Starting Your Business in Longford!

Starting your own business can be a rewarding experience, however, Longford LEO recognises that it can also be daunting! We are on hand to help you succeed through all the challenges!

Starting A Business Image

What to think about when developing a business idea:

You as an Entrepreneur:

  • Your skills: understand your skills and the skills of others around you as it is essential that you have (or have access to) the necessary skills to develop your business. Should your skills be readily available in the marketplace can you modify your skills to provide a niche service or product?
  • Your Interests: is one of your hobbies capable of being turned into a new business?
  • Your Personality: are you suited to your business idea (for example, do you prefer to work alone or with people and how might this affect your business idea?)
  • Your Location: Are there any products or services not available locally that there would be a market for? What industries are in your area and can your business help them? Do many tourists come to your area and could your business cater to them?

The Consumer:

  • Who is your target consumer?
  • What are their needs and how can your meet these needs with your business?
  • How are they currently addressing these needs? 
  • What do they care about? (are they price sensitive, do they care about the opinions of their peers, what experiences do they enjoy?)
  • Where do your consumers located and can your reach them in sufficient number to build your business?
  • What consumer trends are important to your business and are there opportunities in these trends?

The Competition:

  • Who is your competition?
  • Where are they located?
  • What are the pros and cons of the service/product they are providing
  • Who are their consumers and how do they target them?
  • Are there other similar or substitute products or services available? (Are there many alternatives?)
  • How do you plan to differentiate your business from the competition?

Your Products and Services:

  • List all the products and services you intend to offer (giving a full description of each)
  • Does my products and services require any specific regulations or testing?
  • Does your product require compliance under any EU Directives?
  • Is there a requirement for copyright / trademarked?
  • How do you propose to distribute and sell your products?
  • What is my product or services Unique Selling Point (USP)
  • What are the project sales and market share over the first 2 to 3 years?

How Longford LEO Can Help? 

We are currently running a 'Start Your Own Business' Course to help you with all the early stages of business development, click here to book your place!

For further information on how Longford LEO can help you when you are starting out call into us in Longford County Council! Longford LEO can also help with obtaining financial support, training and development and mentoring to help guide your new business to success!

 

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