Introduction

Starting a business can seem like an overwhelming task when you’re trying to consider every aspect of the process, do the steps in the right order and “get it right from the start”. Starting out on your new venture should be a fun and exciting process and with this simplistic guide to the steps involved, it will be!

The 10 steps

1. Market research

The first step is to find out what the demand is for your idea. Whether it’s an e-commerce store on Shopify, an SEO agency or a vintage shoe repair business, it’s important to understand what the demand is for what you’re going to try to sell. Look at what similar businesses already exist, do polls on your Instagram story and ask friends and family. Get creative with the process and take notes!

2. Business name

I love this part! As a branding designer, I love getting the opportunity to help people develop a name for their business. It’s no longer enough to just take your name and put your area of business behind it and call it a brand, for example, “John Flynn Engineering Ltd”. It’s fine but it’s not that appealing in a world where branding is now so prominent. Take time and create a name that means something to you.

3. Business type

Next, you’ll need to decide what type of business it’s going to be. The main options are: sole trader, partnership or limited company. Each have their own advantages and disadvantages such as the different tax brackets. For more information visit thinkbusiness.ie who break down the pros and cons of each very well.

4. Register your business

Once you’re happy with the name you’ve picked and the type of business it’s going to be, it’s time to make it official. Visit the CRO (Companies Registration Office) website and complete an application to register your business name. Once you’ve registered successfully, you’ll receive a certificate in the post which includes your company registration number.

5. Set up your business bank account

You’re going to need somewhere to keep all the money you make from repairing those vintage shoes. Setting up a business bank account is a pretty simple process but it needs to be done before you start trading. I’d recommend setting it up with the bank that you already use for your personal account. However, Revolut and N26 are also options worth considering if you want to jump on the new age bandwagon and reduce your bank fees.

6. Register with Revenue

So, you’ve got somewhere where you’re going to keep your money now but odds are, you won’t be keeping all of it. You’ll more than likely be paying a certain percentage (depending on what business type you picked) back to the government as tax. Make sure you understand what rules apply to your business by visiting the Revenue website where you can also register.

7. Get your branding designed

This is the really fun part! I probably say this because I get to work with all sorts of interesting clients on their branding designs. It’s a very inclusive process and it’s important that there’s a strong connection between the client and the designer. Your brand needs to be unique and really mean something to you. This helps to bond you more deeply with your business. Branding involves your logo design and brand guidelines which includes a unique colour palette, typographies and more.

8. Create your print and web content

Once you have your branding beautifully designed and tattooed on your arm (please don’t do this) you’ll want to get your print and web materials created. This includes everything from your business cards to your website and even social media content. I always tell my clients that the most important aspect here is consistency. People need to be able to recognise your brand, relate to it and build a connection with it. That’s why it’s critical, in my opinion, to get your print and web material professionally created.

9. Funding

Some people won’t need funding and that’s fantastic but even if you feel like you don’t need it, there are an abundance of options out there to help you on your way. If you’re planning on trading online then LEO (Local Enterprise Office) have a “Trading Online Voucher” which can be highly beneficial along with many other options. If you’re located in a Gealtacht area than you’ll need to apply through the Údarás.

10. Marketing plan

Last, but definitely not least, you’ll need a plan as to how you’re going to get paid. How will you reach your customers? A well thought out social media campaign and having a well-designed website would be the top two options in the beginning. Eventually, word of mouth will probably rank higher but that comes with time. You’ll need to put a plan in place to get your desired message across to your target market either through paid marketing or organically, for example, by building an engaging Instagram page.

Conclusion

Once you break it down, the whole process is a lot less overwhelming than it may have seemed. As long as you make sure to cover yourself legally by registering with Revenue and the CRO and setting up a separate business bank account, then you can have fun with the rest of the process! 

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