Checklist for Starting a Business in Ireland
Starting a business can seem like a daunting process for many. We have outlined steps to guide you through the process and highlight some areas you may not have considered previously.
Checklist for Starting a Business
Test Your Business Idea
A good business idea is not just about profit. It should solve a need for the target audience and be in demand in your location. Think about whether or not you have the relevant skills to run the type of business you are looking to set up. Identify who you think will buy your products or services and how it will benefit them. Think about the price consumers are willing to pay and if it will provide sufficient profit margins.
Market research is essential to help you identify your target market and customers. It will help you identify who your competitors are and what differentiates your business. Research will also help you asses demand for your product or service.
Business & Investment Requirements
Before starting a business, it is important to consider location of the business, basic equipment requirements and costs, staff requirements and overhead costs. Once you identify all start-up and running costs, you will need to identify ways to finance your business venture. You may look at seeking advice and support from direct referral to Government agencies. You may also look to seek advice on other sources of support such as Bank Loans, Credit Units, Microfinance Ireland, and other non-bank finance. Our recent blog outlines some of the supports available to new businesses.
Sole Trader or Limited Company
An important factor you must consider before you start a business is your legal structure. Most new businesses will either set up as a sole trader or limited company. You do not need to have a limited company to start a business. You simply just register as being self-employed with Revenue and register your business name with the CRO if you are using a different name to your own.
If you are seeking investment, you will need to have a limited company. You can change to a limited company at any time. There are some costs involved with setting up a limited company. Additionally, if your business is generating significant revenues there may be some benefits. Read more about the advantages of setting up a limited company here.
Register Your Business Name
Once the company is registered the business name needs to be registered with the CRO within a month of adopting the business name. You can find necessary information at cro.ie.
Open a Business Bank Account
You will need to open a business bank account. Many online banking platforms offer the opportunity to set up business bank accounts. Click here to find out more information about these types of bank accounts.
Create Your Business Plan
Having a business plan is an important tool to help guide business owners when making decisions. It helps you articulate the strategy for starting your business, by defining the processes needed to achieve your objectives. Click here to avail of our free business plan template.
Why Work with Gallagher Keane Chartered Accountants?
Gallagher Keane provide professional accounting, tax, and financial advice to many start-up businesses. This helps them make informed business decisions to reach their goals. Gallagher Keane provides cloud accounting services to clients, giving start-ups a modern accounting solution.
Get In Touch
If you are interested in finding out how we can help your business, please book a no obligation call to discuss Gallagher Keane’s services.