10-step guide to starting your own business

Published on Thursday 16th June 2016

10-step guide to starting your own business

If you're thinking of starting a business, the network of 31 Local Enterprise Offices (LEOs) around the country is a good starting point to find out more information. Local Enterprise Office teams can help businesses build their business plan, as well as other useful training and financial supports to get a business off the ground.

The LEOs have put together a 10-step guide to starting a business, which is taken from their Start Your Own Business training programme. The programme helps businesses with various aspects of starting a business, from developing and researching business ideas, learning basic business start-up skills and expanding a business's potential with marketing and financial planning advice.

Check out our events calendar for upcoming Start Your Own Business courses in your area, and read on for tips for anyone thinking of starting a business.

Step 1: Test your business idea

Have you 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 will help 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
Market research will establish the real potential for your 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 your 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 but it is important to consider the risks associated with starting and running a business.

Step 9: Avoiding unnecessary risks

Register your business name with the Companies Registration Office (CRO). Visit CRO's website for more information
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