Start a Business

Is being Self-Employed for You?

Starting your own business can be an exciting and challenging experienceProduct Designer Stock Image

However you need to take time to consider if self-employment is the way forward for you.

Characteristics of an entrepreneur

  • Self-confident all-rounder
  • The ability to bounce back
  • Innovative skills
  • Results-orientated
  • Professional risk-taker
  • Total commitment
  • Good management skills

Key questions to ask yourself about starting your own business

  • Do you have the skills/experience needed to run a business?
  • Do you have sufficient motivations to stick with it as long as it takes?
  • Do you have the support of your family?
  • Is your business idea based in reality?
  • Is your business a start-up, buy-in of an existing business, franchise or network marketing?
  • Do you need further training? – What kind of training do you need?
  • Are you ready to write your business plan?

As an entrepreneur starting a business, it is important to spend time accessing your idea and its viability. This will not only give you an even better understanding of your idea, it will improve it and will make you more competitive.

Key questions to ask yourself about your business

  • Why is it a good idea?
  • On what assumptions is your opinion based?
  • How can you prove that those assumptions are correct?
  • What types of customer will be interested in your product/service?
  • Why?
  • List reasons why the idea may not work?
  • List reasons why your idea will work?
  • What is different about this idea from others already in the market-place?
  • Why are those differences important?
  • Is your idea a single product opportunity or a realistic business proposition?

The Next Step

The next step for you as an entrepreneur is to make out a plan of what you need to do in order to start your business.

One of the principal reasons for business failure is the lack of business planning – ‘the business that fails to plan, plans to fail!’                                                                                                                                                                                                    

The Business Plan

Once you are satisfied that this is a step you want to take, you will need to create a Business Plan. A Business Plan is what you will need if you seek finance, if you seek a grant, and most importantly, will force you to think strategicially and practically about the realities of running and maintaining a business, including marketing, financial projections, staff, equipment, and time considerations.

Click Here to Look at a Sample Business Plan

One of the most effective ways to create a Business Plan is to attend a Start Your Own Business course, where with each session, you will attend to a different section of the Plan.

You can book into a Start Your Own Business course HERE

Start Your Own Business Course

As a start-up entrepreneur, you will be required to complete a SYOB before engaging with many of the LEO services, or indeed many entrepreneurial or management development programmes. The reason for this is simple - many of the questions and obstacles face by entrepreneurs are address in these courses, and by completing one effectively, not only do you create a Business Plan, but you avoid the numerous pitfalls and simple mistakes that can be made in the early stages of a business.

Book into a Start Your Own Business course here

Other Resources

There are numerous other resources available to entrepreneurs, at all stages of business development. You are encouraged to engage with these in the most effective way you can, both for your professional and personal development, and to increase your chances of building and running a successful and profitable business

Networking Groups

This list is not exhaustive, and incomplete. You are encouraged to research networking groups in Cork and nationally on Google, Facebook, Instagram, and through the third-level colleges, as well as EventBrite

Midleton Business Alliance

Cork Chamber

Network Ireland Cork (female networking group)

Cork's Young Entrepreneurs (for 20 - 35 year olds)

Republic of Work

 

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