Considering starting up on my own

yop

Guys,
Been thinking about it for years and now with things been quite in our place and some uncertainty about security I am finally looking seriously at going working on some of the ideas I have to see if I can finally make a go at it myself.

I have checked out each idea ( I have about 5 potential products), I can develop them, support them etc, and have passed each one by about 20 people. Each person gave the products the thumbs up but of course they are family or friends so I cant count them as solid customers, no insult to them

What I am wondering is if anyone else was in my situation, in a job, standing at the gates, so to speak and how did you on?

Also really I suppose I should be concentrating on one product, but whats the best way of deciding which one?

I am hoping to get in with Enterprise Ireland or the like to get some support and advice but since a lot here are involved in IT and the likes I would appreciate you opinion.

Cheers

sm.org

Are your products in anyway connected? If so could you potentially produce two or more without diversifying too much and increasing your costs significantly?

The big thing about starting out is that you have to be 100% committed , no offense but humming and hawing will see you finished in a matter of months.

Do out a proper business plan, take it to as many professionals as possible, especially those with a knowledge of your industry.

Enterprise are heavily IT focused but there are plenty of innovation/incubation centres throughout the country that are a great source of info for start ups.

MB74

One word of advice I would give is do as much research as possible and anticipate to worst case scenario before you go forward. Given the way things are going at the moment it might make sense to go with the least investment.

Best of luck though.

yop

Thanks folks.

Yes 4 of the five can be 1 core module and then extended with a module to suit each industry. I got out the pen and paper tonite and have the design in place to allow this to occur, I have decided not to develop any prototype screens just yet and to write every thought down.
I also have the products into 3 levels,which would/could broaden my market as I know, based on research I have done, that a lot of smaller target businesses would only available of option 1, but if I can make option 2 available at a small enough cost then I maybe able to get more sales.

One thing which I have to my advantage is the will to work hard, anyone that will knows me or has read my blog while building my house would know that when I commit to something I put 100% into it.

Even watching the Dragon Den tonite and their program about each dragon puts the hairs standing on my neck, I know this sounds mental to some, but I just look at them guys and think why the hell cant I do that, they go on about doing 15 hour days, I already do a 11 hour day for someoe else, so another 4 hours for the benefit of myself and my family should drive a person on.

But as you said I need to get contact with people who "know" Who these people are, well thats something I need to find out.!!

Anyway thanks again for your posts, I hope ye dont think I am a basket case, but with each day that passes the more determined I am to do it.

adrian.s

yop wrote: »

Thanks folks.

Yes 4 of the five can be 1 core module and then extended with a module to suit each industry. I got out the pen and paper tonite and have the design in place to allow this to occur, I have decided not to develop any prototype screens just yet and to write every thought down.
I also have the products into 3 levels,which would/could broaden my market as I know, based on research I have done, that a lot of smaller target businesses would only available of option 1, but if I can make option 2 available at a small enough cost then I maybe able to get more sales.

Hi,

Assuming it's software products (sounds like it from your description), you should have a chat EI. This time last year I was like you, today I have a company in its infancy, working all the hours I can find but enjoying my life a whole lot more for it. Though I can tell you, it's not for the faint hearted, every aspect of your life gets tested when you cut out on your own.

Here's what you could consider (once again, assuming IT):

* Phone EI (call the HPSU unit, it's on their web page) and give them the info. There's one guy who typically screens everybody, you'll need to talk to him.
* EI will recommend you do an Enterprise Start course (costs €275). Do it if you haven't already. I've put a post on my thoughts on this course in one of the stickies.
* Make sure your tax affairs are in order (very relevant if you're gonna be chasing state funding).
* See if you can get space on one of the 1 year business start programs (e.g Hothouse, M50, Genesis etc.). These things teach you a lot, give you time to develop the idea, and most importantly access to funding from EI through CORD.
* Get stuck in, and quickly realise the idea(s) really only account 5% of your success. The rest is down to how execute your business strategy.

Hope this helps,

Adrian.

MB74

There is no substitute for hard work, hope it goes well for you.

yop

Thanks Adrian.

Yes they are all software related, designed and programmed by myself.

I have looked at EI and the HPStartup so thanks for that heads up.

HOw are you finding it? Is the recession affecting you?

Did you have one product which you researched or a few like myself?

Thanks for the input.

adrian.s

yop wrote: »

Thanks Adrian.

HOw are you finding it? Is the recession affecting you?

Did you have one product which you researched or a few like myself?

Thanks for the input.

Well the recession isn't hitting me just yet. But the product is still in development and wont be early until early spring for trials. It's quite a large piece of work and I need to knuckle down now and move it along so I can stat demo'ing it. The one great thing about a recession is that it makes you question all your costs / expenses so that can't be a bad thing.

One piece of advice regarding your products, pick one. It will help you focus and get others to buy into what you're trying to do. If the others slot in you can reference them, but when chatting with EI and others, it's good to be able to articulate on one clear product.

All the Best,
Adrian.

byrne0f56789

I think EI will be reigning in their grant funding. Except CORD and the Enterprise Platform Programmes the EI grants require matching funding from you. As a result, they are not really an option for most start ups. Make sure you are really really tight with your money. Don't rule out your local enterprise board for support.

You should check out the business angel network businessangels.ie.

They key is to get a beta and get traction. Don't spend too long on your business plan. In fact, put together an investor deck of 10-15 PowerPoint slides instead of an 80 page business plan.

You will find that nobody is interested in you business until you start making those first sales. So the key is to get through the development phase as fast as possible. Don't let applying for grants hold you back.

I wish you all the best.

yop

byrne0f56789 wrote: »

I think EI will be reigning in their grant funding. Except CORD and the Enterprise Platform Programmes the EI grants require matching funding from you. As a result, they are not really an option for most start ups. Make sure you are really really tight with your money. Don't rule out your local enterprise board for support.

You should check out the business angel network businessangels.ie.

They key is to get a beta and get traction. Don't spend too long on your business plan. In fact, put together an investor deck of 10-15 PowerPoint slides instead of an 80 page business plan.

You will find that nobody is interested in you business until you start making those first sales. So the key is to get through the development phase as fast as possible. Don't let applying for grants hold you back.

I wish you all the best.

Thanks for posting all that I appreciate it. Some good information and that is a good point about getting the sales.
I will also look at that site, thanks