If you’re entering the ‘Best Business Idea,’ category in this year’s #IBYE competition, here’s a handy 10 Step Guide from the Local Enterprise Offices, to help get your business started.
Step 1: Test Your Business Idea
Assess the potential of your new business idea, by asking:
- 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 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 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
- 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.
And most importantly, don’t forget to enter this year’s #IBYE ‘Best Business Idea’ category before the July 31st 2015 deadline!
If you’re thinking of starting a business, the Start Your Own Business Programme from the Local Enterprise Offices will increase your chances of success.
From researching your ideas, to learning basic business start-up skills, the LEO Start Your Own Business programme helps you test out your business ideas and plans.
To find out more about the Start Your Own Business Programme, visit www.localenterprise.ie