Expert advice for business starters

To make your business a success, expert advice is a must. Lynn Coenen, Starters Advisor, explains how to get off to a good start.

Why seek expert advice? "Because I’m always here for you"

The first steps

"Your first instinct before taking the plunge is probably to do some research on the internet. But soon you'll realize that you won't find enough information, or you’ll have trouble figuring out what's really important. You’re probably looking for some highly practical information. What do you need to do to become self-employed and maybe even set up a company? What legal formalities are required? Do you need start-up capital? The checklist you may have seen on our start page is already a first step. But what really makes a difference is being able to talk to someone with a lot of experience in starting businesses."

Your bank has more to offer than just a business account

"Feel free to come and see us as soon as possible, even if you only have an idea and aren't a customer yet. As a bank, we have more to offer than just a business account. During our first conversation, I'll go over various things you may not have thought of. It could be about a car that's better suited to your business, ways to increase your online visibility, or how to protect yourself against certain risks you didn't have as an employee. I'll learn all I can about your project and put all my experience at your service. Becoming an entrepreneur isn't something you should do alone."

The business plan, a crucial step

"During our first conversation, I'll advise you to draw up a business plan carefully, if you haven't already. You can use the comprehensive template on our website. Don't rush through it, because it's an essential step in turning your idea into a reality. We'll go over the plan together. Then, you'll test the strengths and weaknesses of the product or service you want to sell and identify the opportunities and threats. We'll think about the prices you want to charge, your distribution channels, your start-up capital, and your relationship with any partners with whom you might want to start the business. This way, you'll start with a solid foundation."

Important decisions needed? "Always feel free to ask our advice"

Company or sole trader?

"What form should your new business have? You need to decide that before you start, and each option has its pros and cons. It’s a decision that has significant tax implications. As a sole trader, you'll pay up to 50% tax above a certain threshold. A company pays 25% tax on profits, and 20% for the first €100,000 subject to certain conditions. But then you'll need to withdraw money from the company to pay yourself a salary. The start-up capital will also depend on the option you choose. I'll help you make an informed decision."

See the opportunities, but also the risks

"When you start your own business, you no longer have the same financial security as before. As a self-employed person, you have less social protection than an employee. We'll look at what would happen if you were unable to work due to an illness or accident. We'll also discuss what would happen to your loved ones, assets and business if you were to die. To address these risks, there are various insurance options that provide protection in case of a loss of income or a hospital stay. We'll also cover professional liability and ways to limit risks. This way, you can start your activity with peace of mind."

It's never too early to think about your pension

"Your pension will also be part of the discussion, because the earlier you start, the greater the benefits. I’m sure you already know that the pension you're entitled to as a self-employed person is not enough to maintain your current standard of living. So it's essential to think about a supplementary pension (which we call the “second pillar”). This will be beneficial later on, but it may also provide tax benefits now. In some cases, you can even use your pension capital to invest in property. We'll analyse your situation and look for the most suitable solutions."

Our expert’s three top tips: "Success is within reach"

Be prepared

"Don't rush into things. Start with a solid foundation. Download our business plan template and fill it in carefully. We'll go over it together, point by point, and use it as a basis for our initial discussions. Also, create a comprehensive and realistic financial plan. We can lend you part of the capital needed for certain investments, such as real estate, machinery or travel solutions. After this preparation phase, you'll know what to do to turn your ideas into action. I'll support you as a proactive partner and stand by your side, not just when things are going well, but also when you're facing challenges."

Surround yourself with experts

"You can't be a specialist in everything! One of the keys to success is surrounding yourself with the right people. Feel free to ask for my help. You may need advice from a lawyer, a digitalisation specialist, a financial expert, an expert in travel solutions, an accountant, a marketing expert and so on. As a business advisor, I'll be by your side and will guide you through the necessary steps. I'm like a family doctor who provides day-to-day care and refers you to the best specialists when needed."

Take stock and go for it!

"You've prepared well and discussed all aspects of your project. We've talked about insurance, pensions, financing, taxation, travel solutions, payment methods and digitalisation. You now know if your project is feasible. You have an idea of your fixed costs and know roughly what sales you need to achieve to stay on track. You can count on an extensive network of experts, available at any time and throughout the life of your business. If all the lights are green, then it's time to take the plunge. Welcome to the world of entrepreneurship!"