We support you when starting your business in Sjuhärad

Schedule a consultation with us to get the information you need to start your own business. We offer consultations in both Swedish and English.

We also host events free of charge, focusing on getting further in the process of starting a business. These events are in Swedish only.

What is a company?

A company is an organization formed to sell goods or services with the aim of making money. It can be owned by one, or several individuals and shareholders. The structure of the company affects the way it deals with legal and financial issues. The core of a business is the ability to understand and meet customer needs which requires marketing and strategies. A business must also manage its finances. This includes budgeting and accounting, as well as complying with laws and regulations.

What types of businesses are there?

There are many different types of companies. The most common ones are:

A limited liability company is a separate legal entity. This means that if the company is struggling financially, you only risk the money you have invested and not your personal assets. Limited companies can sell shares to raise money to grow and develop. Those who own shares can also receive a share of the company’s profits, known as dividends.

A sole proprietorship is a form of business where only one person can own the business. In a sole proprietorship, the owner is personally responsible for any debts and legal issues. It is a popular form of business for small entrepreneurs because it is easy to set up and has simpler accounting and administrative rules. However, as you and the company are legally the same, you will be personally responsible for the company’s debts if you run into financial problems.

In addition to limited liability companies and sole proprietorships, there are a number of other business forms. The two that you may come across are:

An economic association (EkF) can be advantageous when there are several of you to share, for example, an office (if you want to know more, please contact our advisors who are linked to Coompanion).

Limited partnerships (KB) are currently used mainly by some consultancies, but it is often better to set up a limited company.

NOTE!

Some types of businesses require one or more permits. If you handle food, alcohol or cigarettes, you must have a permit. This is usually handled by the municipality where you operate. Check with your municipality before you start so you know what is required!

Where do you start?

We recommend that you have a business plan in place before registering your company. You will be able to use your business plan both when registering and when contacting the bank to open a business account. Next, you need to choose the type of company.

The registration of your company takes place via verksamt.se. If you will start a limited company, you also need to register with the Swedish Companies Registration Office (Bolagsverket).

Depending on the type of company you choose, the registration process may be different.

IMPORTANT!

You need to keep track of your business expenses!

As soon as your company is set up, you are obliged to keep track of money going in and out of the business. This is called bookkeeping. There are rules about how the accounts should be handled. Note that you need to follow these rules and that you can be fined or even imprisoned if you break them.

If you sell goods that are subject to VAT, you must regularly report this to the Swedish Tax Agency. If you have employees, their salaries etc. must also be reported to the tax authorities.

If you are unsure about how to manage your accounts and taxes, contact one of our advisors and ask them for tips on where to learn more.

Business plan and budget

A business plan is a detailed document that describes the objectives, strategies and operational plan of a company. It includes information on market analysis, financial projections, products or services, and marketing and sales plans.

A budget is a financial plan that estimates future income and expenses for a specific period of time, usually one year. It helps to guide financial decisions, ensure that money is available for expenditure and facilitates the financial management of the business.

If you need help with your business plan or budget, one of our business developers can help you get started!

Who are your customers?

This is the most important question of all. You can make a sophisticated and comprehensive business plans with lots of numbers but it won’t help if you have misjudged who your customers are and if they want to pay for your products or services.

The most important and best thing you can do is to meet some potential customers and ask them what they think of your offer (your product or service). The better you are at offering the right product/service to the right people, the more likely you are to sell and make money.

If you’re not sure whether your customers are willing to buy, wait to start your business and try to adjust your offer.

For those who want to know more about starting a business

The purpose of a business is to make money. To achieve this, you need to have customers, people or companies/organizations, who are willing to pay for the goods or services you offer. Below we suggest a book where you can read more about how your company can make money.

Book: Business Model Generation, A. Ostervalder och Y. Pigneur

A company is always obliged to keep track of its money, income and expenses.

To attract more customers and increase sales, businesses must to market themselves through advertisements or other forms of promotion. They may also need to get other information out through various forms of communication, such as articles in the local newspaper, social media posts or other means.

As your business grows you may need to hire employees. When your company has employees, there are a variety of laws and regulations that you need to know and follow.

When it comes to relationships between people and/or companies, especially when a lot of money/important issues are involved, it can be useful to set up an agreement. You can set up a simple agreements yourself using templates, but if it is more complex you should contact a lawyer, preferably one who specializes in business law.