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5 steps anyone setting up a new business in Ireland should take

Written by Contributor, on 15th Feb 2019. Posted in General

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If you are interested in setting up a new business in Ireland, good for you and the best of luck. However, there are many challenges involved in setting up a new business, and you need to take this matter seriously.

Follow these 5 steps to set up your business in Ireland

A bit of good fortune is never a bad thing in business, but for genuine success, make sure you follow these steps.

Select your legal structure

If you are looking to issue invoices and charge customers for the work you do, you need to have a business structure in place. You will likely find your options come down to choosing between being a sole trader or a limited company.

Acting as a sole trader is simple and you won't need to file your annual returns with the CRO but you will have to file your taxes with the Revenue. Of course, being a sole trader may leave you liable for your debts.

If you operate as a limited company, you get to enjoy the benefits of corporate tax of 12.5% on profits rather than the 55% personal tax rate sole traders face. Operating as a limited company may also see you develop a stronger reputation in your sector.

Develop a brand

Business is competitive, no matter the sector you are in, and you need to stand out from the crowd. With the right brand, people will remember you, they will recommend you and they will ensure you are the firm that people choose and hire.

Think about your branding what impression you want to make on others because the right style of branding can have a huge impact on how you engage your audience.

Ensure you have funding in place

Even if you set up a modest company, operating from home, you need to have funding in place and you need to be clear on your finances. If you have no other form of income, you need to make sure you generate income quickly.

If you have savings or other sources of income, you need to know how long this will last. Your budget can dictate how you promote your firm and how you scale upwards, so please this matter seriously and ensure you are financially robust.

Set up and get connected

You need to be connected in the present day. Whether you are set up at home or you have an office space, you need to be online and contactable. You may need to have a server up and running or you may need help ensuring all your cables are properly connected.

This is a job that is best left for the experts and you will find mynextbox.com is a great example of a firm who will ensure you are properly set up for business.

You need to promote your business

It is essential that people find out about your business and know what you have to offer. Even if you provided the best standard of service in your sector, if your customers don’t know about it, you are not going to make any sales. Therefore, it is crucial you promote your firm in an effective manner.

There is an opportunity for new businesses to achieve success in Ireland, but you need to work hard at it. The above tips will help, so make sure you follow them.

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