So you have gone out on your own. You have the CRO registration as a Company, partnership or sole trader; you have the name, the bank account. And of course you have the idea, product or service but now what?
Here’s the checklist of some things you will need to consider:
Where will you work?
- You need to keep your overheads down, so the obvious solution is to work at home.
- All you need is a phone line and computer and off you go.
- Working at home is fine and works well for most people most of the times. But what happens when:
- Your client says “can we meet in your office?”
- You are on an important call and the doorbell goes or the kids walk in?
There is no need to take a full-time office or long-term lease. Consider using a serviced office environment that has professional, comfortable working space with phone, broadband, meeting rooms and allows you to use the space for anything from an hour to a year and you only pay for what you use and doesn’t lock you in a minimum agreement;
Your Phone Number
It looks better to have a landline number than just mobile. You can re-direct your landline to your mobile at minimal cost (Typically 30c to redirect, plus the cost of call to your mobile).
But what do you do when you are on holidays or when you are busy? How do you pick up messages?
Consider using a ‘virtual office’ solution.
When choosing your actual phone number, consider getting a non-geographic number or one that you can take with you if you decide to move (home/office/country).VoIP providers can give you a number which is a Dublin number that you can take anywhere.
Your Business Address
Whether you are working from home or not, consider whether having your home address (e.g. Apartment 3b, Block 2) on your business card, website and stationery suits your professional image.
Would you be better off with a business address? Avoid post office boxes at all cost!
Consider getting a business address where you can actually work and have meetings to provide a highly professional and seamless image to your client.
Admin and Book-keeping
Most of the time you can do your own admin. Its straight forward and you have time to do prompt invoicing, filling and check the invoices are being paid. But what happens when you get busy? Or are on holidays when the VAT return is due?
Consider outsourcing your bookkeeping. For example we offer clients an “a la carte” menu of services they can choose from so they only pay for what the need. We work around the client’s needs to come up with the best solution for them.
You need professional support that understands your business but only charges you only for the services and hours you need.
In Summary
In short, having the company name and the product or service is a great start, but get your administration right from the start and it will save you time and money in the long run.
Every year, about 20,000 Irish people – and many recent immigrants – Start businesses ranging from small part-time service businesses to significant well-funded high-tech firms.
Getting Started
If you are thinking of starting a business you need to consider many steps, including your suitability and readiness for the role of entrepreneur and managing director of your own company.
Think of your skills, experience, education, contacts, financial situation and health.
Research has shown that successful entrepreneurs have drive and energy, good leadership qualities, problem-solving skills and the ability to take initiative.
If that is you then all you need now is to figure out what the best set up for you is and what is the most tax efficient set-up for you. Talk to an accountant who can best advise you.
