any advice for budding a entrepeneur?

Bard · 22-01-2002 5:29pm #1

I'm considering starting my own company. What industry, area, etc. doesn't really matter- I'm just looking for general generic advice from those who have done it before.

Any pointers or guidelines you'd have would be super.

Cheers,

Washout · 22-01-2002 5:40pm

As far as I know you also have to post the things as well....but if it was just folding them or stapling them together from the luxury of your own home then and thats the only thing thats involved then doing it for a little while i would consider..

but i do think you have to get out there and push them through the letterboxes as well.

Bard · 22-01-2002 5:42pm

Thats nice Washout...

wrong thread though :rolleyes:

Washout · 22-01-2002 5:45pm

your last post was in the other thread... you moved it on me..
you did have a comment in it saying it should be in the other thread. must have hit submit while you changed it
sowwy

Tazz T · 22-01-2002 10:32pm

The wise thing, Bard, is to do what you know best. Whatever your area of expertise is - stick with it and make sure you keep in touch with everyone you used to work with previously.

I recently went freelance myself and half your time is spent trying to drum up opportunities.

I'm interested in starting a business myself but haven't come across anything that would become financially viable for at least 6 months. What this means is you need enough cash to keep you going until you become profitable, which, in turn, means you have to gamble with your life savings. And unless you're 100% certain you can pull it off, you risk losing everything.

Incidentally, do you mind if I ask what you do?

Victor · 22-01-2002 11:08pm

Decide what type of firm you want: http://www.cro.ie/
Register for tax: http://www.revenue.ie/
Register for PRSI: http://www.dscfa.ie/

Get paid on time or walk.

Bard · 23-01-2002 10:19am

Originally posted by Tazz T

Incidentally, do you mind if I ask what you do?

Don't mind at all... I'm a web developer. I've got quite a strong CV and Portfolio under my belt, with some great web sites - some of them for very big name companies.

I'm also experienced in network installation and computer upgrades and repairs, hardware, software and Internet support, and basically everything that comes under the "Computers" umbrella.

I'm currently working part-time as a barman just to pay my way ... have wanted to be my own boss for quite some time.

Figment · 23-01-2002 11:49am

link up with your local enterprise, small business helping type group, board.
They will give you loads of advice, free services to help you start off, advice on any grants you might be elegible for. And even if they cant help you that much that way, they will help you link up with loads of local business' which could be a great source of jobs for you.

I used to deal with them before when i was going to start up my own business in drogheda (before i decided to feck it and go back to college, which was what i really wanted to do).
They have regular start your own business courses were great and were also populated by local business people.

mayhem# · 23-01-2002 11:55am

Get a good solicitor & accountant...

The Corinthian · 23-01-2002 1:44pm

Regardless of the company type, most of your time will be spent doing sales or admin. I’d echo the view that you should go for what you know best – WebDev, it would appear.

Get a Web site up, have cards printed keep your costs low (work from home, don’t stay on-line too long

). Start going to industry events and seminars and network (come home with other people’s cards and not your own). Approach companies cold, or use friends and other contacts to get you introductions. Keep every receipt you get (within reason). Avoid job agencies.

Learn how to write a tender proposal (assuming you don’t already). Start pricing everything you do in your head, you give nothing away for free anymore. As for what to charge, depends on a combination of market rates and what’s the minimum amount that will make it worth your while (assume that you’ll only get paid for two days a week as the rest will be swallowed up by sales/admin).

As a freelancer, you’ll often club together with other freelancers on projects – it’s easier to get projects when there’s a two or three of you. Get signed specs or contracts for everything you do. And beware of tyre-kickers who’ll look for free advice/work and will string you along with the promise of paid work.

Do have some money saved up as you may be waiting for your first cheque, even if you have your first contract now.

There are other considerations, such as incorporation, insurance, tax, accountants and solicitors, but if you’re beginning by freelancing, I’d concentrate on the sales first and tackle the rest as you go along.

seamus · 23-01-2002 1:45pm

Originally posted by mayhem#
Get a good solicitor & accountant...

And don't get screwed by them. Check out how much it costs to register your company name. I think it's somewhere in the region of €250, but some accountants will charge upwards of €500 to do it for you, when all they have to do is fill in a forn and post it out. If you do need a decent, honest accountant, give me a pm.

Oh and another great tip - hire me for all your non-webdesigning computer needs,

The Corinthian · 23-01-2002 1:57pm

Originally posted by seamus
And don't get screwed by them. Check out how much it costs to register your company name. I think it's somewhere in the region of €250, but some accountants will charge upwards of €500 to do it for you, when all they have to do is fill in a forn and post it out. If you do need a decent, honest accountant, give me a pm.

http://www.cro.ie/price.htm

meglome · 23-01-2002 2:00pm

yes a good accountant is essential, you may pay a bit extra but they should return it in spades. Lots of hard work too

and lots of luck.

Tazz T · 25-01-2002 4:53am

One good job is what you need to get started and it seems to me that The Corinthian has just posted it, Bard.

I'm a Content Provider. Any chance of your email address?

The Sweeper · 25-01-2002 1:02pm

I'd say try for in-house consultancy first. You're your own boss, you agree to make an appearance, say, four days a week, your role is to examine the companies current [insert area where your expertise would make use useful], present a VAGUE proposal with some original points on how you can make things better. (NB on the VAGUE or the bastards will take your proposal and up and do it all themselves.)

Even if you only hang about for six months, it's a start - you've been self employed essentially for half a year, but because you have a consultancy contract the money thing hasn't been too horrific.

IMO there's little or no point approaching a large company and presenting yourself as a consultant - you should start with small charity organisations for instance, or rights/welfare groups. Their web comms are very important to them because it's a major point of contact, and they can have surprisingly large budgets for same. Source them by examining what sort of comms they have at the moment - pick the ones with a largish name and a crappish website and swoop.

Also, if you do break in, they are exactly the sort of organisations where word of mouth about how fab your are will spread.

The only other thing I'd say is aim to do web development for a company/organisation whose business you know something about - then you can present your knowledge as an additional asset.

That, and religiously bank 55% of everything you take in in a high yield account because it might as well do something for you while it's waiting around for the tax man to take it.

You may have to live like a pauper for a while but you'll be happier come December.

alb · 26-01-2002 12:20am

Whatever you do, prepare to work extremely hard. You won't succeed without working your ass off to start with and giving 100% to it. If you arn't prepared to then you're probably wasting your time.

The Corinthian · 26-01-2002 11:32am

Originally posted by Minesajackdaniels
I'd say try for in-house consultancy first. You're your own boss, you agree to make an appearance, say, four days a week, your role is to examine the companies current [insert area where your expertise would make use useful], present a VAGUE proposal with some original points on how you can make things better. (NB on the VAGUE or the bastards will take your proposal and up and do it all themselves.)

Good idea. Another spin on this is whereby you can get yourself a free desk/phone/Internet connection by trading some of your time for it. Don't trade too much of your time though.

Samba · 04-02-2002 2:48pm

Bard,

I would be very interested in talkin to you about an idea which i have for an online venture.
It' s a very original and innovative idea.
I will also be coming in to a considerably large amount of money within the next year.

At this stage i am considering leaving college to pursue this idea as I have experience in setting up a business.

Would you like to meet up for a coffee and talk about this sometime maybe?

E.mail agentbubble@hotmail.com

WhiteWashMan · 04-02-2002 4:01pm

Originally posted by Samba
Bard,

.
I will also be coming in to a considerably large amount of money within the next year.

can i be your friend?

b20uvkft6m5xwg · 04-02-2002 5:25pm

Do a SWOT analysis.
[Go google it to get an idea what I mean.]

If you bear that in mind the rest should fall into place;)

Samba · 05-02-2002 12:05am

Originally posted by WhiteWashMan

can i be your friend?

Ehehe,

no

How ever a full time web designer would be required prefereabbly one with a talent for graphic design/design.

Here is a very good little tip for ya bard, especially for when your business becomes very lucrative, hire a tax consultant, there are a million and one tax loop holes that can be taken advantage of, whilst staying on the right side of the law.

Again, gimme a shout and this can all be discussed

I know a few people who gave me very good advice on this matter in the past.

Stephen · 05-02-2002 2:25pm

Originally posted by 80project
Do a SWOT analysis.

Jebus, the Leaving Cert Business memories come flooding back...

Strengths
Weaknesses
Opportunities
Threats

Terminator · 15-02-2002 10:09am

Set up as sole trader :

pros:

1. Register business name - costs approx €30 at the companies registration office opposite the garden of rememberance.
2. Set up business account with AIB / BOI - costs nothing.
3. Don't have to bother with accountants, solicitors, tax, prsi until you're earning around €30k.

cons:

1. can't claim tax back on any purchases.
2. If something goes wrong you're liable.

But hey its a first step

any advice for budding a entrepeneur?

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