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Starting a Business in Ireland mid recession, is it wise?

  • 05-10-2010 8:05am
    #1
    geminidawn
    Closed Accounts Posts: 51 ✭✭


    For all the qualifications I have, at the moment like most others, I am unemployed, but I'm not going to wither away on the dole and wait for this country to turn itself around. So I have two choices, either I stay home and start up my own business or emigrate.

    With the business side of things the funding and grant agencies are eager for me to get the business plan in and get going. However getting the short term loans to avail of those grants seems next to impossible. Furthermore there is the existing tax system and potential tax hikes after the bailout to look forward to.

    What is your opinion?


Comments

  • #2
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 8,829 ✭✭✭Gloomtastic!


    Remember if it was easy everyone would be doing it. It's not easy, it's a PITA, every step of the way. But never give up, you won't regret it.

    I wouldn't worry too much about taxes now or in the future. You have to make money to pay tax and that should be your main priority.

    Good luck to you! :D


  • #3
    NMK2008
    Closed Accounts Posts: 42 ✭NMK2008


    I agree! It is a really tough thing to get right...

    you need some really careful planning, and think about what you expect to have, and over what time frame, as business take years of tough work and debt to get rolling... but could be really worth it!

    some of the best ideas come out of recessions, so dont let that scare you off just yet!


  • #4
    geminidawn
    Closed Accounts Posts: 51 ✭✭geminidawn


    I'm not at all bothered about paying the tax it's just the fines they impose if you're a day late for limited companies.


  • #5
    91011
    Closed Accounts Posts: 1,383 ✭✭✭91011


    Its seems easier to get a loan for a new business or to expand a business than to get funding for day to day operations of a current business.

    I have found Ulster Bank to be quite good if the business model is workable (got 50k off them earlier this year).

    As for opening in mid recession - rents are low, suppliers will do deals, very good staff are available at reasonable levels and all this will add up to you being able to sell your product / service at a lower price.

    One thing I would advise, is to get a good acountant on board.


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