1. Know yourself

• Can you work alone?
• Can you take responsibility?
• Are you of a positive disposition?

2. Are you prepared to take a risk?

• Starting a business will involve risking your savings
• Are you prepared for this?

3. Research your market

• What is the extent of the market for your product/service?
• Who are your customers?
• Who are your competitors?

4. Look at your production requirements - premises, machinery and labour

• Where will the enterprise be located?
• What considerations are important in the choice of premises?
• What machinery is required?
• Will employees require additional training prior to commencing work?

5. Work out your total costs

• What costs are involved in the purchase of capital equipment/premises?
• What are your labour costs?
• What is the cost involved in production?

6. Estimate your selling price and plan how you will achieve sales

• Taking the above factors into consideration estimate your selling price.
• Who/where is your target market (local/national)?
• How will you promote your enterprise?
• What channels of distribution will be used?

7. Decide the legal framework of your business/check out any legislation that might affect you

• What business structure will the enterprise use - sole trader, partnership, limited company?
• Have you registered your business name with the register of business names? (www.cro.ie)
• Have you registered as self employed?
• Are you familiar with your obligations as an employer?
• Are you familiar with your tax obligations (Income & VAT)

8. Check out your sources of materials/supplies, their availability and cost

• Where can the raw materials be purchased?
• Have you received quotations from a number of potential suppliers?

9. What are your total financial/investment requirements?

• How will you fund the project (personal investment, grant aid, loan)?

10. Produce a Business Plan

• Using our template or other, commit all relevant information to paper - be realistic and set targets based on the research carried out. ?