Top Tips for Startups

Top Tips for Startups

  • Carry out a self-assessment to find out if you’ve got what it takes.
  • Develop a concept or an idea of what you would like to do. Remember, this does not need to be new or innovative.
  • Carry out market research on your business idea. Is there room in the market or will you need to create a new market?
  • Complete a feasibility study – “Will my idea work and will it be successful?”
  • Complete your business plan. This can be a daunting experience. You can use your feasibility study as a base for your business plan. This is where the idea becomes reality.
  • Find the right financing for your business, whether it be short or long-term, debt or equity. Ensure you ask for enough!
  • Set up a great support team of advisers and family. Surround yourself with great people. Determine your legal structure – sole trade, partnership or limited company. If taking on any type of business partner, choose wisely
  • Register with both the Revenue Commissioners & Companies Registration Office
  • Figure out what taxes relate to you – VAT, PAYE, Corporation Tax, RCT, excise duty… etc.
  • Secure any necessary licences and permits.
  • Set up books and records and other systems from day one. Outline every stage of every process – particularly your sales. Share these processes with your employees
  • Choose your business location – upstairs bedroom, prime retail unit or shared office space. Don’t sign a long-term lease on a luxury office just for show.