If you are considering starting a business, we are here to help. Local Enterprise Office Donegal can offer the advice and information that you need to help you to get your business off the ground successfully.

Starting a business requires you to complete a number of steps and make some key decisions. You need to select a location, decide on a business structure, register your business name, and obtain the necessary licenses and permits. In addition, determining which financing options will meet your short-term needs and long-term goals is also crucial. Within the Starting A Business section of this website, we’ll provide information on these topics. You can also request an appointment to meet with an executive of the LEO to discuss your proposal further.

Look Before You Leap

Is entrepreneurship for you?

There are many issues to consider before taking the leap from employment to self-employment. Before you start making any concrete plans for a new venture, take some time to consider if you are prepared for the challenge.

What does it take to become an entrepreneur?

Successful entrepreneurs possess many of the following attributes:

• Self-confidence and self-belief
• Willingness to take a risk
• Self-motivation
• Good communication skills
• Strong managerial experience
• Comfortable with taking on extra responsibilities
• Patience – it generally takes about three years for a new business to become profitable

As a hopeful entrepreneur you should carefully examine the list above. Consider which of these qualities you possess and which you need to develop.

Consider the positives and the negatives

It is very important that you are fully aware of both the positive and negative aspects of being your own boss before embarking on any new business venture.

Advantages of being your own boss:                         

• Increased job satisfaction                  
• Flexibility                                            
• Can lead to a better work – life balance                     
• Financial rewards                                   

Disadvantages of being your own boss:

• Long hours
• Possible isolation if working alone
• Risk of business failure
• Financial insecurity
• Extra legal responsibility

The Local Enterprise Office Donegal also provides training on Starting a Business. Click here to find out about the next available Start Your Own Business course or call the office on 074 9160735.