10 Initial Steps When Starting a Business

Here are ten simple steps that you can take to help develop your business idea and start your own business.

Step 1: Know Yourself

It is often necessary to assess yourself before you can assess the potential of your business idea. Do you know who will buy your product or service? What benefits does your product or service offer to them and how much would they be willing to pay?

Use our experience to realise your business idea

Trying to come up with a business idea? Try our Ideas Generation Workshop

Step 2: Are you a Risk Taker?

Starting a new business can be an exciting and challenging time, however, it can also be a period of uncertainty and risk. For some it can mean risking their life savings, secure employment and family security. Are you fully prepared for this?

Step 3: Market Research

Market research is essential in helping you to identify your target market and getting to know your potential customers. Conducting market research will also help you to identify who your competitors are and how to compete effectively in a given market. Research is also effective in assessing demand for a new product or service.

Step 4: Examine Your Business Requirements

  • Consider the best location for the business
  • Identify your basic equipment requirement and costs
  • Will you need to employ more staff?
  • Identify your Insurance requirements

Step 5: Calculate Investment Requirements

  • Identify all start-up costs associated with the business
  • Identify ways of financing your business venture
  • Seek financial support and benefit from direct referral to Government Supports

Become aware of all financial supports we offer

Step 6: Developing your Marketing Strategy

  • Marketing your enterprise is a fundamental aspect of starting up
  • Research the most cost-effective methods of marketing your business
  • Write your Marketing Plan

Attend one of our Marketing Workshops

Step 7: Developing Your Sales Plan

  • Having assessed your business idea, estimate your selling price
  • How will you promote the enterprise?
  • Who/where is your target market (local/national/international)?
  • What channels of distribution will be used?
  • Determine the break-even point

Step 8: Decide on an appropriate legal business structure

It is important to research the types of business ownership to help you make the best decisions for your business. You can choose whether you want a:

  • Sole trader
  • Partnership
  • Limited Company

We can help steer your business from the beginning

Step 9: Be aware of legal obligations that will affect your business

  • Register your business name with the Companies Registration Office (CRO). Visit www.cro.ie for further information
  • You will need to understand your tax obligations and register as self-employed with your local revenue office. Visit www.revenue.ie for further information
  • You will need to be aware of your statutory obligations such as trading licenses, planning permission, insurance, health & safety, patents

Step 10: Write your Business Plan

Business Planning is fundamental to success in business. It is the key to making things happen and reaching goals. A business plan can be used as an operating tool that will help you to make important decisions and manage your business effectively, the business plan also has a number of other uses.

Check out our business plan template & guide

 

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