By Tom O’Leary

Thinking of Starting a Business?
Starting a business and self employment is becoming more of an option for people due to lack of jobs or the need to have greater flexibility.

Before you even begin to dream of becoming the next great entrepreneur, think long and hard about what having a business will mean. Here we will outline the top 3 things every person should do before they start a business:

Is there a customer?

Have you identified a customer for the product or service you want to sell? Is there enough of these customers and why would they buy from you? Who else is selling similar or alternative products?

Know your financials.

How much do you need to start the business (premises, stock, equipment etc.)? How much will the business cost to run each month (utilities, rent, insurance etc.)? Finally, how much do you need to draw from the business each month? Add up the cost of loan repayments, running costs and your drawings and be honest – do you really believe the business can generate enough sales and income to meet these costs each month.

Get advice.

If you are confident then seek support from agencies such as Kerry Local Enterprise Office which provides training and mentoring for start ups. Also speak to other business people and spend a lot of time researching the idea. There are numerous websites with information on starting a business in Ireland e.g. www.basis.ie

* Tom O’Leary of O’Leary & Associates is a business consultant and trainer based in Tralee and has been working with start up and micro enterprises since 1998. He currently runs training programmes for start ups in Kerry, Cork and Limerick. If you need advice or direction about your business idea, Tom can be contacted directly by email tom@olatc.ie