Starting a business

BogBoy84

Hi everybody,

I have been thinking for a long time about setting up my own business and company. Problem is, I know absolutely nothing about how to start a business or register it etc.

For anybody interested, I am going to setup a forestry business where I fell trees for forest owners. I know the business idea is sound, but I'm just completely lost as to how I go about starting off.

My situation is I am 19, in college full time and no income apart from small jobs I've done for people.

What would be the first thing to do, or who should I talk to?

Thanks in advance!

Feel free to question me on anything, I'm all ears for criticism, opinions, help and advice.

RossieMan

I'm sorry but you need to ask yourself a lot of questions.

How are you going to fund all the expensive machinery in the beginning? Why would people go with you over an already established service?

It's not as simple as setting up a business and it works.

To me, this idea seems like a service that isn't required. I wish you luck with it though.

BogBoy84

RossieMan wrote: »

I'm sorry but you need to ask yourself a lot of questions.

How are you going to fund all the expensive machinery in the beginning? Why would people go with you over an already established service?

It's not as simple as setting up a business and it works.

To me, this idea seems like a service that isn't required. I wish you luck with it though.

Hi Rossie,

That's what I came here to ask. I see some government loans up to 25k where you just pay the interest for the first 3 months, would they be an option? Long term hire for machines is also an option for me as I know somebody who runs a plant hire business.

Currently, there is only a handful of timber harvesting companies in the midlands where I am from. There is actually a backlog of timber waiting to be cut.

Forestry in Ireland is continuing to get bigger and bigger and work will always be got in it. I have had people ringing me already asking if I was interested in harvesting their forestry as word got around. Even before I start advertising, I would say I have 3 months of solid work lined up.

You would be right in saying it is a well established service and I know my idea isn't new, but at the rate that forestry industry is growing in Ireland, we are going to need more and more harvesters.

4068ac1elhodqr

Get a quote for liability/commercial insurance, if downing trees and waving chainsaws about, it won't be cheap.
Then there's commercial insurance for operating any vehicles, another few grand again, without any NCB.

BogBoy84

Dillon Eager Ash wrote: »

Get a quote for liability/commercial insurance, if downing trees and waving chainsaws about, it won't be cheap.
Then there's commercial insurance for operating any vehicles, another few grand again, without any NCB.

Hi Dillon Eager Ash,

Would you recommend anybody for insurance or who would you suggest?

Again I am completely new to this so please excuse my ignorance.

Axwell

Before you start talking about grants and leasing machinery and everything else go do a start your own business course with the Local Enterprise Office, costs something like €100 and will answer a lot of basic questions you probably have right now.

BogBoy84

Axwell wrote: »

Before you start talking about grants and leasing machinery and everything else go do a start your own business course with the Local Enterprise Office, costs something like €100 and will answer a lot of basic questions you probably have right now.

Hi Axwell,

I didn't even know they existed. I never did business or accounting in school and I am studying Robotics in college so I am really out of my own field when it comes to business.

Thanks!

4068ac1elhodqr

BogBoy84 wrote: »

I am studying Robotics in college so I am really out of my own field when it comes to business.

Stick with studying full-time robotics, which will see anywhere between 5 to 15% growth in labour demand across the next 10yrs.

BogBoy84

Dillon Eager Ash wrote: »

Stick with studying full-time robotics, which will see anywhere between 5 to 15% growth in labour demand across the next 10yrs.

I don't plan on dropping out of college or not studying robotics.
My father has recently taken voluntary redundancy and has shown some interest in helping out, I also have a few friends who I could employ to drive machinery while I am in college.

My plan is to have the business running full time, but i'm only working part time ie over the summer.

antoinolachtnai

This sounds like a really difficult business. Have a look in the farming and forestry section on boards.ie

It all comes down to what you can charge. Forestry is a low enough margin business. People are looking for a cheap service. The idea is that the forestry operator finds a newcomer contractor, gets him to give you cheap service for eighteen months or maybe two and a half years, then when the contractor realises he can't make any money, he increases his prices, the operator then dumps him and gets a new guy. Rinse and repeat until some sort of consolidation occurs. This is not a business.

Chiorino

Dillon Eager Ash wrote: »

Then there's commercial insurance for operating any vehicles, another few grand again, without any NCB.

19 years old and presumably no/little NCB. Extremely unlikely anyone would touch that. Dead cert for declined cases committee but I'd have a stab at €6000 - €8000 best case scenario.

joshkg

I wish you luck. It seems like a very challenging business. It sounds like it would be very difficult to keep up both study and work.