Business Start Up Advice?

Sally1980

Hi All,

Firstly i'm a novice when it comes to this.

I have a business idea i want to go with. What are my first steps? I know i have to register a company name and apply for a tax number. What does that cost? If i could get some advise it would be wonderful. I lost my Job and i really want to get off the Dole.

Thanks so much Sally:)

zappb

Fair play to you Sally, but do not to rush in.

Take your time and read up on lots of previous posts on this forum, and askaboutmoney.com as well.

There are formation agents that can help you register a company (if you really need one) and you can register for taxes by filing out a TR2 form http://www.revenue.ie/en/tax/vat/forms/formtr2.pdf (send this to your local tax district)

It may be more helpful to flesh out your idea here on the forum, before spending money setting things up and getting into the paperwork a company entails. Make sure you keep your costs as low as humanly possible in case your idea doesn't work (it rarely works the first time, and most new companies don't make profits until year 3) and don't forget all those other costs - http://www.nolanassociates.com/Tools/Calculators/Business_Startup_Calculator


So what do you want to setup?

I wouldn't tell people if you're in any way confident of it being a success. You should know yourself what needs to be done, by all means if you find a trustworthy confidant then feel free to break it down and discuss it with them, but please don't throw it up on a public forum. Or maybe you want to ?

I wouldn't.

I'd also start as a sole trader if at all possible. Less paperwork, you don't need an agency, less fees, more conveniant etc etc. You can always move into a Ltd in the future if the need arises.

Sally1980

Wow thanks for the quick replies.

Id rather not say the Idea until i'm up and running. Do i did to have a solicitor and Accountant from the very start. Its difficult, i need so much info but don't want to give my idea away.

No, I'd try do everything humanly possible yourself to keep the costs down.

It's not that hard. Know the basics, your product, who'd use it, why they'd use it, what problem it solves/what value it adds to someone/something/, what seperates you from your competitors, what's your marketing strategy/plan , what tactics will you undertake etc etc etc

You basically need to get yourself a business plan up and running and let it evolve with you and your business. Writing things down makes everything easier.

Then the numbers, you need to know your numbers, what you're buying it for, what you're selling it for, your markup, etc etc etc

Business plan. Do it.

RedXIV

Enterprise boards are your friend. visit one

Chubbcakes

Enterprise Boards are definitely the way to go...FREE (well most advice) and relevant. You can tell them your idea without the fear of them taking the idea. Y should look up patents/trademarks/intellectual property if your idea is so unique:)

random.stranger

Hi Sally,
Since you have been made redundant you should qualify for the Short Term Back to Work Enterprise Allowance Scheme. This should help you through the early days, I would apply for this before setting up your business (I'm not sure if you would qualify for it if you apply after setting up).

As The Entrepreneur has said, it's much easier to keep on top of things if you set up as a sole trader first, although I have been advised it is better to set up as a Limited Company, if you will be filing for a patent(s) & looking for outside investment.

Best of Luck.