If you're thinking of starting a small business
in Ireland this year, you've come to the right place. In today's
video, I'll be giving you the five steps that you need to know if you're wondering
how to start a small business in Ireland in 2021.
Let me know in the comment section below
if you're starting your own business this year by commenting:
Yes! Step five is one of the most
important steps that you might not have considered
so make sure to stick around to see what it is.
Hey everybody, I'm Mark Fox and welcome back to my YouTube channel.
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And now we're going to talk about how
to start a small business in Ireland in 2021.
There's a lot to consider when you're thinking of setting up a business
and I know it can be overwhelming doing all of the research.
These steps will help give you an idea of where to begin,
so let's dive in.
First, you need to look at your business foundations.
What are they exactly?
Your first foundation is figuring out your finances.
One of the most important things
to consider when starting your own business is your finances.
Will you start your business as a side
hustle while working in your full time or part time job?
Or do you have the finances to take your business full time, straight away?
The advantages of starting your business as a side hustle is that you'll have
the financial security of receiving a wage while getting your business set up.
If you're going to take your business full time straight away,
you'll need to make sure you have enough money saved up to cover your living costs
and for any unexpected events for at least a year while your business is growing.
Next up is deciding what business to start.
The best way to get ideas for a business to start is by identifying your skills,
education and passions that could be translated into a business idea.
Skills are things that you have experience
with that you know you're good at and you enjoy doing.
Education is knowledge you've acquired
through school, college and life experiences and passions
are what make you excited about life and what you truly want to do.
Think about each of these points
and identify a business idea that falls into at least one of these categories.
Next, create a business plan.
Validate your idea by creating a minimal
viable product, for example, a product or service that you can put
together straight away and offer straight away.
And it doesn't take weeks or months
to create and also to see if it has market fit.
Then look at your target audience. Who are they?
What do they need? Where do they hang out?
What are their demographics?
And is there any pain points that they
have that you can solve with your product or service?
Next, ask yourself, who are your competitors? Have you
identified who your competitors are? Are you aware of the different strengths
and weaknesses of your competitors? It's important to be aware of your competitors
so you can consider what your competitors are doing and to understand what distinguishes
you from them. After you've identified your business foundations.
The second step is to register your
business. Register your business name with the Companies Registration Office.
Registering your business name is
an important step when starting your own business.
The process is very straightforward and doesn't take that long.
You fill out an RBN1 form online with the Companies Registration Office.
I'll be covering how to register your business name in a future video,
so make sure to subscribe if you don't want to miss that video.
Also, if you're setting up your business
as a sole trader, you'll have to register for income tax with the Revenue.
As a self-employed sole trader,
you can do this by registering online with Revenues online services.
The third step is to create a logo, website and social media accounts.
Having an online presence is vital when starting your own business.
A logo, website and social media accounts will help you grow your brand recognition.
When creating your logo and website,
you have a few different options. For your logo,
you can create it yourself using free online tools like Canva or Crello.
If you'd like to get one designed for you,
you can hire a graphic designer on websites like Fiverr or Upwork or hire
a digital marketing agency to do one for you.
For your website,
you could create one for free on Squarespace, Wix or Brizy Cloud.
And just like your logo, you could get a website designed for you
by a website developer on the likes of Fiverr or Upwork.
Alternatively, my digital marketing
business The Fox is Digital can help you out with these.
You can check out our website linked
in the description box for more information. Protecting your designs.
If you feel like you have a unique design
like your logo and you'd like to protect the design, you can apply for a trademark
with the Intellectual Property Office of Ireland.
The fourth step is to set up a business bank account.
Setting up a bank account for a business
can seem like a daunting task for anyone new to the world of business.
So where do you start? Decide which bank you want to go with.
There are a few different banks out there that offer business bank accounts like
AIB, Bank of Ireland, Permanent TSB and online banks like N26.
I'd suggest going over at your available options, identify the features that matter
most to you and pick a bank account that is the right fit for you.
The fifth step is to establish your business processes.
As you establish your business, you will need to make sure that you're
developing processes that handle different areas of your business, like sales,
marketing, customer support and accounting.
The success of your business depends
on the quality of your business processes so that
means putting in the right systems
in place to allow your business to run smoother.
I'll be covering this in more detail
in future videos, so make sure to subscribe for more.
If you have any questions about setting up
your own business, make sure to leave them in the comments section below,
I reply to all of your comments.
If you enjoyed this video,
hit the like button and subscribe to join our growing community of entrepreneurs.
Thanks for watching and see you in my next video.