Thinking of starting up your own business in Ireland?
50% of new businesses fail within three years of
start-up and 75% of these failures are caused by a lack of planning, research and thought at start up stage. It is vital that you take time to ensure that your business idea is the right one and that you are prepared for the challenges ahead.
Here are some questions to ask yourself:
- Why do I want to run my own business? Is this what you really want to do? Many people start up businesses during recessions as substitute for a job. Unless you are passionate and 100% dedicated to your new business, I would suggest that you keep job hunting.
- What support structure do I have and/or need to help me succeed? Have you the support of your family and friends? What business contacts do you have? Have you got the right financial and legal support in place? We are far more likely to succeed if we have the right support behind us.
- What is my Unique Selling Point? It is important to know one self inside and out. Ask yourself – Why am I more likely to succeed as a business owner than other business professionals?
- What makes my business different and more appealing than my competitors? What makes your product or service better than your competitors?
- How much money can my business realistically generate? Year 1, year 2, year 3 etc.
- What are my start up costs? Can I afford them?
- Do I have a detailed Business Plan? It is no good having a plan swirling around in one’s head. It is vital that you write a detailed Business Plan and that you read and question it on a regular basis.
- Have you done your market research?
Here are some excellent websites that provide excellent information on starting up your own business:
- www.basis.ie – Business Access to State Information and Services. This is a Government site designed to bring together all the information that you need to start and run a business in Ireland.
- www.ros.ie – Link to the Revenue Commissioners.
- www.cro.ie – Company registration office.
- www.startingabusinessinireland.com - Provides information, advice and resources for anyone starting up a business.
- www.enterpriseboards.ie – The website for the city and county enterprise boards.
Enterprise Boards in Dublin are:
a) www.dceb.ie – Dublin City Enterprise Board
b) www.fingalceb.ie – Fingal Enterprise Board
c) www.dlreb.ie – Dun Laoghaire – Rathdown Enterprise board
d) www.sdenterprise.ie – South Dublin Enterprise Board
- www.entemp.ie – Website of the Department of Enterprise, Trade and Employment. Very useful if you are hiring staff.
- www.welfare.ie – There is a super document on the site for start ups. Click on Forms and Publications and then go to Toil and Trouble.
- www.enterprise-ireland.com – Link to Ireland’s enterprise agency
- www.askaboutmoney.com – On line community that offers independent financial advice.
- www.aib.ie and www.bankofireland.com – Both websites offer good information on starting your own business. I know that AIB were offering free membership of the Small Firms Association for every business account opened.
I would like to wish you good luck with your career and if you decide to go for it….your new business.
Have you found this information useful?