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Starting a new Business

  • 10-02-2010 3:40pm
    #1
    istabrac77
    Registered Users, Registered Users 2 Posts: 70 ✭✭


    Hello Boardsies

    I'm thinking of opening a new business as a Letting Agent.

    Has anyone any tips or even pitfalls I should watch out and look for.

    I have about 10k to spend on initial budget and am willing to take no wage for first 3 months
    How should best spend this 10k?

    I am thinking website, software database, stationery, advertising as initially I will be working from home I will not have any premises expenses.

    Thank you all for your very helpful contributions


Comments

  • #2
    LauraOrlagh
    Closed Accounts Posts: 94 ✭✭LauraOrlagh


    Hi,
    Firstly have you completed any market research? In the current economic climate it would be strongly advised to ensure there is a market out there for your new Letting Agency before you waste your own good time and money on it.

    If you have and there is a market well and good. You better ensure that you make your company a private limited company to protect your own assets in your own personal capacity.

    It's also important to register all of your details correctly with the Revenue and read all of the literature pertaining to your industry regarding tax issues in order to ensure your new company will be fully tax compliant.

    Seen as you are working from home and thereby avoiding expensive premises expenses (which incidentally is a very wise decision to start with), I do think that the website is a MUST. However, I wouldn't advise the software database until you get properly up and running. You can deal with the paperwork manually until you reach a point where you've too many customers at which point you'll presumably have the cashflow to invest in a software database. Stationary is a must. Advertising online with Google Adwords and doing some SEO and SEM work is also important to ensure you attract visitors to the site. This can be as simple as mentioning the keywords you want to attract customers to your site, throughout your website.

    Laura Kelly
    Laura@creditcontrolcovered.com
    http://www.creditcontrolcovered.com/


  • #3
    wishful thinker
    Closed Accounts Posts: 78 ✭✭wishful thinker


    +1

    As you would be a letting agent.....dealing with other people money....you would be required to submit returns to the financial regulator....the annual returns would be required to be audited/signed off by an accountant/auditor.


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