18 Things TO DO when Starting a Business

April 5, 2016

 

Starting a new business is an exciting time but it can also be a very stressful one. You will make mistakes (you're not doing it right if you don't) but you have to learn from those mistakes.
 

18 Things To Do when starting a Business

  1. Ask yourself have you got what it takes.

  2. Select an accountant who will be there to guide & support you throughout the journey.

  3. Decide on your business identity .

  4. Decide on your business structure - sole trader or limited company .(remember as a sole trader you are taxed on what you make and using a limited company, you are taxed on what you take).

  5. Prepare a business plan and projections.

  6. Check out any regulations which may affect your business.

  7. Are there any particular insurance or property requirements. required by your business.

  8. Are there any supports available from the Revenue and/or Social Protection particularly for your business.

  9. Check availability and register a business name with the CRO.

  10. If you intend operating as a limited company then you need to set up a limited company to do so.

  11. Whether you operate as a sole trader or a limited company you need to register with the Revenue Commissioners for tax.

  12. Do you need to register for VAT?

  13. Do you need to register for PAYE/PRSI? Will you be hiring staff?

  14. Open a business bank account.

  15. Secure a website domain address and professional email address (remember image is everything).

  16. Attend a 'start your own business' seminar in your area.

  17. How will your business use technology i.e. servers, laptops, smart phones, tablets or a combination?

  18. Hire the right employees - getting a culture of work that fits your business right from the start.

The above list is not exhaustive and depends on what your proposed business is and your own particular circumstances.  

 

There are also other factors to consider such as premises, location, marketing and advertising.

 

If you have any questions, please feel free to contact me.

 

Thank you,

 

 

Timothy Kelliher
Chartered Accountant

 

 

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