A 10-Step Guide to Starting Your Own Business

A PDF version of the below information is available to download here

Step 1: Test Your Business Idea

• Have I got the right business skills?
• Think about who will buy your product or service.
• What is the benefit to them and how much will they pay?

Step 2: What About 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 your competitors and how to compete effectively.
• Research is also effective in assessing demand for a new product or service

Step 3: What are Your Business Requirements?

• Have you considered the best location for the business?
• Identify your basic equipment requirements and costs.
• How many staff will you need to employ?
• Identify your overhead costs e.g. insurance.
• Can your business idea benefit from new technologies? e.g. by online selling.

Step 4: What are your Investment Requirements?

• Identify all start-up and running costs associated with the business.
• Identify ways of financing your business venture.
• Seek financial support and benefit from direct referral to Government agencies.
• Seek advice on other sources of support e.g. Banks, Credit Unions, Microfinance Ireland, family support, other non-bank finance.

Step 5: Developing your Marketing Strategy

• Marketing your business idea is a fundamental aspect of starting up.
• Research the most cost effective methods of marketing your business.
• Write you Marketing Plan

Step 6: Developing your Sales Plan

• How will you promote your product or service?
• Who and where is your target market (local, national, international)?
• What channels of distribution will be used?
• Determine your selling price and break-even point.

Step 7: What is the best legal structure for you?

What type of company will allow you to make the best decisions for your business? You could be a:

• Sole trader
• Partnership
• Limited Company

Step 8: Managing the risks

• Starting a business is a big step to take.
• A new business can be exciting.  However, it can also be risky.
• For some it means risking personal savings and secure employment.

Step 9: Avoiding Unnecessary Risks

• Register your business name with the Companies Registration Office (CRO). Visit www.cro.ie
• Be aware of your tax obligations and register 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.
• Be aware of your responsibilities under employment rights legislation.

Step 10: And Finally......Write your Business Plan

• Business Planning is fundamental to success in business - managing the company, generating sales and growing jobs.
• 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.