There are lots of things you should know when starting a new business in Ireland. This includes your legal and tax requirements, employment law, managing your finances, and more. You also need to know the steps and actions you need to take to give your business the best chance of being successful.
There is one thing that many people starting a new business miss, however. By understanding it, you will be in a better position to plan the launch and early months and years of your business.
So, what is the one thing you should know when starting a business in Ireland?
Here it is: starting a business is not an event.
In other words, you don’t go from not running a business one day to running one the next.
Many Milestones and Tasks
Of course, there will be milestones along the way. This could include the day you start researching the business, the day you secure funding the makes the business possible, the day you start manufacturing products, the day you start providing a service to your first customer, and/or the day you first open your doors to begin trading.
While you can describe these milestones as events, starting your business is not an event. Instead, it’s a process.
This is because starting a business involves hundreds of decisions and many crucial days. In fact, every day within the start-up phase – pre, during, and post-launch – is, arguably, important.
What Can You Do with This Information?
So, starting a business is a process rather than an event. How can you use this information to your advantage?
For a start, don’t try to do everything immediately as nothing will get done properly, so will probably have to be redone. Instead, focus on the process, prioritising the things that are most important to the success of your business.
As an example, let’s look at the very early stages of starting a business to identify the things you may need to prioritise.
This includes critically assessing your business idea to ensure it really is worth exploring further. The more honest you can be with yourself, the better. In addition, it will help if you can get someone you trust to give you an outside view.
Another helpful thing to do during the process of starting a business is to write a one-page summary of your business idea. Think of this as being a bit like creating a micro business plan. It involves outlining what your business does and your objectives. It should also outline in brief how you’ll achieve those objectives.
Creating this one-page summary of your business idea will focus your mind. After all, it’s easy for your mind to wander when in the early stages of starting a business, i.e. you might be in the early stages of the process of launching a business but your mind is already thinking about sometime in the future when you will be launching into new markets, rubbing shoulders with leading business people in the country, or arriving at the car dealership to pick up your new executive-class company car.
Writing a one-page summary of your business will help you focus on the here and now, showing you what you need to do next while helping you identify potential flaws in your plan.
Other important tasks in the early stages of starting a business including conducting market research and creating a full business plan with sales forecasts, budgets, and more.
All the above, plus many other tasks, are all part of the process of starting a business.
For more help and advice with your business, including if you’re a start-up, please contact a member of the Gilroy Gannon team today.