Thinking of Starting Your Own Business?
Then it’s time to consider your business plans with an organisation that is able to understand and give you the kind of help you need.
The more thought you can give beforehand to the job of running your business, the more you are likely to succeed.
We can help you to plan and answer some of the questions you ought to consider before you start in business:
- Are you the sort of person who can succeed in business?
- Have you been in business before?
- Are you comfortable working solo or leading a team, managing people?
- Do you have an accountant/external person for financial advice?
- Have you any money you can invest in the business?
- Are you familiar with the legal requirements placed upon you as a business owner?
- Have you considered how much income you will require during your first year?
- Are you willing to have a reduced income from the business for several months or either have no income for a period of time, various between nature of the enterprise?
- Having you estimated your business expenses?
Starting a Business
- details about you, … your background, skills and other business involvements?
- what company structure will you use?
- what is the new product or service?
- who are the customers likely to be?
- who are the competitors likely to be?
- how will the new product or service be promoted and distributed?
- how will you make your new business an ebusiness?
- how much it will cost in Year 1 to get up and running … the cost of premises, equipment, employees, marketing and working capital?
- how many and when will any additional jobs be created?
- how will those costs be financed?
- if the project involves an investment of over €20,000, a projected balance sheet, profit & loss account and cashflow projection for each of the first three years will be required, and
- what grants or assistance have already been received or applied for or will be applied for?
If you want, you may present that information in a different format. For instance, if you have already sent your Proposal to a bank or another agency or group, that may well do as a Business Plan.