Guide to Starting a Business

[Donagh]

Just came across this information which I felt like sharing. Hope it's helpful to someone


STEP 1: Know Yourself

• It is only when you have assessed yourself can you properly assess the potential of your business idea. It is important to think about who will buy your product/service? Why will they buy it and how much will they pay?

STEP 2: Are you a Risk Taker?

• A new business can be an exciting and challenging time, however, it can also be a risky time. For some it means risking their lifetime savings, secure employment and family security. Are you prepared for this?

STEP 3: 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 who your competitors are and how to compete effectively in a given market
• Research is also effective in assessing demand for a product/service

STEP 4: Examine your business requirements

• Consider the best location for the business
• Identify your basic equipment requirements and costs
• Will you need to employ staff
• Identify your Insurance requirements

STEP 5: Calculate Investment Requirements

• Identify all start-up costs associated with the business
• Identify ways of financing your business venture
• Seek financial support, Eg: Contact your Enterprise Board; Seek loan options from your bank
• Family Support

STEP 6: Estimate your selling price and plan how you will achieve sales

• Taking the above factors into consideration, estimate your selling price
• Who/where is your target market (local/national)?
• How will you promote your enterprise?
• What channels of distribution will be used?
• Determine breakeven point?

STEP 7: Decide on an appropriate legal business structure

It is important to research into the types of business ownership to help you make the best decision for your business.

• Sole Trader
• Partnership
• Limited Company

STEP 8: Be aware of legal obligations that will affect your business

• Register your business name.
• Be aware of your tax obligations and register as self employed with your local revenue office.
• Be aware of other statutory obligations such as trading licenses, planning permission, insurance, health & safety, patents, trademarks etc.

STEP 9: Marketing Strategy

• Promoting your enterprise is a fundamental aspect of starting up. Research into the most cost effective methods of marketing your business. Think about who your target audience is?

STEP 10: Write your Business Plan

Business Planning is fundamental to success in business. 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.

[Indizine]

We don't normally allow replication of articles but as its a succinct list directly relevant to the forum from an accredited and independant source, I will leave it here.

[mjtcorp]

Ya your right, you should know your skills before putting up a business

[KrissBlack]

marketing strategy speaks for the totality of the business, this means that it doesn't have to deal with the demographics alone but one should do a 360 degrees involvement.

but indeed, nice list.. thanks