Please note that this article is intended for educational purposes only and should not be deemed to be or used as legal, employment, or health & safety advice. Consult with a qualified professional for guidance or advice specific to your business.
TABLE OF CONTENTS
Find your Business Niche
Research your Business Idea
Five Frequently Asked Questions About Starting a Business
Find a Location
Seek Financing
Decide on your Business Structure
Choose a Name and do the Required Legal Paperwork
Get a Payments Processor
Marketing and Promoting your New Business
Starting a business in Ireland: Getting started
Starting a business is incredibly exciting. There’s loads to do, loads to learn and loads of opportunity. The monetary rewards can be huge, but the personal rewards are usually even greater. There’s autonomy and a sense of achievement in knowing that every milestone results from your effort.
If you have a great idea for a start-up and are ready to take the next step, you’re in the right place. This guide will get you thinking about everything you need to cover when setting up a business, from honing your idea to making your first sale.
Find your business niche
Starting a business is about finding a gap in the market and filling it. That is really what a niche is. You can discover yours by considering:
- What problem will your small business solve for customers?
- What are you trying to do that no one else does?
- What can you do better than anyone else?
Your specialised skills help you define your niche. Your desire to start a business may be fuelled by your wish to use those skills more or better. Many business leaders advise focusing on what you are passionate about to succeed. You’ll also have a significant head start if you already have much knowledge and experience in the field where you wish to run a small business.
It’s also crucial to consider the market when settling on a niche. Is there a demand for what you will sell? You must also identify your competitors - those currently catering to your potential customers or may decide to do so in the future.
Finding your niche is often the key to beginning to build your business. It can help create your business’s ‘elevator pitch’—the one sentence that encapsulates your business ideas, what your business will do, and how. This is a crucial element of a business plan, especially when appealing to investors.
Research will help you to settle on a niche for your small business.
Research your business idea
Research will help you decide what will sell and what won’t and where opportunities lie. It can help you identify and understand your target market, ensure you meet any legal obligations, and help you set a pricing strategy.
It’s wise to research:
- If there is a market/need/desire for your small business
- Who your customers might be and how best to engage with them
- Who your competitors are and what they are doing in the areas your start-up wants to target
- Industry trends
- How much people might be prepared to pay for the goods or services your business intends to provide
- Upcoming events or legislation that might impact your business idea – whether creating challenges or opportunities
- What you need to get your business off the ground. Consider a website, business premises, legal or accounting advice – and the costs involved.
Online is a great place to start research. There, you can find a wealth of information about the market, customers, competitors, and the industry. It’s also a point of inspiration for developing and expanding your business ideas.
Visit competitor websites, Facebook and social media pages. Review sites where customers talk about goods and services similar to those you provide, such as Trustpilot.
You can also use tools to see how many people are searching for keywords and phrases relevant to what your business will provide, helping you understand the market size. Google Ads Manager is one free option.
For instance, visiting competitor outlets is another great idea if your business provides face-to-face services or sales via a cafe or shop. See what they do well and what opportunities they are missing.
Speaking to people already working in the industry is a great research tool, too. Provided your business is not in direct competition with theirs, people are often really forthcoming with advice on what to do and what not to do when starting.
Five frequently asked questions on how to start a business in Ireland
How do you start a business in Ireland?
Starting a business involves several crucial steps, including writing a business plan, securing financing, researching and choosing a location, registering your business, complying with tax requirements, and acquiring the required licences and permits.
How do you write a business plan?
A business plan is like a blueprint for starting, running, and growing your business. Key components include an executive summary, business description, market and competitive analysis, your service or product line, an operations plan and any financial considerations.
How do you finance your business?
You can finance your business through traditional bank loans, asking your friends and family, or other sources. Getting to grips with finances and investments early on is a great idea. Put things in place to ensure you are financially ready to start a successful business and stay on top of what is coming in and what will remain profitable.
How do you decide on a business structure?
When setting up a business, it’s a good idea to consult an accountant or lawyer to decide on a business structure. Types of business structures include sole traders, partnerships, limited companies and nonprofits. It’s a good idea to consult with an accountant or lawyer to decide on a business structure that fits the needs of your business.
What paperwork do you need to do to start a business in Ireland?
The requirements for starting a business in Ireland depend on the type of business you want to be. Very little paperwork is required for some small businesses, and you can begin trading immediately. For others, you must go through several stages before your company is up and running, including registering a name and handing key players’ details to the Companies Registration Office. You can read more on how to get started via our handy guide to registering a business.
Here are a few common licences and permits you may need to consider for your business.
If you’re planning to:
- Sell or serve food, you must register with a competent authority
- Sell or supply alcohol, you must gain a licence. There are different types available.
- Play music to the public, including background radio music; you’ll need a licence
- Change the use of a building from residential to commercial (home to a shop); you may need planning permission.
- You may also consider public liability insurance if you interact with the public and other business-specific insurance to protect you against claims.
Write a business plan
A stellar idea is great, but you can only see it through to its full potential if you lay the groundwork. That’s where the first crucial step of starting a business comes in - writing a business plan.
A business plan is a blueprint for how you will start, run and then grow your business - something you can look back on for reference and measure yourself against. If you’re seeking outside funding for your venture, you often need a business plan to show that you’ve thought things through carefully and have a path to growth and profit. A solid blueprint is critical for your prolonged success.
There is no one-size-fits-all when writing a business plan, but all plans typically contain a few key components. The below sections can be used as a template - including visuals like graphs and projections where appropriate. Length can also fluctuate depending on what you’re trying to do, but typically, business plans are between 15 and 20 pages long. Here’s what they should include:
An executive summary
As the first section of a business plan, an executive summary should be a top-line synopsis of your business and how you plan to accomplish your goals. Because it’s often people’s first impression of your business, it’s the most important section. You might consider writing your executive summary after you’ve completed all the other sections of the business plan—so you know the key points to stress.
Business description
Think of this section like your elevator pitch, i.e., how would you concisely answer the question “What’s your business all about?” This part should also include where you see the most potential and opportunity for your business and why.
Market analysis
Here’s where you dive deeper into the specific market you’re entering. What relevant data points would help people understand your business segment? Where are the weaknesses in the market, and how will you fill that void?
Competitive analysis
Walk through your competition—what other businesses in the space are doing well, and where are they falling short? If you don’t have competitors, walk the reader through how you’ll stay ahead of the game should another business choose to enter the market.
Service and product line
This section details exactly what type of service or product you’re offering. Include any intellectual property, research, and associated development required to offer your product or service.
Operations and management plan
Present a clear picture of how you’ll actually run day-to-day operations. Will you need employees? A space for shipping or inventory? Describe all that here.
Financial considerations
Here’s where you talk about money. First off, how much do you need to start? And then to grow? Detail any capital you already have. And if you need more, describe your strategies for procuring it.
Seek additional training and resources
You rarely have all the skills you need to start and run a business—especially if you’re doing this for the first time. For example, you may have the skill set and certifications necessary to do facials but might fall short when running your business’s day-to-day financials.
Write a list of all the areas where you could use a little business coaching. Then, seek out training or education to fill those gaps. Higher education colleges, evening university courses, or online training sessions are great ways to acquire these additional skills and training affordably. Here’s where you may also seek mentors or ask fellow small business owners how they got up to speed.
There may be areas, however, that need to be more steep of a learning curve to tackle on your own - legal or tax considerations, for example. In these cases, it’s best to seek professionals with years of training and degrees in those disciplines. When hiring these people, do extensive research and call references to ensure you’re bringing on someone reputable.
Find a location
Where will you be conducting business? This can vary widely based on the type of business you’re running. For example, if you’re a home contractor, you may not even need to rent or buy a physical office - though you may need to consider planning permission or changes to your home insurance.
Choosing a physical space is one of the most challenging aspects of starting a business. But it’s also one of the most important and requires lots of research and planning. For help with this, talk with your city or borough councils or consider hiring a professional agent.
Aside from laws, fees, and regulations, you should also consider your brand image, the safety and accessibility of the neighbourhood, your proximity to any suppliers you might need to work with, and any expansion plans. Talk to fellow business owners in the area and consult free government-provided data by the Central Statistics Office to help inform your decision.
Seek financing (if necessary)
You may need to seek financing if you don’t have the capital required to start your business. (Here’s where that business plan you wrote comes in handy.)
Luckily, several avenues for securing small business financing include traditional bank loans and asking your friends and family. But before accepting money from any of these sources, there are some questions you need to think through. For example, evaluate how you’d like to structure ownership of the company.
If you don’t want to give up a stake, bringing on investors may not be the right option. Read all the details if you accept a loan or financing from an institution. You should be careful about how much money you need—and do meticulous calculations on how long it will take to pay it back. Understand the tax and legal implications of your selected business structure.
Decide on your business structure
There are several different ways you can set yourself up as a business. Each type of business structure has a variety of tax and legal implications. For example, your business structure determines which income tax forms you must file. Because of this, it’s wise to consult a reputable accountant and lawyer before officially deciding what business entity you want to establish.
To give you a cursory overview, the main types of business structures are sole traders, partnerships, limited companies, partnerships, and nonprofits. The Citizens Information guide to starting a business provides more detailed explanations of these business structures.
Choose a name and do all the required legal paperwork
It’s time to make things real. First, decide on your business name and register it with CRO. For more information on what happens next, check Citizens Information.
Starting a business requires that your legal paperwork is in order.
If you’re planning on hiring employees, now is the time to familiarise yourself with all your legal obligations as an employer. You’ll want to cross your T’s and dot your I’s before you hire your first new team member.
Get a payments processor
Now comes the fun part—making your first sale. To do this, you’re (obviously) going to need a way to accept payments. Do research, but any solution you use should be affordable and quickly set up. It should also accept credit and debit cards with no complicated fees.
Many sales are now done online, either entirely or via click-and-collect. Ensure you have a solution that allows your customers to buy and order from you whenever the mood takes them. A solution that allows sales via your website and social media channels will ensure you don’t miss out. Square Online is a simple, low-cost option that is quick and easy to launch.
In person, people are increasingly ditching notes and coins and opting for card payments, and the rise of contactless shows no sign of stopping.
You’ll likely miss out on some sales if you don’t accept cards. The Square Reader, which accepts all major credit cards and contactless methods like Apple Pay, lets you securely accept card payments everywhere. The card reader is just €19 + VAT, and you pay just 1.75% per card present transaction.
Start selling with Square Reader for contactless and chip.
Accept chip cards and contactless payments for one low rate per dip, tap, or swipe.
Marketing and promoting your new business
All businesses need to know how to market and promote themselves well. You can have the best small business idea in the world, but you won’t get far if your customers don’t know about you.
The great news is that, due to social media and the internet, there have never been so many low-cost marketing options for start-up businesses. All small businesses need to be on social media and can use it to their advantage to grow.
When you are a small business with limited resources, you must decide where to focus your efforts for maximum return. A Facebook page may be an alternative to a full-blown website. If your products are visual, an Instagram page may be ideal. You may only have time to be on some platforms and run them all well, so choose the right platforms. You can set up a simple online shop in a few clicks and ensure you can also make sales via your social media pages.
Keeping in touch with customers via email campaigns is a highly effective way to build a loyal customer base and make repeat sales.
Excelling in your industry
Starting a business in Ireland involves many steps, but the rewards are worth the effort. This guide can lay the foundation for success, from writing a solid business plan to promoting your business online. Every industry has its unique challenges, but the fundamentals outlined here will help you navigate the journey of entrepreneurship with confidence