need help starting my own business

THOMAS TYRRELL

Hi all,

Im thinking of opening up my own garage/service centre and would like anyone who has opened their own garage or any other business to give me as much advice as possible. im staring a "start your own business course" in june, but would still like more info from people who have done it themselves.
it will be a small operation to start off with probable just employing myself at the beginning.
thanks

Southsider1

It would help if you posted some questions you need answers to.

beagle001

Hi ya,
the big question I would have for you is are you willing to lose your initial investment as more than likely thus will happen.
It's v hard to operate a successful business in Ireland in 2010,I watched a mate shut his down over the weekend and he tried everything to keep it alive.
Vat,council,banks,insurance are just a few costs you have to consider,rent and potential footfall got your business.
You can't judge today's climate on the past 5yrs it's do different.
Go chat to a local business person in your area ask a few of them how they are doing and what your plans are.
Best of luck if you open,keep your staff to a minimum and get yourskf an older mentor,great if it works man.

THOMAS TYRRELL

Southsider1 wrote: »

It would help if you posted some questions you need answers to.

well i suppose one big question would be about start up costs. I have tried to put together a list of costs such as equiptment, advertising, sinage, insurance, deposit on premisis etc. But im sure there are some other hidden costs- such as will it cost me to register a business name, will i need a soliciter to get started?

I was also wondering about council rates. the premisis im looking at is aprox 2000 square foot, would anybody have a rough idea what the yearly rates would cost an a place of that size

Also im ive read a little bit about grants and was wondering if id be eligable for some grants( as im already in full time employment) and are these grants repayable??

John368

THOMAS TYRRELL wrote: »

well i suppose one big question would be about start up costs. I have tried to put together a list of costs such as equiptment, advertising, sinage, insurance, deposit on premisis etc. But im sure there are some other hidden costs- such as will it cost me to register a business name, will i need a soliciter to get started?

I was also wondering about council rates. the premisis im looking at is aprox 2000 square foot, would anybody have a rough idea what the yearly rates would cost an a place of that size

Also im ive read a little bit about grants and was wondering if id be eligable for some grants( as im already in full time employment) and are these grants repayable??

Thomas

I am writing from NI, but I think the same applies in RoI if you are from there.

You will probably need to register for VAT for that sort of business as a large part of the business depends on buying goods with VAT on them. If your turnover is below the limit then you do not have to register for VAT. It means that you cannot reclaim the VAt on goods bought, but then you do not have to charge VAT to customers for your time and thus you will be able more competitive. But beware, if you do not charge VAT and are much cheaper as a result you will attract the customer who is looking for a cheap job and if you expand and have to charge VAT you could loose a lot of existing customers. Perhaps, starting as you mean to go on is a good idea here.

A lawyer will tell you that "registering" the company name is not required unless you want a trade mark that nobody else can use. Unless you are going to form a Ltd company, you personally will be responsible for all finances and that means you legally have to put your own name somewhere on all business invoices, even if you call yourself "Acme Garages" at the top of your invoices and on the name over the door. There is nothing wrong with calling yourself Acme Garages, but legally it does not exist as an entity ie. Acme Garages cannot be sued for debts etc. whereas Acme Garages Ltd can as it exists as an entity in law.

I hope this helps

John

midas1

Hi Thomas,
Its never been a better time to start a business,rents are cheaper on prime locations, you can haggle with suppliers when you are buying goods from them and if you are competitve with pricing you will do well.
I would recommend a start your own business course ,but try to go on one that the person teaching it ran a business already otherwise its point less and a waste of your money(my friend went on a course recently and he said it was very good ,I will try to find out the name for you).also remember before you start your enterprise carry out your market research thoroughly and make sure to do out a business plan outlining where you want you business to be in year 1,2 and so on

All the best
Midas1

Dutchie

VAT is chargable on most goods and services. The standard rate of VAT is 21%, which applies to all goods and services that are not exempt or liable at the zero or reduced rates

The first Reduced rate of VAT is 13.5%, which applies to certain fuels, buildings and building services, certain newspapers etc.

antoinolachtnai

Why not see if you can buy an existing business? There are likely to be a lot of people running small service places who would like to retire from the trade.