SPECIAL GUEST BLOG By Tony Ritchie, Management Mentor, Mentors.ie
There are several issues to consider when starting a business including writing a business, legal obligations and financing along with seeking guidance for those and other topics of concern.
When deciding to become a business owner, it is important to conceive initial ideas and reach out to a mentor. Mentors allow for personal counseling in the process and procedures of business Start-Up Guide start-up from an insider’s perspective. Having a mentor in the situation can make this phase easier by reducing stress and increasing confidence in potential success.
There are certain resources available to unemployed workers and foreign nationals who wish to establish a business in Ireland. For example, citizens of the European Economic Area (EEA) or Switzerland do not need permission for business start-up here, while unemployed Irish citizens may be eligible for assistance via the Back to Work Enterprise Allowance (BTWEA) or the Short-Term Enterprise Allowance (STEA).
According to they type of structure needed, per clientele and risk potential, businesses are set up as a sole trader, a partnership or a limited company. A sole trader is the most simple start-up mainly requiring a person to register as self-employed with the Revenue Commissioners, while logging any business names with the Companies Registration Office. The structure is personalized, however, by allowing potential creditors to seek personal assets for any potential debt if the business fails.
A partnership is the legal structure offered for two or more people that seek to join into establishing a business together. A solicitor draws up a partners agreement that binds those individuals and holds them personally responsible for any debt. A limited company structure is offered to those seeking to have the business established as a separate legal entity, with no personal contract to assume any related debt.
A business plan and funding concerns are also extremely important components of start-up planning. Many County & City Enterprise Boards offer assistance to new businesses including grants and help with planning, which includes formulating and writing the business plan. With many small business having difficulty establishing credit, the government has confirmed a partial loan guarantee scheme and a micro-finance loan fund for companies in Budget 2012 to help those seeking to establish enterprising endeavors.