Meaning of Startup Coaching

By | June 4, 2021

In order to be successful with their future company, start-ups need the right advice. Start-up coaching is essential for many start-ups; start-ups can obtain advice on the success of their business idea, the alignment of their company with the target groups and important criteria in the start-up phase.

Definition of start-up coaching

According to usvsukenglish, the start-up coaching serves to increase the chances of success of a company and to sustainably secure a business start-up. With start-up coaching, entrepreneurs have the opportunity to take advantage of coaching services at an early stage in order to start successfully in the market. The start-up coaching is chargeable, but the entrepreneur does not have to pay for it in full. Business start-ups can receive subsidies for the costs of the coaching measure, so the financing of coaching measures can be made easier, which can lead to a strengthening of the success of the business start-up. The subsidies for the costs of start-up coaching can be paid from funds from the European Social Fund.

Content of the start-up coaching

So that the start-up coaching can be funded with grants, the coaching measures must relate to economic, financial and organizational issues and be carried out by a consultant as part of the individual coaching. Coaching content that falls into the pre-foundation area cannot be funded. The start-up coaching can relate to legal, insurance and tax issues, but then it is not eligible. The drafting of contracts, the preparation of annual financial statements and help with bookkeeping can also be part of the start-up coaching, but they are not eligible for funding. With start-up coaching, company founders can avoid common mistakes when setting up a business and increase their chances of being successful.

Funding for start-up coaching

Business start-ups can take advantage of various funding programs for start-up coaching in order to only pay a small share of the consulting costs. Before the actual start-up, up to 80 percent of the costs can be covered, depending on the federal state, and KfW pays up to 75 percent of the costs after the start-up. The programs for the promotion of start-up coaching differ according to the time before the start-up and the time after the actual start-up, they contain different focal points for advice. Start-up coaching is still possible up to five years after the company was founded. Funding is also granted when starting a business out of unemployment.

Find the right coach

For good start-up coaching, it is important to find the right coach. As part of the funding programs, consultants can be placed whose advisory services relate to later business activities and who have the necessary industry knowledge. For example, a craftsman who wants to start his own business can use a consultant who is familiar with the craft and the possibilities for a successful market launch with this business idea. Start-up coaches can also be arranged through KfW. Addresses of advice centers can be found on the Internet; when making your selection, you must ensure that they are relevant for your future business activities. Serious start-up coaches are listed at KfW.

Examples of start-up coaching

The examples are intended to illustrate what startup coaching could look like. After a family break, a former media consultant wants to start her own business as a jewelry designer, she wants to make and sell leather bracelets. The start-up coach advised the start-up on the choice of product, sales opportunities and startup financing, he helped her to find the right sales partner and to open an online shop. An employee of a funeral home was planning the path to self-employment. He needed a loan to finance his business start-up and sought advice. The advisor helped him to find the right bank for his loan, she drew up a business plan with him, which he presented to the bank. The owner of a bike shop needed feedback shortly after the shop opened to make the shop even better. He took advice from a start-up coach. The founder coach helped him to find the right suppliers and to acquire customers with the right measures, he also advised him on financial issues.

Startup Coaching