Anyone trying to start a business?

Zodiacc

Anybody trying to start a business at the minute and don't know where to get help or finding the supposed help to be of little or no use. If you have a story to tell please reply. I am starting this thread so as people can get together and pass on information or mentoring to eachother and keep their business idea moving forward.:)

enilec

Hi Zodiacc, great idea for a thread. I'm working on starting up a cafe at the moment. I've been to my local enterprise board for advice on where to start; their advice has been research, research, research before anything. I'm finding the idea of market research a little daunting so I'd love if someone could post a few tips on effective market research that could help me and others like me. Thanks for starting this thread, now lets hope some others will reply...

starbelgrade

There's some decent enough advice on market research on AIB's business website, plus plenty of other stuff on business strat-ups, including a free business plan template that can be taylored to suit your own businesss.

JMcCR

+1 to this thread.
I'm also coming back to Ireland and looking at starting a business. All advise welcome as I am in the very early stages!

betonit

has anyone actually started up in '09 and is now trading...how ye getting on?

mcaul

Opening a Yankee Candle store at bottom of Grafton st next month. (next to JJ Fox) Been working on it since February. Made first presentation to Bank in March - required funding refused. Made second presentation in May - Funding approved. (30% below first request)

Advantages of new business in current climate. Rents much lower, rent free periods are standard, key money has disappeared, requests for 1st quarters rent can be negotiated to one month, good staff are easier to come by, cost of fit out is lower.

Disadvantages - Retail still extremely bad, so gamble is on market picking up within 6 - 9months. Difficult to get credit from suppliers, so funding / payment plan is essential.

The biggest help I had was from the accountant who made 3 different sets of accounts (P/L & BS & CF) based on three levels of turnover / costs. Also had letters from Yankee Candle confirming projected turnover was realistic based on similar operations elsewhere.

Also wages paid are close to minimum wage with performance pay kicking in every month after break even level. - Basically if figures are at 10% lower than low estimates, wages paid will be close to minimum wage, whereas if store performs well all satff will be well paid.

Above all, the banks want research, research & more research - after completing all the research on this, I guess I know more about Yankee Candle than the founders.

Owen

I'm setting up the business in my sig at the moment, and leaving my current job on Friday. Absolutely sh*tting it.

greener&leaner

I've started the process of setting up a consultancy, but that's a slow drip feed plan of action.

Last week however I hit on another idea that I'm certain there's a market for. The market has been there for a while really, but it needs space, and space in a central location. Now that rents have come down so much I think there's quite a lot of profit to be made in it. I've done a few sums and they seem to say yes, but I need to pin the numbers down a bit more, then start talking to people.

jrochie

have an idea for an internet based business that I'm just starting to explore. Planning on meeting a few people over the next couple of weeks as a form of research for it. From what I can see I'll have very little expenses as I already have all the equipment and software I'd need as I'm a web developer so apart from a domain name and hosting I'm covered there.

One question I do have though, I'm currently employed as a web developer in a small company. I approached my boss about doing this idea through the company but he wasnt keen, so I want to do it myself as a side project. Now my only problem is, its a type of advertising site, so I would obviously be charging the businesses that would be on the site. How would I go about gettin set up for VAT etc, as I still want to maintain my current job

dbran

jrochie wrote: »

How would I go about gettin set up for VAT etc, as I still want to maintain my current job

Once your boss is happy about what you are doing then you can just complete Tr1 (or tr2 if you are a company) and submit it to revenue. Its quite easy.

DB

lecheile

mcaul wrote: »

Opening a Yankee Candle store at bottom of Grafton st next month. (next to JJ Fox) Been working on it since February.

Just noticed the 'Coming Soon' signs on the window this morning. Interesting time to be getting into such a market - best of luck. I look forward to the battle of the smells heating up as you take on Lush to become the dominant fragrance on the street

Dazzler88

i was recently thinking of renting a Pub.the lease is cheap and i think theres a lot more drink been consumed with the recession.any advice??

lecheile

Dazzler88 wrote: »

i was recently thinking of renting a Pub.the lease is cheap and i think theres a lot more drink been consumed with the recession.any advice??

Check out this thread re buying a pub at this time - issues are largely the same.

RedXIV

Am in the middle of setting up a software development company specializing in games but developing everything and anything. Has been interesting so far

We've gotten a little work so far and some basic grants off the enterprise board but still waiting to make my millions

R3al

jrochie wrote: »

Now my only problem is, its a type of advertising site, so I would obviously be charging the businesses that would be on the site. How would I go about gettin set up for VAT etc, as I still want to maintain my current job

You can find all the details on getting set up for VAT and other tax obligations at revenue.ie see http://www.revenue.ie/en/business/running/registering-tax.html

If you are planning to continue to work you may want to explore the possibility of setting up as a ltd company, that way the company is a separate legal entity and if you are not drawing a wage from it initially you will not have to pay tax on the revenue generated (if you set up as a sole trader you will pay tax at the standard rates) also you can take advantage of the 3 year tax exemption period for new start up companies where you pay no corporation or capital gains tax while the companies taxable income remains below €40K

regards

Carl

jrochie

R3al wrote: »

You can find all the details on getting set up for VAT and other tax obligations at revenue.ie see http://www.revenue.ie/en/business/running/registering-tax.html

If you are planning to continue to work you may want to explore the possibility of setting up as a ltd company, that way the company is a separate legal entity and if you are not drawing a wage from it initially you will not have to pay tax on the revenue generated (if you set up as a sole trader you will pay tax at the standard rates) also you can take advantage of the 3 year tax exemption period for new start up companies where you pay no corporation or capital gains tax while the companies taxable income remains below €40K

regards

Carl

Cheers Carl i'm going looking through that stuff now, thanks

VO

Dazzler88 wrote: »

i was recently thinking of renting a Pub.the lease is cheap and i think theres a lot more drink been consumed with the recession.any advice??

Quite a lot of pubs are finding the going tough at present. Footfall is definitely down as is average spend. A lot of pub businesses are in examinership,receivership or liquidation - mainly because they were largely purchased at very inflated prices on borrowed money.

Leasing may well be a viable option but try to get lease linked to turnover i.e. you pay a % of the turnover for the lease.

byrne0f56789

The most important thing is to give yourself scope for failure. That's how you learn. Don't make any "all in" moves in the early stages and test and measure everything.

Zodiacc

Just to let everyone know that the Social Welfare give payment of up to a €1000 to any new business startups. This is categorised as follows:

Advertising ie website, brochures business cards etc 100% contribution

Equipment, Rent Materials etc 75% contribution

There are other financing bodies that will help to promote and get your business up and running such as some of the Area Partnerships allocated in each County ( I think) who will also give funding of up to €500 and who also provide mentoring and help. The Enterprise Boards are only interested in High Potential Start Ups and straightforward run of the mill "Money Makers" that's why they just tell people to "Research Research Research" but wont tell you exactly how to research. They are not interested in Joe Soap starting a new clothes shop unless he is exporting. One of the best programmes on TV is Dragons Den. You can learn a lot about investors and people from that show. Definitely worth a watch.

Here are some links to good sites from my experience:

www.staringabusinessinireland.com
www.citizensinformation.ie
www.basis.ie

Some business lecturers in colleges would be a beneficial source of help even for a quick chat.
Thrawl the internet you will find some good info in there. Making contacts and getting your name out there is the most important thing to do. Funding is aswell but thats another story. Being a "busy fool" to get going is much better than being a "lazy fool" and waiting for things to happen. Apart from your business plan you should make a personal plan. This will contain a "To Do List" of what,who,where, how and when you intend to accomplish to get yourself organised and who to see.

Good Luck!!
Zodiacc:)

Zodiacc

Dazzler88 wrote: »

i was recently thinking of renting a Pub.the lease is cheap and i think theres a lot more drink been consumed with the recession.any advice??

If you are thinking of going into that area Id recommend leasing an off licence. They are making more than pubs Id say at the minute. We never go out anymore just get a few tinnies on the weekend and Id say a lot of people are the same. Even at that off licences are losing out aswell with the new law of closing at 10pm because people who finish work at 10 cant make the offy and are getting their wives/partner to get the booze in the weekly shopping. That came straight from the horses mouth but Id still rather give €1 for a can than €5 for a pint at the minute:)

MrMatisse

dbran wrote: »

Once your boss is happy about what you are doing then you can just complete Tr1 (or tr2 if you are a company) and submit it to revenue. Its quite easy.

DB

If you are a PAYE worker, Do you have to inform your boss if you are filling out a TR1?

6th

I've decided to go out on my owe with graphic design/advertising. Scared stiff but have clients set up ... only problem is I have no idea about sole traders, ltd companies etc!

paullaugh

hi everyone

listen we are very seriously thinking of expanding our recycling business to Ireland. I have sent so many emails and rang so many counsils but i still cant get the information i need. actually no one from the council even replies to emails

Our problem is not capital as we can provide that ourself but we need to see if the product we recycle would work in Ireland. We are sure it can but we need to get some figures about how much it actually costs the councils to dispose of the product.

Can anyone tell me a good place to get this information.

BnA

paullaugh wrote: »

hi everyone

listen we are very seriously thinking of expanding our recycling business to Ireland. I have sent so many emails and rang so many counsils but i still cant get the information i need. actually no one from the council even replies to emails

Our problem is not capital as we can provide that ourself but we need to see if the product we recycle would work in Ireland. We are sure it can but we need to get some figures about how much it actually costs the councils to dispose of the product.

Can anyone tell me a good place to get this information.

PM Sent

Jimkil

Belive in it.

6th

6th wrote: »

I've decided to go out on my owe with graphic design/advertising. Scared stiff but have clients set up ... only problem is I have no idea about sole traders, ltd companies etc!

I've found an office ..... its tiny but i think its a good move. Working from home at the moment and I'm really not working as effectively as I should be. This will help.

byrne0f56789

byrne0f56789 wrote: »

The most important thing is to give yourself scope for failure. That's how you learn. Don't make any "all in" moves in the early stages and test and measure everything.

Probably the best post in the entire thread.

In the starting phase myself, and the whole process of starting small is bloody hard. I'm so tempted to just start with 3 suppliers instead of one and then it turns into starting with 5 suppliers and then buying enough stock to last the winter, and then get a warehouse sorted and maybe just a bit more stock - I get carried away.

Point is, I have to curb my impatience and eagerness because it's marathon and not a sprint unless it's the last sprint you and your business want to do - lack of cash flow - ouch.

So start small, test and measure everything. Repeat and grow with that in mind.

Boom Boom

6th wrote: »

I've decided to go out on my owe with graphic design/advertising. Scared stiff but have clients set up ... only problem is I have no idea about sole traders, ltd companies etc!

6th PM Sent


good thread maybe should be stickied?

I am also venturing into the unknown of self-emplyment after nearly 10 years in the accountancy game i find myself unrequired anymore. So i'm going it alone and I am going to start a bookkeeping agency/payroll/tax.

If you are unemplyed and are currently on the dole their is a scheme that you might want to look at before you get started it is te "Back to work Enterprise Scheme" where basically you can become self employed and keep your dole for a year while you are getting up and running.

Best of luck to all on their new ventures!!!

Boom Boom

garytuohy

betonit wrote: »

has anyone actually started up in '09 and is now trading...how ye getting on?

Set up in March and getting stronger every month. Rent was low, overheads are very low and set up costs were ok. Approved from bank on condition we put up a 1/4 of the amount we applied for.

www.MuzzleMusic.ie

betonit

garytuohy wrote: »

Set up in March and getting stronger every month. Rent was low, overheads are very low and set up costs were ok. Approved from bank on condition we put up a 1/4 of the amount we applied for.

www.MuzzleMusic.ie

fair play to you.
It would be an idea for Primetime some night to have a show on successful startups in 09 and give some encouragement and show it can be done

PCPhoto

6th wrote: »

I've decided to go out on my owe with graphic design/advertising. Scared stiff but have clients set up ... only problem is I have no idea about sole traders, ltd companies etc!

you'll be fine - register yourself with the CRO as self employed, get your website up and ready and prepare to expand/outsource your work.

PCPhoto

paullaugh wrote: »

hi everyone

listen we are very seriously thinking of expanding our recycling business to Ireland. I have sent so many emails and rang so many counsils but i still cant get the information i need. actually no one from the council even replies to emails

Our problem is not capital as we can provide that ourself but we need to see if the product we recycle would work in Ireland. We are sure it can but we need to get some figures about how much it actually costs the councils to dispose of the product.

Can anyone tell me a good place to get this information.

Afraid it would more than likely take a number of years before you would be successful with that - local councils are fairly strongly linked to local businesses.

paullaugh

yeah i agree they should support local business but the recycling that we propose to do is not being done in Ireland. We have done in successfully in another country and we want to bring it to Ireland.

I dont need grants or anything like that ,I only want some information of them.

It would only create employment so i cant see why its so hard to get a reply.

I did receive a email from a local counsilor and he has said he will find out the information for me.

Zodiacc

garytuohy wrote: »

Set up in March and getting stronger every month. Rent was low, overheads are very low and set up costs were ok. Approved from bank on condition we put up a 1/4 of the amount we applied for.

www.MuzzleMusic.ie

Well done garytuohy !! I am delighted to see someone has moved forward with their dream and as Betonit said Primetime should do a series on this topic and include people like garytuohy in it to give the country back hope and get the fight back in us all and see that they can get things up and running even in this mess that the banks have put us all in.:pac:

Zodiacc

Deleted User wrote:

"Point is, I have to curb my impatience and eagerness because it's marathon and not a sprint"

Excellent statement. I have fallen into that trap on several occasions and ended up getting frustrated with myself because things are moving so slow.

Patience is the key and doing it bit by bit until something starts happening is all you can really do

It's the same with most things. You need to just be patient and do things incrementally. Take fitness for example, any of your friends ever turned around and said "I'm going for a run tonight" ? - and then end up going on this huge run that beginners just should not do, they exhaust themselves, have aches and pains for the following week and just don't have the motivation to do anything else.

You need to start small and work from there.*

*Repeating this and writing it down is good for me, maybe I'll follow my own bloody advice

maxwell smart

I was told last week that I'm being made redundant, so Sept 1st is D-Day for me. Now the writing has been on the wall for a while so I had kept my eye out for something else. However, I'm still s******g it when the security of a monthly check disappears!


Myself and 3 others are launching a web business in October which has great potential, we've done the business plan, put the marketing plan in place (my baby),and come up with 20k to fund it(from ourselves). We're all working for free and hope things go well.

But out of this I have also got involved with two other start-ups who need marketing strategys done up, sales plans made, targets set etc...

This has raised two major points for me:
1. People really don't think things through before going into business for themselves.
2. There is a market for people with the skills to help these people out which can be mutually benificial to everyone.

So all I can say to anyone who is going to go into business for themselves is......plan, plan and plan again!

W!zard

Good advise Maxwell

Sounds like you do have plan and best wishes with the new venture !

Send me a PM about your sales expertise :cool:

Columba Rad

maxwell smart wrote: »

I was told last week that I'm being made redundant, so Sept 1st is D-Day for me. Now the writing has been on the wall for a while so I had kept my eye out for something else. However, I'm still s******g it when the security of a monthly check disappears!


Myself and 3 others are launching a web business in October which has great potential, we've done the business plan, put the marketing plan in place (my baby),and come up with 20k to fund it(from ourselves). We're all working for free and hope things go well.

But out of this I have also got involved with two other start-ups who need marketing strategys done up, sales plans made, targets set etc...

This has raised two major points for me:
1. People really don't think things through before going into business for themselves.
2. There is a market for people with the skills to help these people out which can be mutually benificial to everyone.

So all I can say to anyone who is going to go into business for themselves is......plan, plan and plan again!

Best of luck with your venture maxwell smart

I recently moved from a sole trader to a limited company. When speaking with the guys in the company formations office they said they're getting alot of new business from guys who've been made redundant.

They said alot of people really liked the idea of having/running their own business, but never really took the bull by the horns, now with all the redundancies etc these people are taking the bull by the horns and starting their own businesses.

Best of luck guys

maxwell smart

maxwell smart wrote: »

I was told last week that I'm being made redundant, so Sept 1st is D-Day for me. Now the writing has been on the wall for a while so I had kept my eye out for something else. However, I'm still s******g it when the security of a monthly check disappears!


Myself and 3 others are launching a web business in October which has great potential, we've done the business plan, put the marketing plan in place (my baby),and come up with 20k to fund it(from ourselves). We're all working for free and hope things go well.

But out of this I have also got involved with two other start-ups who need marketing strategys done up, sales plans made, targets set etc...

This has raised two major points for me:
1. People really don't think things through before going into business for themselves.
2. There is a market for people with the skills to help these people out which can be mutually benificial to everyone.

So all I can say to anyone who is going to go into business for themselves is......plan, plan and plan again!

Good on ya, best of luck.

Planning is probably my greatest strength so I'll let you all know how I get on when I launch.

Boom Boom

One quick thing for anyone thinking about starting their own business if you are going to register your home address as a business address please make sure that the relevant insurances allow you to run a business from your home as it would be terrible to find out that all the money paid over for different insurances would be void as some insurance companies contains this clause within T&C's particulalry mortgage repayment protection policies.


one more thing to get in the way of us budding entrepreneurs

Zodiacc

Boom Boom wrote: »

One quick thing for anyone thinking about starting their own business if you are going to register your home address as a business address please make sure that the relevant insurances allow you to run a business from your home as it would be terrible to find out that all the money paid over for different insurances would be void as some insurance companies contains this clause within T&C's particulalry mortgage repayment protection policies.


one more thing to get in the way of us budding entrepreneurs

....and make sure that the office/bedroom/room of your home, that you start your business in is listed for rent in your cashflow even if its 50 cent because if, unfortunately, the business goes belly up then the receivers can actually take that room if they have to come in.

Zodiacc

maxwell smart wrote: »

I was told last week that I'm being made redundant, so Sept 1st is D-Day for me. Now the writing has been on the wall for a while so I had kept my eye out for something else. However, I'm still s******g it when the security of a monthly check disappears!


Myself and 3 others are launching a web business in October which has great potential, we've done the business plan, put the marketing plan in place (my baby),and come up with 20k to fund it(from ourselves). We're all working for free and hope things go well.

But out of this I have also got involved with two other start-ups who need marketing strategys done up, sales plans made, targets set etc...

This has raised two major points for me:
1. People really don't think things through before going into business for themselves.
2. There is a market for people with the skills to help these people out which can be mutually benificial to everyone.

So all I can say to anyone who is going to go into business for themselves is......plan, plan and plan again!

Best of luck Maxwell Smart in your new venture. I hope it all goes well for you!!

Can you send me a PM aswell on your skills and expertise for Sales & Marketing and your hourly rates.

Thanks
Zodiacc:D

MrPatMustard

Joe Duffy is doing a show next week on this topic as far as I know...

paullaugh

any ideas what day

duosales

Great time to kick start a business, well done to all .... I myself kicked off few months ago and its hard ..... But learning by the day, getting help and getting screwed!! Great fun ... New business coming soon ..... SafeCabby.ie .... watch this space ...

Patentnav

I have set up an internet based company in Belfast that depends on global R&D and inventive activity. Looking to set up in the South now, will form a Ltd company there. Looking for somewhere to set up, Dundalk or Kilkenny maybe. Always looking for partners for some sort of unexpected synergy, recently made a great contact in Germany which could create something new. Website www.patentnav.com needs to be changed, so working on that.

mhogan101

I started up an online business this year, it's going well but I'm doing the job of 4 or 5 people....

I spent nearly 8000e already and I Don't have the money to hire people or to do alot of advertising, which is what it really needs at the moment.

Ideally I need a Business Partner who can share the costs and work with me on all aspects of the site, ie; maintaining the site- (web development skills), business management, sales, marketing, generally a like minded person, with lots of drive and vision.

It's daunting setting up a business but it is very rewarding when it takes off..I wish you all the best in your new venture

janullrich

Folks, I don't know whether I speak for a lot of people when I say I'm stuck..literaly stuck. I have a job which is going well enough but there would be nothing like starting off a new business. I have worked in tourism and the services industry and have a number of thoughts. Maybe I am just paralysed by fear or lack of forwarding on my ideas or is it that I have a safe job now? Is anybody in the same boat?

pog it

This only applies to certain areas such as software development, manufacturing, etc. but could be worth looking at for some here:

http://www.endeavour.biz

Funding, mentoring, workshop and more are on offer to successful candidates- deadline is 25th September but.

Sigh09

Just back from meeting with the enterprise board - sigh..
Setting up an internet business (advertising etc) planning to go live in next couple of months, working from home at the moment but need to hire sales staff - therefore need office space. Was told no funding etc available at all. Is this true?