I've always wanted to start a Business

Francis McM

https://www.boards.ie/discussion/comment/120238793#Comment_120238793

Few people (unless family or something) or banks would fund the money in a new start up by an inexperienced person without a personal guarantee and / or security.

elperello

https://www.boards.ie/discussion/comment/120238793#Comment_120238793

You are generally required to put up some capital yourself.

Lenders like borrowers to have a stake in the business.

Shouldn't be a problem for you.

Furze99

https://www.boards.ie/discussion/comment/120238583#Comment_120238583

"I'm interested in fashion, I've bought and sold designer clothes in the past and I'm a guitar nut."

If I were you, look into those areas so. It makes a big difference when you have a knowledge of and interest in what you're trying to monetise. The other side of that is that it can cloud your judgement, so be aware of that too.

ifeelabreeze

https://www.boards.ie/discussion/comment/120240031#Comment_120240031

Unfortunately it's not/wasn't sustainable. I was just one of the few fellas in the west of Ireland who knew about these designer brands, so I paid €90 for a pair of shoes from an outlet and sold them online for €300+

screamer

If you’re young and have no financial responsibilities I’d suggest you go and work in as many different industries as you can to get insight and experience of other companies. I’d give it max 3 years, save as much as you can and then start your own thing. Look into what sorts of grants your local enterprise board gives also. Do all this when you’re young and financially free, don’t be afraid to fail, just do it early. If it works then wonderful, if not you can always go back to a job. Good luck, any epic journey starts with a single step.

rob316

It's really **** hard making the jump from a salary to self employed.

I run 2 companies and gave up my guaranteed salary and security with 1 of them to jump in. It was an established company really declining fast and I've taken the good with the bad.

Prepare to give everything and I mean everything, forget about 9-5, getting off the ground on your own is 24/7. If you have dependents the pressure on you is absolutely immense to succeed for them.

When you succeed though my god that feeling can't be replaced.

antiskeptic

My mam moved from Liberty Market (absolute gold mine, no income tax no VAT) to newsagent. Goldmine but a lot more hassle. She went on a start your own business course run by a Gov agency. One participant on it said he wanted to sell bottled water .. and they all laughed their heads off.

Ballygowan was the name, iirc.

Not for the faint hearted - if you're going ltd co. I did house flipping and whilst there was plenty of money in it, the paperwork was hell, along with the amount you end up paying here there an everywhere for tax, vat, insurance, etc. There's a lot of paperwork these days. And a lot of costs associated with just being a company.

You'd want to have a very clear idea of what you want to do and have a business plan that sees light at the end of the tunnel. Then add some.