Step 1: Test Your Business Idea
- Our Start Your Own Business programme provides you with an opportunity to assess the potential of your business idea.
- Have I got the right business skills?
- Think about who will buy your product or service.
- What is the benefit to them and how much will they pay?
Step 2: What About Market Research?
- From the outset market research is essential in helping you to identify your target market and customers.
- It will also help you to identify your competitors and how to compete effectively.
- Research is also effective in assessing demand for a new product or service
Market research will establish the real potential for your product or service.
Step 3: What are Your Business Requirements?
- Have you considered the best location for the business?
- Identify your basic equipment requirements and costs.
- How many staff will you need to employ?
- Identify your overhead costs e.g. insurance.
- Can your business idea benefit from new technologies? e.g. by online selling.
Step 4: What are your Investment Requirements?
- Identify all start-up and running costs associated with the business.
- Identify ways of financing your business venture.
- Seek financial support and benefit from direct referral to Government agencies.
- Seek advice on other sources of support e.g. Banks, Credit Unions, Microfinance Ireland, family support, other non-bank finance.
Step 5: Developing your Marketing Strategy
- Marketing your business idea is a fundamental aspect of starting up.
- Research the most cost effective methods of marketing your business.
- Write you Marketing Plan
Step 6: Developing your Sales Plan
- How will you promote your product or service?
- Who and where is your target market (local, national, international)?
- What channels of distribution will be used?
- Determine your selling price and break-even point.
Step 7: What is the best legal structure for you?
What type of company will allow you to make the best decisions for your business? You could be a:
- Sole trader
- Limited Company
Step 8: Managing the risks
- Starting a business is a big step to take.
- A new business can be exciting. However, it can also be risky.
- For some it means risking personal savings and secure employment.
Step 9: Avoiding Unnecessary Risks
- Register your business name with the Companies Registration Office (CRO). Visit http://www.cro.ie
- Be aware of your tax obligations and register with your local revenue office. Visit http://www.revenue.ie
- Be aware of other statutory obligations such as trading licenses, planning permission, insurance, health & safety, patents, etc.
- Be aware of your responsibilities under employment rights legislation.
Step 10: And Finally……Write your Business Plan
- Business Planning is fundamental to success in business – managing the company, generating sales and growing jobs.
- It is the key to getting things done and making things happen.
- The finished business plan can be used as an operating tool that will help you to make important decisions and manage your business effectively.