Starting a business in Ireland was never so easy, all thanks to the digital age which has catered a huge platform to hundreds and hundreds of people to leave their mundane 9-hour desk job, and start their career as an entrepreneur. The majority of the business owners agree that independence was one of the main factors which motivated them to take the steering wheel on their hand and dive into the realm of business not as an employee but as an owner.
Now coming to Ireland, in just a span of a few years, this country has established as an investment destination for many multinational companies. The pro-business culture of Ireland is the main reason why many business owners get attracted to this beautiful country. Not only, people from outside have been investing here, many local city dwellers have also started to take a keen interest in starting a business of their own.
So, if you too have that a unique idea which you think can prove to be a great business, it’s time you to start putting efforts. To help turn your dreams into reality, we have prepared a step by step guide to starting your own business in Ireland. Now, let us just get started.
Start your own business with these easy steps:
The first thing that you need to do is register yourself as a business. After that, you have to decide what it’s going to be, whether you want to be allowed as a sole trader, on a partnership or as a full-fledged company. If you want to make sure that every business decisions are taken solely by you, then you must register yourself with no co-partner. However, if your business idea has larger potential, registering under a partnership or as a limited company is more suitable and beneficial as well. This is the first step to turn your idea into a credible business.
Name of the company
The next step is to search the ideal name for your venture. While doing so, think of a name that is short, catchy and gives people an idea about the business. Overall, make sure that the name you pick does justice to your enterprise. Now, after thinking of the name, get it registered as soon as possible at the CRO (Companies Registration office) or someone else might register with the same name that you are planning to do.
After the name and company registration, you must get the VAT registration as well. Basically, VAT registration is done after you start making money from your business. You can either register for it online or get the help of a tax agent who is certified to provide tax service to the public.
|Notice: In order to get any kind of information related to registration, you can visit cro.ie where online forms will be available too.|
You must have had heard the phrase “it takes money to make money”. Well, this applies for business very strictly as lots of funding is required in order to start a company. If you have managed to save a good amount of money for your start-up, then that is going to work as a great plus point as you won’t have to borrow a big loan in order to fund your business. And if there is a gap between savings and the actual budget and your credit profile does not permit you to take a big loan, you can for bad credit loans in Ireland from direct lenders. The amounts of these loans are quite low and are given for a shorter period so you can easily pay off the debt completely within a few months.
If you are thinking of running your start-up business from your home, then there is no need to buy or lease a property for space and your living room would be enough. This can save a lot of cost for you but you have to make sure that work culture is not hampered no matter how many staffs you are planning to keep. However, if you are planning to launch your business in a greater scale where you will need a larger workforce, then go for a larger place to work. While searching for the office space, have a thorough check of the property and if possible hire a professional to do the inspection. Have a visual model in your mind while checking the space and see whether the particular property will suit your requirement or not.
Well, whether it’s a small firm or a large scale organisation, employees are undoubtedly the biggest resources. Thus, once you are all done with the registration process and all, you need to focus on bringing the good working staff for your company. A team of good employees will help in reaching the business goals faster which you have set in your mind. Other than, while hiring not only go for the skills in the candidates but also check their behaviours as well. Having good people will help in building a healthy and positive work culture in the office which is very essential to make sure that employees are working with full efficiency and dedication.
Yes, it is true that starting a business in this digital age is easy as compared to earlier, still, there will be plenty of challenges that come along. Make sure that you take every step carefully on this journey of becoming an entrepreneur.