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Is there an increase in small businesses closing down?

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  • 16-11-2019 5:37pm
    #1
    beamoflight
    Registered Users Posts: 29 ✭


    I am starting to believe that small business are struggling to keep their doors open due to the current economic issues. There seems to be alot of youtube videos warning of a global slowdown (recession/depression) coming next year. Not to mention customers choosing to buy from online stores e.g. amazon instead of local stores.

    Is it a bad time to think about starting a small business if there are warnings of difficulties ahead?
    Tagged:


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    #2
    Gloomtastic!
    Registered Users Posts: 8,350 ✭✭✭Gloomtastic!


    Like having a baby, there's never a good or a bad time to start a business. You may face more challenges during a downturn but it will just as hard during an upturn.

    The three biggest challenges you will face as a new business are Cashflow, Cashflow and Cashflow. You run out of money, you will die, simple. So keep your customers happy, get your money in quickly and keep your costs under control.


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    #3
    [Deleted User]
    Posts: 2,078 ✭✭✭ [Deleted User]


    Insurance is a huge problem for many businesses.


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    #4
    neris
    Registered Users Posts: 20,043 ✭✭✭✭neris


    Deleted User wrote: »
    Insurance is a huge problem for many businesses.

    Insurance is a big one especially where your opening yourself to the public. I also think the amount of regulation, box ticking & ass covering for small business now a days is very off putting. The govt have not made setting up a business in Ireland easy for the small guy.


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    #5
    c.p.w.g.w
    Registered Users Posts: 4,994 ✭✭✭c.p.w.g.w


    beamoflight wrote: »
    I am starting to believe that small business are struggling to keep their doors open due to the current economic issues. There seems to be alot of youtube videos warning of a global slowdown (recession/depression) coming next year. Not to mention customers choosing to buy from online stores e.g. amazon instead of local stores.

    Is it a bad time to think about starting a small business if there are warnings of difficulties ahead?

    The bit in bold, is a big reason for many...But if you can get something on amazon for 40% cheaper its very hard to compete...

    But i saw a mad example of price differences between Eason's & Amazon...

    Lean 6 Sigma for Dummies
    Amazon €12 (incl delivery)
    Easons €23.79

    Amazon in nearly half the price for the exact same book...If the price difference was a couple of € i'd be happy to shop local, but almost double the price


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    #6
    Idbatterim
    Registered Users Posts: 17,843 ✭✭✭✭Idbatterim


    the 23% vat rate here is ridiculous!


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    #7
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    beamoflight wrote: »
    I am starting to believe that small business are struggling to keep their doors open due to the current economic issues. There seems to be alot of youtube videos warning of a global slowdown (recession/depression) coming next year. Not to mention customers choosing to buy from online stores e.g. amazon instead of local stores.

    Is it a bad time to think about starting a small business if there are warnings of difficulties ahead?


    Roughly every 19 years adjusted for war there is a boom and bust cycle. We are likely coming into one as its over due and there's an over whelming number of market indicators. It's important though that people understand this isn't going to be the same as the last recession. It won't be caused by real estate and banking, but international trade, AI, Offshoring and big tech.



    The thing is, recessions can be great time to start new businesses. There's a huge amount going for a start up in lean times, better staff availability, cheaper advertising rates etc. Some businesses thrive in recessions and even more fortunes are made is recessions.



    What you don't want to do is get into a business competing against the big 6 (Amazon, Google, Apple etc) as its not an even playing field, these companies offshore money and don't pay the same type of taxes or play by the same rules normal people do. So you can't compete if you are paying your taxes like you will be required to do. Not paying your taxes isn't an option, you either will get caught or need to be as big as the big guys to legally not pay the taxes.


    Insurance is a big problem as mentioned above, but we are working on getting the book of Quantum re-written, to even out the ridiculous claim culture that Ireland has created while protecting the legit cases. This should be done and in place next year.



    If starting a business its best to think international from the beginning in Ireland. It's too small a country and the biggest mistake people make starting a business is thinking too small.



    Personally I think its a great time to start and scale a business. It just has to be the right business idea.


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