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Where to get advice for setting up a small business?

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  • 03-05-2013 3:38pm
    #1
    thehamo
    Registered Users Posts: 2,048 ✭✭✭


    Hi,

    I'm looking to set up a small venture (gym) nothing huge by any means. Im just wondering if anyone knows of anywhere that can help with setting up a business? Im at a loss as to where to start. Im estimating about 5000 as startup finance and would need a small business loan. Would I need a detailed business plan for this? also, Insurance, what do I need, I have my own personal public Liability insurance but would this cover the building etc? What tax implications are there etc??

    Would be very greatful if anyone could help or at least point me in the right direction!


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    #2
    Lyn256
    Registered Users Posts: 857 ✭✭✭Lyn256


    Your best bet would be to do a 'start your own business course'. They're available at very low cost from most county enterprise boards or through FAS.
    There's a lot that you need to know before you open a business both legally and practically and such a course would provide you with a lot of info that you need.
    Have you done a business plan?? None of the banks will touch you until you have a comprehensive business plan and at that they will give you less than half of what you want.
    Have you done any market research? Is there a definite need for a gym in the location that you're interested in?
    What way are you going to set up-sole trader or company?
    Are you planning to have staff-are you up to date on all the relevant legislation in relation to having staff (there's a LOT of paperwork that you're obliged to have).
    €5000 sounds like very little money to set up a gym-I'd have thought that your equipment alone would set you back €20,000 + for a small place . . .

    These are just a few questions that you need to be able to answer before you consider opening a business.


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    #3
    Hanley
    Banned (with Prison Access) Posts: 21,981 ✭✭✭✭Hanley


    C'mon!!!!!!!!


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    #4
    IpreDictDeatH
    Registered Users Posts: 267 ✭✭IpreDictDeatH


    You will deffo need a business plan for a bank loan. Plus its a good idea to do one for yourself too.Ring up a commercial insurance company and ask them what you would need, and get a rough quote. They're all very helpfull, just pick up the phone. Your local enterprie board should be able to help also, but there is lots you can learn yourself without having to do a course. If you are opening a business you have to emmerse yourself in the idea for months, calculate and study every angle. Buy books on everything to do with that business, join every forum. I recently started my own business and learned it all by myself. Insurance, book keeping, legalities etc...If you're serious enough about setting up a business you will do it. Peeps on here are great for answers to specific questions also.


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