available in Danish).
Avoid common errors
There are some common errors which many entrepreneurs make. You will get off to a good start if you follow these five pieces of advice:
- Research the market thoroughly before you start.
- Focus on what you are passionate about and good at
- Make sure that you know how you will generate earnings
- Manage your finances – be realistic when planning budgets
- Seek help in areas where you are weak (accounts, sales etc.)
If you are happy to wait
- Is your idea unique?
Not all ideas are good or marketable. Before you start, find out whether there is a need for your product/service – and whether other businesses are supplying the same product/service.
- Decide on the type of business
You need to decide which business format is most suitable for you and your product (and your finances). This has implications for your tax affairs, your accounting records, financial risks etc. Most entrepreneurs start with a sole proprietorship.
- Choose a name for your business
When choosing a name for your business, you need to ensure that you are not stepping on anyone's toes. On the other hand, it is also possible to copyright your name etc. It is also a good idea to buy a good domain name for your business website.
Use the CVR register (mainly in Danish) to check whether a business name is already taken.
Check also the Danish Patent and Trademark Office to search for a trademark
Search for domain names here (only in Danish)
- Register your business
Before you start, you need to register your business and be issued with a CVR number. Click here for sole proprietorships (in Danish) and here for companies (in Danish) (e.g. private limited companies (ApS)).
- VAT registration or not?
If your revenue exceeds DKK 50,000 a year, you must register for VAT. You can register for VAT at the same time as you register your business. However, please note that certain industries are VAT- exempt.
- Need to borrow money?
If you need to borrow money, it is a good idea to draw up a mini business plan which you can show to your bank or potential investors. If you have your own capital, you can just get going.
- Check any relevant legislation
For some industries and products, special statutory requirements apply, and there may also be statutory insurance policies. It is therefore a good idea to study the legislation first.
- Manage your finances
It is vital that your accounts are in order at all times. You are responsible for your business's finances – even if you decide to employ a bookkeeper or accountant.
Get help to start a business
Starting a business is not difficult – the hard bit is turning it into a profitable one. Talk with your local business consultant – they have lots of experience with business startups, they know the problems and they will help you on your way to develop a successful enterprise.