Many of us have often dreamt about being our own boss, having total control of our own destiny – but what in involved in starting your own business ? And where do you start ?
Every start up business was once an idea. In order to ensure that the investment of both human and financial resources required to build a successful business is worthwhile, it is essential that the idea is critically assessed. This will determine the potential interest in the product or service, whether it is feasible to produce the product or deliver the service, how much would people be willing to pay and whether the business can deliver a return.
Once the Business idea has been investigated, the next step is to try and refine the offering by conducting some market research. This stage will help identify the people most interested in purchasing the product or service i.e. a target market. It will also help identify competitors in the market and how to compete effectively against them. Market Research will also effectively assess the demand and thereby establish the real potential of the business. Once it is established that a market exists, the next stage is to examine the requirements of the business with regard to structure, location, labour and finance.
The Business Plan is the next stage in the process – documenting how to generate, promote and grow sales. What marketing strategy will be used to engage with the target audience and what distribution channels are necessary. After the plan is documented and refined, Its time for LAUNCH!
The staff and resources of Local Enterprise Office Wicklow (LEO) are available to people interested in starting up a new business or already in business including entrepreneurs, early stage promoters, start-ups and small business looking to expand.
The LEO runs many training courses in both IT and Business skills including the very successful Investigating your Business Idea and Start your own Business Course. Details of the current training program as well as a booking facility are available on the LEO website https://www.localenterprise.ie/Wicklow
If you would like to meet with a business advisor to get advice on any aspect of your business, you can avail of one to one meeting with a Business Advisor by phoning 0404 30800 to make an appointment.
Patricia O'Callaghan began her business in 2015 as a service provider of Mindfulness and Facilitation courses. In the early days, Patricia found the actual delivery of the course was the easy part but the necessary business organisation, marketing and financial management tasks crucial to the business’s success demanded time and a different skill set. Patricia first engaged with Local Enterprise Office Wicklow by attending one of the weekly business advice clinics where Patricia got useful marketing advice, a renewed focus on the direction for her business and the confidence to make the business a success. When asked what the best piece of advice she got about running a business Patricia says “Carry out market research before you really commit your time, money or give up your employment to become self-employed and do a Start your own Business Course as early on as you can.”
To learn more about Patricia’s Business log on to Mindfulness4l.com
Amy Coughlan is a Massage Therapist based in Greystones. Embarking on self employment earlier this year was a scary prospect for Amy, however she is confident that her passion to deliver the “best massage ever” for clients coupled with the excellent support of her husband, family, the LEO and the local Network for Entrepreneurial Women means that she will never look back. Speaking about her participation in the ‘Start Your Own Business’ course Amy says, “It is the best decision I have made for my business. The course covers everything from tax to marketing, cash flow to sales and everything in between. The instructors are so open and engaging and I found that working in a group allowed for lots of discussion and exchange of ideas.” Armed with numerous strategies for growth, Amy is optimistic about the future of her business.
For further information visit Amy Coughlan Massage Therapist on Facebook