So you have a great business idea and the “know how” to make it work and you want to start your own business. Here are the 5 key questions you need to face to get things right from the start:
1. What is the right business structure for me:
Should I be a sole trader, should I form a partnership with one or more others or should I think about setting up a limited company?
2. How to I get my new business off the ground?
I need to create a business plan which maps out the way forward in a way which makes sense to me – not just for show! This plan should include forecasts of how the business will grow and which shows potential backers that I know what I am doing.
3. Raising private finance for my venture
With my business plan in place, I need to think about where the money will come from to get me up and running. Should I approach the bank or would my business appeal to private investors?
4. What about grant aid?
Are there any grand aids or support that I am eligible for? If so, when do I need to start working on filling out the applications?
5. Do I need to set up financial controls and tax compliance procedures?
The short answer is YES. Setting these up properly from the start will save a lot of grief and time further down the line.
At MLMG, we have a depth of knowledge and experience from decades of working with new and expanding businesses. We are there when you need help with making key business decisions, so call us on: +353 (0)74 9321420, email us on info@mlmg.ie or call in and see us at: St Helens, St Oran’s Road, Buncrana, Co Donegal, Ireland