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. ?