You need a unique selling point (USP). It’s important that you define what makes your business different to the competition. Try to sum it up in two sentences – and memorise it. You'll use it every time you pitch to investors and potential customers
Whether it's a business advisor or a financial guru, find someone who will give you honest feedback about your business. If you would like to discuss your ideas why not book a free call with me.
When you create a business plan, you’ll need to summarise your business as it is now and map your vision for how it will be in the future.
You'll need a website, so check for suitable domain names and register them.
Choose a legal structure that works best for you. RDA can help with this, give George Skelton a call on 053 9170507
Owning or renting office space is not a necessity when you are starting off, but if you’re looking to move from the kitchen table or leave the solitude of a home office, this is possible to do at a relatively low cost. Have you thought about Coworking space?
You can register your business to your home address and avail of the many floating desks or hot desks that have been set up by business communities around the country.
Don't use your personal account, even if you're just starting out. It’s always wise to keep your business finances separate. A credit card and PayPal account could be useful too.
Even the smallest companies need insurance. RDA can set up a meeting for you to talk to a Broker.
Organise tax IDs and register with the tax office. It’s best to get this paperwork done right at the start.
Office rent, equipment costs, internet costs – all of these may be offset against tax so make sure you talk to your accountant.
Get your website up and running as soon as possible. Today, it’s necessary for credibility. Even if your product is not yet built, you can start with company information.
Different businesses have different social media needs. You might need a Facebook page and a LinkedIn profile – or you may only need a Twitter account. Do some research on competitors or ask your mentor to see what will work for your business. Look at companies that you aspire to be like for inspiration.
Hiring the right employees is important. While you may only be able to hire one or two employees to start with, it’s still vital that you hire well and choose the right ones.
Nearly all companies use technology. Think about whether you need laptops, tablets, smartphones – or all of these.
Companies that lose data also lose business. Use cloud-based software for peace of mind.
It’s a big commitment to set up your own business and it is also a major achievement. You will be your own boss you’ll be creating jobs which will help the Irish economy and you’ll be generating your own income. Although it may take a lot of time, energy and hard work in the beginning, starting a business is a very exiting time in your life.
But do you have what it takes to get started? Lets talk ….