How to start your own business

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You may have always dreamed of starting your own business and now you finally have the chance. On the other hand, you may have never even considered it until an opportunity came knocking on your door. No matter what the situation, starting your own business can be a challenge. It can be extremely rewarding (both personally and financially), but it also requires certain smarts and lots of preparation.

SpunOut business guide to the rescue!

Perks of having your own business:

It can give you a chance to make money from your passion. If you are lucky enough to have figured out a way to make some dosh from doing or making something you love, you may be onto a winner.
You get to make money without being reliant on an employer. If you get laid off, starting your own business can prevent you from having to go on the dole. It may also give you the opportunity to make even more money than you had in paid employment.
You are your own boss. This gives you the opportunity to create your own hours, work anywhere you choose and generally operate in a flexible environment.
Job satisfaction. If you build a business from nothing and it succeeds, you are bound to feel very proud of yourself.

Pitfalls of having your own business:

There is a high rate of small business failures in the first year of start up. So, you might work your ass off and still end up a statistic.
You need to have excellent business and management skills in order to keep your business going. This can be very stressful.
You may feel quite alone as the responsibility is all on you. Also, you probably no longer have the social outlet of an office full of colleagues.
You will have to work extremely long hours to get your business off the ground and keep it going.

How to start your own business:

Come up with an idea for a business. The idea could be something totally new or it could just be your spin on an old idea.
Do up a business plan. There are loads of online guides and books which will guide you through this.
Check out your finances. Do you have enough money for all the start up costs? Will you need to see about an investor? Have you the name off a good accountant?
Create a marketing strategy. Think leaflet drops around your town, business cards, word of mouth and even an ad in your local paper if you have the dosh. Think of both long and short term strategies.
Be organised. Keep your papers, customer records and contact details in a proper filing system.
Utilise the Internet. In this day and age, the ‘net can be used for everything from advertising your business to connecting with customers on a one to one basis. It is also fabulous for research purposes.
Grab the free stuff. There are many business resources around that are low cost, or even free, such as your local library (free Internet and research material). You can also often join a local business organisation for a small fee.
Remember that it takes time. You don’t build a business up from nothing without a lot of blood, sweat and tears and you are unlikely to be the one in a million that makes a vast profit in the early days.

Sources of Help:

The Dublin Business Innovation Centre (DBIC) was set up in 1988 to give support to new businesses. The organisation runs workshops and helps with issues such as finance and marketing. Anybody can contact the DBIC. Click here to go to their website.
Guinness Enterprise Centre is an entrepreneurial workspace in Dublin, which provides cheap office space and business support. The GEC provides cheap and lease free office space, financial assistance, business advice, IT/telecoms support, free meetings room access, a Dublin city centre location and a cafe/ restaurant. Click here to go to their website.

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