Starting up a Business

Black_Couch

Anybody have experience of setting up a company here? I'm trying to do it part-time, theres a few of us doing it. We haven't really come up with the idea for the business, obviously I know people aren't going to post up their ideas here but I'm moreso looking for tips on starting the company up in general, do's and don'ts etc.

Thanks.

Savman

Black_Couch wrote:

...setting up a company.....part-time...theres a few of us doing it...haven't really come up with the idea for the business....

Er, not very promising so far...:rolleyes:

1. setting up a new business "part time" doesnt work in theory
2. how many people do you need on board for a "part time" business?
3. brainstorm a business idea before deciding to go any further

democrates

Agree with savman.
If you need to take calls in office hours forget about an evening/weekend operation if your customers are business rather than consumer.

And if you're spending time worrying about company formation when you haven't got solid business plans, go back to the drawing board. Please tell me you haven't been picking titles already. Can you work together? Who has investment capital? How will shares be allocated? Who can work full time and when, and how much will they be paid? Who will have a pension plan through the business? Who pays pre-trading expenses?

Fine, look up golden pages and pool your money to pay for a company formations outfit to get you incorporated as equal shareholders and directors, all on paper, but what then?

First question is have you a potential position in a market. Who is going to give you money, why, how much, and how often? Then bring in the legal/accounting admin professionals.
Check out the www.cro.ie for incorporation info, and the websites under 'company formations' in the golden pages or google with 'site:.ie', as part of your education process.

Karoma

Do do a course(grammar is my forte.) or get a book.
Do sit down and braintstorm.
Do sit down and work on a business plan.
Don't set up a business with friends.
Don't eat beetroot.

democrates

Classic!
Never liked beetroot. Sick purple poison.
Friends can work in business, but friendship roles (listener, spouter) can be very different to business roles (actor, passenger), and business realities can bring out the differences in ways that some can't handle.

Don't give up black_couch, develop your own possibilities first, and only when others are equally prepared consider them as potential partners.
Sure, everyone will agree they want to be self-employed and are totally up for being in business, but who's going to make it happen? Turning up for a meeting and making positive noises and proposing amazing futuristic possibilities is not enough. Action, results, NOW! That's all that counts.

PRman

Have to agree with the previous posters - there's not much trouble going to all that expense and red tape unless you have a solid business idea. You need to put together a business plan. Who are your customers, what benefits do they look for and value? Are you going after a niche market or the whole market? What is your pricing stategy? Is it financially viable? How much money do you need? etc etc.. Once who have all this sorted you can go and do the legals of putting a company together. Theres a company called CBF Consultants who can advise on all aspects of starting a business. Look at their website www.cbf.ie for pointers. I would also speak to Enterprise Ireland, your bank and other potential investors. Best of luck!

AARRRGH

PRman wrote:

I would also speak to Enterprise Ireland...

Beware that these guys don't give a **** about new companies. If you're established they might give you cash. If you're already exporting loads they might give you cash. But if you're new...they don't care

Dubhelp

Also you have to have a neck like a jockeys bollox. Dont hang around and wait for the phone to ring, at any given opportunity take the opportunity. You arent out there to please anyone else you are there to make money. sounds harsh but that is your purpose. You dont make money you upset lenders, friends etcetc. Also in the partnership write down exit strategys, takeover proceedure, share sale proceedures etc. If you put one penny of your own money into the business record it.

Part time my ass, learn what full time means !

Black_Couch

Cheers for the advice lads. To put things into context, I'm in college studying business so I can only go full time in the summer. Theres a competition in college where you can win up to €40,000 for just making out a business plan but obviously the idea is a critical aspect of the plan. This was just an incentive to start it up but really I'm aiming far higher than this and past it. Its just basically an excuse to get me going. I am taking this up with friends from college but they are just as determined in setting it up. A major session of brainstorming is needed I guess, and a good deal of hours along with it.

Thanks again for the advice.

steve-hosting36

Also have a look at www.basis.ie - the Govt. website for business.

Black_Couch

Yea i also found this, http://www.shell-livewire.ie/

is_that_so

Bank of Ireland have some downloadable business plans and other useful documents. http://www.bankofireland.ie/html/gws/business/start_your_own_business/index.html

Dubhelp

Take 5 euro and see if you can turn it into 10, then the 10 into 20. dont mind the banks start up advice ...try that simple method at the start. See if you can do it without losing the 5.

AARRRGH

Slightly OT here...

Dubhelp: I like the idea of your site www.mytrade.ie. You should get rid of registration for non-tradespeople though!