This week grab a pen and paper and ask yourself the following questions.
Have you considered the best location for the business?
There are many types of business locations. Be on alert for location types that would meet your specific needs (and budget).
More common now than ever is the home-based business. If you could work from home, consider creating a dedicated office/ work space so that your work and home life remain separate.
Would your business benefit from the footfall of a retail space in a shopping centre unit or main street store front? Years ago, the only business that moved around was the circus, but today your product or service could sell very well from a pop-up shop, or upcycled vehicle. So consider a mobile business space.
Commercial space offers room for more business growth down the road, but are best for businesses that don’t rely on foot fall. Industrial sites are ideal for a manufacturing or distribution business, which will require large warehousing space and needs access to major transportation routes.
Identify your equipment requirements and overhead costs
Compile a list of the types of equipment required in your premises.
It is advisable to ‘shop around’ for best value, particularly when purchasing expensive items.
Similarly identify your overhead costs, like insurance, or rent. This list should give you an approximate figure, which you can then take to a financial advisor or use for information purposes when setting your budget.
How many staff will you need to employ?
In the beginning you may not need to hire anyone. But when you decide to employ staff, you need to ensure your business is registered for employer taxes and you are up to date with employer and workplace responsibilities.
Can your business benefit from new technologies?
E-commerce is on the rise. Your local enterprise office can talk you through their trading online voucher scheme, as well as giving you access to specialist information on implementing search engine optimisation, digital marketing and website design.
Visit www.localenterprise.ie for more help and guidance on addressing your business requirements.