Identify all long-term running costs associated with the business, such as insurance, water, gas and electricity costs. Identify ways of financing these bills and the general cost of running your business venture.
The best way to ensure you are not forgetting any hidden expenses is to seek advice from a qualified financial adviser. You can do this privately, or by getting in touch with your local enterprise office (LEO), who can give you advice with start-up and running costs that you may incur and the financial resources that will benefit your business.
LEOs also provide a range of financial supports designed to assist with the establishment or growth of your enterprise. They deal specifically with limited companies, sole traders, cooperatives and partnerships, employing up to 10 people.
Businesses which demonstrate that they have a credible plan for trading online may apply for an LEO trading online voucher. Under this scheme, vouchers of up to €2,500 may be available to suitable businesses. Further details on eligibility and application is available from your LEO.
Microfinance Ireland – which works very closely with LEO – provide loans to small businesses with no more than 10 employees, including sole traders and start-ups. The loans of between €2,000 and €25,000 are for commercially viable proposals. Find out how to apply on www.microfinanceireland.ie. It is also advisable to seek advice on other sources of support, like banks and Credit Unions.
Learn more about your business investment requirements by registering for the free LEO Start Your Own Business Programme at www.localenterprise.ie