Local Enterprise Office’s 10-Step Guide to Starting Your Own Busines

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
  • Partnership
  • 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.

 

 

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Enterprise Manager The LINC
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