Thinking of starting a company? Here are the 4 things you should think about before settling in Ireland. Starting your own business is indeed a big commitment. You will be your own boss, you will create jobs and participate in the development of the Irish economy and you will generate your own income.
While it can take a lot of time, energy and hard work at first, starting a business is a very exciting adventure. It does, however, require some characteristics and character traits. So here are a few things to consider before you get started.
Is your business idea is viable?
Talk about your business idea around you, your friends, family, etc. but also talk to a professional who has experience in the industry you are trying to enter. You don't have to have a unique, revolutionary or new idea in your industry to start a business, but to have a competitive advantage. For example, you think you are able to produce products of better quality or at a lower price. You may also be able to provide a certain service better than anyone in the market. You may be able to reach new markets by expanding online or into new regions.
Do you have enough cash to support your business in the beginning?
Personal financing and bank loan
Starting a business requires having cash to support the initial stages of business development. Several avenues of financing are possible, using your own savings, borrowing from friends or family or receiving a loan from the bank.
The first step is to budget everything you need to start your business to determine how much you need to support your business as it starts.
If you can keep your job early and work on your business at the same time, you will continue to earn income. It takes discipline, focus and motivation, but it's still a good way to finance your business early on. However, this is a situation that can only be envisaged in the short term.
Setting savings goals helps you keep track of the big picture.
Help for new business
There is also aid for new businesses. Your Local Enterprise Office offers grants and support to entrepreneurs who want to start a business in Ireland. Don't hesitate to use these free resources to help steer your business in the right direction. There are 3 types of grants available for start-ups:
- Online voucher system - up to €2,500 grant available
- Feasibility study grants - up to €15,000 investment available
- Priming Grants - up to €150,000 investment available
Are you cut out to be your own boss?
The personality test
Personality tests are a great way to determine what kind of person you are and if you have the qualities of a leader, as well as what kind of boss you are.
Join a network of entrepreneurs
Being your own boss means that you will be held accountable for the actions of your business. This will have an impact on your work / life balance. So as not to embark on a business creation project alone and without support, you can join a network that will keep you and your business on the right track.
Do you know the steps to start a business?
When setting up a business in Ireland you need to decide which business structure to choose.
You can set up as a sole trader or a limited company. Both have advantages and disadvantages and the choice of the best status lies depends on your idea and your business plan.
It is easier and faster to create yourself as a sole trader. However, a limited company offers you more protection against certain claims against the company. When you create a limited company, you create a separate legal entity that allows the company to enter into contracts and do business. As a director of a limited company you are more protected as you will only risk what you invest in the business while as a sole trader your personal assets can be used as collateral for the business
Before setting up your business, you can follow a training in business start up with an accountant who will allow you to embark on this adventure better equipped and with all the necessary knowledge.