Entrepreneurship is at the heart of any business venture.
The desire to develop your own business and the ambition to create value are all more often observed among potential entrepreneurs. However, lacking the information or experience would be a challenge for any startup.
This should not be a reason for not realizing your business idea. Our team will assist you to get up-to-date information regarding the creation of a plan for your business, the possibility of its development or the financing of your business idea.
For a start-up business, preparation is most important. Good planning is essential for the development of a company. It is the plan that serves as a guideline for how a business will operate, what it will offer, to whom, how it will generate profit, etc. For this reason, the business plan must be optimal, but it will certainly not be static. The business plan must be able to tolerate changes according to the way the company develops.
How to make your business plan?
Your business plan is the idea that you can develop with respect to your experience, qualifications and education. Of course, your business may be in a completely different purview, but the experience you have so far is essential and it will help the realization of your idea in general.
Your project has to unfold in your business plan – what do you plan on doing, what is going to help you reach your goals? Besides that, one needs to take into consideration the state and the conditions of the industry they are planning on growing their business in – which are the main competitors and clients, what do the conditions of the industry show for the type of activity you plan on doing, are there enough conditions available to allow your plan to work out?
How to fund your business idea?
It is essential for any business to secure funds for the realization of your idea and,
subsequently, the long-term return on investment. Financing of start-ups in Bulgaria is very limited due to the high-risk factor. This means that most new companies fail to realize their financial potential. Banks often avoid investing in newly registered companies and with less than a year of experience.
However, funding can be provided in other ways as well – be it personal savings, funds, EU-funded programs, etc. Such financing is, for example, the opportunity to implement a business plan with the help of the Labor Bureau Directorate of the Employment Agency. Any unemployed person entitled to compensation can start a business for the production of goods and/or services, either alone or incorporated with other people. Funding can be received by applying to the relevant Labor Bureau Directorate with a prepared business plan in which the business initiative is thoroughly described. Upon approval of the business project by the commission with members from the Bureau and the National Insurance Institute, the applicant can receive the unemployment compensation they are entitled to at once.
In addition to people entitled to compensation, the ones without the right to compensation can also apply with business plans. However, they have to be registered in the Labor Bureau and the maximum funding is BGN 4000.
In both cases, unemployed persons are entitled to additional financial support:
- Additional amount of BGN 2840, provided that the unemployed person entitled to compensation provides employment under the approved business project to another unemployed person without the right unemployment compensation;
- Credit for qualification in the sphere of business activity done by the company or consultancy in managing it for between BGN 300 and BGN 1000;
- Costs for used external consulting services in the amount of up to BGN 500;
- Additional monthly amounts for unemployed persons without the right to compensation for paid insurance contributions on the minimum amount of monthly income insurances.
How can we help to get your idea funded?
If you want to learn more about the self-financing possibilities of your business idea or have questions about preparing a business plan – contact us. We will be happy to help you.
Our team offers consulting in the field of securing funds for starting an independent
business. You can count no us for up-to-date information on various financing options.
If you are an unemployed person and want to submit a business plan to the Labor Bureau, you can benefit from consultations in the field of planning and having it actually prepared. The total cost of that is BGN 600 and it includes administrative, legal topics, accounting, IT and human resources. Also, after approval of the business plan, each applicant is entitled to a refund for the consulting service fee.
Burgas 8001, 15 А Strandzha Planina Str.
+359 56 82 72 08