Economic Policy

Turning an idea into a business

You’ve got an ingenious idea, your product is a masterpiece in technology, your service so unique that you’re expecting to gain a competitive edge in the market? You want to be your own boss? Those are important conditions for being successful in business. And you wish to put your idea into practice professionally because you know that an idea alone is not enough? After all, you’ve got to make an effort in order to become successful in the market.

All of this is why you’re asking yourself:

  • Who will benefit from my product or service?
  • Whom is my product aimed at?
  • Where is the most suitable location for selling it?
  • What price would my potential customers be willing to pay?
  • How will I reach my customers?
  • How will my sales potential develop over the next few years?
  • How can I supplement my product offering?
  • Who are my competitors, and what are their strengths and weaknesses?
  • Why should a customer buy my product, and why from me specifically?
  • Do I have a marketing plan to help me run my company in a customer and market oriented manner?
  • Do I know exactly how much capital I will need?
  • Which legal form will I use to establish my company?

Each trade activity requires a trade licence. It is therefore important for me to know:

  • Which type of trade will I practise independently?
  • Which conditions (proof of qualification, etc.) will I have to meet?
  • What do I specifically have to do in order to obtain a trade licence?
  • Do I need a facility permit?
  • Or do you wish to take over your parents’, a relative’s or friend’s company?
  • What possibilities are there?
  • What do I have to take into account when taking over a business?
  • What are the tax implications?

Summarise the answers to these questions in a business plan. The Federal Ministry for Digital and Economic Affairs will help you put your plans for self-employment into action, showing you possible ways and offering you a competent and helpful network of services:

The Start-up Service of the Economic Chambers is the ideal contact point for initial information and advice. Their service offering includes  information, consultancy and coaching for young entrepreneurs and an online portal for company successions – and all of this free of charge (only available in German).

Our contacts at Austria Wirtschaftsservice GmbH will help you with your financing and/or funding questions.

Experts at the new Austrian Research Promotion Agency (FFG) are happy to advise young technology-sector entrepreneurs whose business ideas are still in the developing stage.

INiTS provides advice and support for graduates, employees and students at universities and universities of applied sciences (Fachhochschulen) in Vienna who want to start up a company to put their business idea into practice.

The Ministry’s “Business Start-up” service also acts as a link to a number of other institutions offering services to business starters (e.g. Public Employment Service AMS, Social Insurance Institution for Trade and Industry SVA, Junior Chamber Austria JW, the liberal professions, Austrian Business Agency ABA; except for AMS and ABA all of these websites are only available in German).


Abteilung C1/2-Standortpolitik und Binnenmarkt:

Last Modified: 08.02.2018 12:04