One of the most common pitfalls for business owners/managers is that they are so busy doing the job they don't take time to plan.
However, by not taking time to sit back from the business and plan, events creep up on them and before they know it they have run out of money, a competitor has undercut them, the factory is too small to produce enough product to meet sales demand or there is new legislation in place which affects sales of their product, etc. The only way to avoid this is plan, plan and plan.
It is just as important to plan in advance of setting up a business. Statistics show that most start-ups fail within three years, with half of the start-ups failing within the first twelve months. These businesses fail due to lack of planning and research. Preparation is the single most import thing you can do to ensure your fledgling business gets off the ground and continues flying. One cannot eliminate all risk but it can be reduced significantly.
Please take a look below at our ten-step guide to starting your own business for further guidance on starting a business.
To help you and your business, the Meath Local Enterprise Office offer a Start Your Own Business Programme. The objective is to assist you in assessing your idea, its viability and to decide if you should proceed or take a step back. To learn more about this programme, please click on the link below.
Start Your Own Business Programme.pdf (size 1.2 MB)