Good advice for sweet temptations

Before financing comes advice. On the path to establishing a business, founders are faced with many questions – from the suitability of their business model to suitable financing options.

This article is part of the special feature GründerNavi – for founders and young companies

The experts at NRW.Bank provide free and impartial support with their expertise. "Life is too short for bad chocolate , " Kathrin Lohaus realized after just the second year of her pastry chef apprenticeship , when she discovered her love for chocolate. From then on, she knew that self-employment would only be possible with chocolate as her main focus. Since 2015, she has run her own chocolate shop, " bittersüß & edelweiß, " in Düsseldorf.

Her path to success was short and successful – after passing her journeyman's exam with above-average results , completing her master's training with a scholarship , and later even achieving second place at the " German Chocolate Masters 2014, " she took her first step into entrepreneurship that same year: She partnered with a Düsseldorf café, where she could produce and sell her chocolate specialties. When success quickly followed, she moved into her first own shop a few doors down in 2015. She remained true to her focus on pralines, bars, and sweet truffles.

Feedback from financing professionals


The initial capital for her chocolate shop, "bittersüß & edelweiß" (bittersweet & edelweiss), came from the joint account she shared with her husband, who still helps out in the business today. NRW.Bank provided the aspiring entrepreneur with the necessary expertise for taking the first steps into self-employment . "I contacted NRW.Bank's funding advisory service on the recommendation of the Chamber of Skilled Crafts," explains Kathrin Lohaus. The experts thoroughly examined her business plan. "It was important to me to receive feedback from professionals who deal with these issues every day – either as encouragement or to adjust my course." Her strategy was largely deemed viable. She revised the areas that were criticized based on their suggestions.

Funding advice included


Kathrin Lohaus received support from NRW.Bank 's financing assistance program, a state-funded service offered free of charge to its users. Feedback on the business plan to prepare for a financing meeting with the applicant's bank is a key, but not the only, component of the service. Neutral advice on funding programs offered by NRW.Bank, the state, the federal government, and the EU is also included.

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In addition to financing, NRW.Bank also supports founders with tailored advice. It offers professional and impartial expertise and helps turn good ideas into reality. Eckhard Forst, Chairman of the Board of Management of NRW.Bank. Photo: © NRW.BANK/Christian Lord Otto

Last year, "bittersüß & edelweiß" even expanded: The chocolate shop moved to larger premises and now also has an attached café . The open production area is literally at the heart of the business. "People can watch us handcraft our creations," says the owner, who also describes herself as a " creative craftswoman ." This allows customers to enjoy the sweet treats right there on the premises.

Would you like to learn more about the funding opportunities offered by NRW.Bank ? nrwbank.de

Checklist: The path to funding


Founders can receive support from NRW.Bank with loans, equity capital, and funding advice. Important: Apply for funding first, then invest. If projects are already underway, they are generally not eligible for funding.

✔️ Write a business plan: It serves as a blueprint for your startup project. In it, you present your business idea and create a comprehensible financial plan for your investors.

✔️ Use the advice service: Contact the funding advice service of NRW.Bank, one of the NRW starter centers or a chamber of commerce.

✔️ Contact your bank: Present your business plan there and clarify funding opportunities and the question of collateral.

✔️ Apply for funding: After your bank has reviewed the content of your documents, it will submit the funding application.

✔️ Conclude the loan agreement: Once your bank has received approval from the development bank, you conclude the loan agreement with your bank. They will also handle the disbursement of the loan funds.

✔️ Take advantage of grants: There are numerous grant opportunities available at the municipal, district and state levels, as well as at the federal and EU levels.

✔️ Bring investors on board: Share the risks of a business plan with investors. The spectrum ranges from business angels to dedicated startup or entrepreneurial funds.

✔️ Implement your project: Start your project.

Conclusion

Start: It all begins with a business idea and a good business plan.

Help: A development bank can provide financial start-up assistance and support you with neutral advice.

Guide: Your local bank will guide you to the development bank, help with the application and submit it there.

Growth: Development banks offer support for every phase of a company's development.

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