Start a Business

START A BUSINESS : 10 STEP GUIDE

Step 1: Know Yourself

It is only when you have assessed yourself that you can properly assess the potential of your business idea. Think about who will buy your product or service. What is the benefit to them and how much will they pay?

Step 2: Are you a Risk Taker?

A new business can be an exciting and challenging time. However, it can also be a risky time. For some it means risking their lifetime savings, secure employment and family security. Are you prepared for this?

Step 3: Market Research

From the outset market research is essential in helping you to identify your target market and customers. It 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.
  • Family support.

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 you Marketing Plan.

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 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:

  • Sole trader
  • Partnership
  • Limited Company

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
  • Be aware of your tax obligations and register as self-employed with your local revenue office. Visit www.revenue.ie.
  • Be aware of other statutory obligations such as trading licenses, planning permission, insurance, health & safety, patents, etc.

Step 10: Write your Business Plan

Business Planning is fundamental to success in business. It is the key to getting things done and making things happen. The finished business plan can be used as an operating tool that will help you to make important decisions and manage your business effectively.

 

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