7 tips to start a business in Ireland today.
We’ve outlined 7 tips for when you’re starting your business in Ireland. We have over 40 years of experience running all types of businesses in Ireland.
If you need help with your business, no matter what size or stage, contact us here. Here are Greenway’s 7 tips to start a business in Ireland today.
- Not everyone is cut out to start a business
- Pick your niche to start a business in
- Solve your customer’s problems
- Know your numbers
- Financing your business
- Expansion is hard
- Pay yourself right as soon as possible.
1. Not everyone is cut out to start a business
We’ve seen many people who start a business and don’t know how to sell themselves. You have to talk confidently about yourself and your business. You need to explain what your business does in a few words. If someone asks me what we do I say:
“Greenway has two customer bases. We provide personal financial advice on savings, mortgages & pensions. We help SME businesses with growing and developing their profitability & efficiencies.
2. Pick your niche to start a business in
Try to start a business in an area of the market currently underserved. This will make it cheaper to market and easier to attract customers. Look for gaps where you can serve customers better.
- What are the online or phone services like for the product you are selling?
- Is there a call out, emergency or maintenance element to your business?
- What are other services or products you can sell that would solve/benefit your customers?
- Pick two of these three options and stick with it: Your business will be: 1. Fast, 2. Cheap, 3. Good.
3. Solve your customer’s problems
You are the most valuable to your customers when solving their problems, not just answering their needs. Talk to your customers and ask them about their pain points. You might find simple solutions that you could start a business around. You can hire an IT help desk service to help you manage your IT problems. Take the time to build relationships with your customers so they trust you and want to work with you again in the future. You never know where your business might lead you!
4. Know your numbers
Know your costs, break-even and profit margins. You have to have these numbers off the top of your head, and written down. If I meet a business owner owe does not know their rounded costs off the top of their head I start to worry. If they don’t know their costs they are not making money.
5. Financing your business
If you’re just about to start a business, don’t worry about finance. Look at low-cost ways of operating that will give you a feel for the market and start developing your sales.
When you have a proper business plan written you can approach your local enterprise office for some initial funding to get yourself going.
6. Expansion is hard
Make sure you know how to manage staff effectively. Don’t forget your their boss, not their friend. We’ve seen too many businesses where staff start running the show and dictating how the business should operate. This is geared to their benefit, not the customers.
Make sure you find an effective management style for yourself and a clear communication method if issues with staff performance start happening.
7. Pay yourself right as soon as possible.
We’ve seen too many business owners who pay themselves a fraction of their worth. When there is money in the company, make sure you give yourself a fair & reasonable market salary.
It will help you feel good about yourself and encourage you to keep selling and growing your business.