One for the diary folks! Vodafone are holding the next Smart Start up event in Fallon & Byrne on the 22nd May from 7 – 9.30am…

The guest speaker on the morning will be Ramona Nicholas of Dragons Den. If you have not been to a Smart Startup event before then you are in for a treat. They are a fantastic opportunity to network with other small businesses and gain valuable insights from leading industry experts.

For more information and to register follow this link: http://startups.vodafone.ie/events/

See you there!!

We are delighted to announce the the 2013 Startup Awards are now open for entry!

ABOUT THE AWARDS

The Startup Awards are all about recognising the very best of young Irish businesses and rewarding them for their innovation, endeavor, and graft.

By celebrating that entrepreneurial spirit, the Startup Awards seek to drive Ireland’s new business forward both in 2013 and beyond.

We are inviting entries from young Irish companies, partnerships, and sole traders in categories across all sectors of the economy.

If your organisation is trading in the Republic of Ireland, is privately owned, has been in business for less than three years on April 10th 2013, and employs 30 staff or fewer, then we want to hear from you.

Enter today by completing the form on the www.startupawards.ie website and be this year’s success story.

The Startup Awards are brought to you by startups.ie

Getting your business structure right from the start is important, In this post we look at the basic structures of a limited liability company..

What is a company?
A limited liability company is a legal entity registered with the Government. It is widely accepted as the preferred structure for conducting business under. A company carries many advantages with it as well as some legal obligations that company Directors must adhere to.

Limited companies exist in their own right, distinct from the shareholders who own them. This means their finances are clearly separated from the personal finances of their owners.

Shareholders may be individuals or other companies. They are not responsible for the company’s debts (unless they have personally guaranteed a bank loan, for example). However, they may lose the money they have invested in the company if it fails.

Management and raising finance
A director or board of directors make the management decisions.
Finance comes from shareholders, borrowing and retained profits.
Public limited companies can raise money by selling shares on the stock market, but private limited companies cannot.

Records and accounts
Accounts are filed with the CRO.
The directors and secretary are responsible for notifying the CRO of changes in the structure and management of the business.

Profits are usually distributed to shareholders in the form of dividends.

Liability -Shareholders are not personally responsible for the company’s debts, but directors may be asked to guarantee loans to the company.

Choosing a name for your company
Choosing a name for your business is a creative and enjoyable process. It is also one that you need to get right. Customers will deduce a lot from your business name and first impressions count.

While it may be tempting to try to stamp your individual personality on your business name, there are many other issues to consider. Being objective and choosing a name which reflects your business strategy can be more valuable, especially as your business develops.

Creating the right impression
When you are generating ideas about a business name, you initially may want to focus on personal preference. However, an objective approach will enable you to consider the customer first.

Remember that your business name will be the cornerstone of your brand. It should work well wherever you use it – on the phone, in your logo, signage, stationery, advertisements, website, uniforms and any other media you plan to use to reach the market. See our guide on branding: the basics.

Points to help you decide on a name for your business
Do you want the name to reflect what your business does – framing, moving, cleaning, building? Or would something more abstract be suitable?
Would it be a good idea to include your own name?
Do you want a traditional-sounding name, conveying durability and old-fashioned values, or a modern name, suggesting a fresh, innovative approach?

Think about the future – avoid words or phrases that are likely to date quickly.
If you’re likely to be trading overseas, check that the name doesn’t mean anything inappropriate in the relevant languages, and that it can be easily read and pronounced.
Think about callers and customers – avoid very long names, strange wordings and unusual spelling.

Company names – the rules
To make sure your company name is acceptable, work through this list before you send your application to CRO. Ensure that:
your company name ends with limited, or Irish equivalents – this must not be used anywhere other than at the end of the name
the name isn’t offensive
the name isn’t the same as – or very similar to – one already in the register
the name doesn’t include any sensitive words or expressions – unless you have obtained permission to use them

The Next Vodafone Smart Startup Networking event will take place in Dublin on the 13th February from 6-9pm in the Conrad Hotel….

The Smart Start-up Network events are a fantastic opportunity to network with other Startups and to get expert advice from leading entrepreneurs and mentors. We attended to first event in Vodafone HQ and had a fantastic evening. We left the event with a hoard of great new contacts and loads of tips on how to improve our business. If you are a Startup business this is an opportunity not to be missed. Further events will take place nationwide throughout 2013…

“We’ve been overwhelmed by the reaction of successful entrepreneurs who want to get involved in the programme and support emerging Irish start-ups,” Vodafone Ireland’s Small Business manager Claire Reynolds said.

“We feel we’ve taken a different approach – we’ve been listening to start-ups who said they want to build business knowledge, particularly around how technology can enable growth. The programme will reach businesses right across the country, supported by a regularly updated site and mobile app.”

To give you a flavour of the recent Smart StartUp Network event in Galway here is the link to the highlights

http://www.youtube.com/watch?v=cGQxPbvzf7Q&feature=youtu.be

For further information visit: http://startups.vodafone.ie/

Well 2012 is behind us now and we are at the start of a new year. Last year was a major challenge for many of us, I would like to wish you all a exciting and successful 2013…

The start of a new year is always a great time to regroup, rethink and reposition whatever ship you are in (sinking / taking on water or Steaming ahead!). Personally last year was a challenging one, retail was under severe pressure from a nosedive in consumer spending as everyone tightened their belt. On the other hand a lot of hard work on the online retail side has started to pay off and I am very optimistic and excited about the growth potential in this area for 2013.

One of the highlights of last year was of course the very first Startup Awards! the award ceremony was held in the Burlington hotel on the 24th of May. We were blown away by the quality of the entrants and the sheer positivity on the night was amazing. We are already gearing up for this years awards which we know will be even bigger and better but I can’t tell you too much about our plans just yet!

At Startups.ie we are expanding the size and scope of our operations, to achieve our goals we are going to need some help so I am putting a call out for a part time website Business Development manager to join our team – please contact me at info@startups.ie if you would like to find out more information on this..

Whatever your hopes and dreams are for the year ahead I wish you all the best, we are here to help in any way that we can, if you would like us to profile your new Startup on the site just get in touch (info@startups.ie) any specific questions should be posted on the forum where the community can hopefully help you get the answer you need..

With Best Wishes,

Stephen Dillon
Founder Startups.ie

“The future belongs to those who believe in the beauty of their dreams.”
Eleanor Roosevelt

Do you need access to funds to help you get started? Well then you better sit up and pay attention! Introducing Microfinance Ireland!

The Minister for Jobs, Enterprise and Innovation Richard Bruton TD has announced that the €90million Microfinance Scheme will be open for business from 1st October.

Applications from businesses and sole traders across all sectors employing up to ten people who have been refused credit by the banks for loans of up to €25,000 will be accepted and processed. Further details, guides and application forms can be found at County and City Enterprise Boards and at www.enterpriseboards.ie

The Scheme will initially facilitate €40million in additional lending over the next five years to businesses employing not more than 10 people, with provision for the scheme to be extended to provide an additional €50million of lending over a further five years at that point. Start-ups, sole traders and existing microenterprises will be eligible to apply for a loan under the scheme.

Over the lifetime of the ten-year Scheme it is expected that over €90million in additional lending will be provided to 5,500 micro-enterprises with the creation of an expected 7,700 jobs. The Scheme will be operated by Microfinance Ireland.

The Minister made the announcement at Dux & Co, a catering business which was established two years ago by John Coady and Leah Duxbury, which was refused credit from the banks, benefited from microfinance lending, and which has recently opened a café and now employs eight people.

Today’s announcement represents delivery of a key commitment under Action Plan for Jobs 2012.

Making the announcement, Minister Bruton said: “Government does not create jobs, people and businesses do. The role of Government, and the centre of our plan, is to make it easier for businesses to start-up, expand, succeed, and create jobs. The Government’s Microfinance Scheme, which will provide up to €90million in lending to 5,500 businesses which otherwise would not get credit, is a key part of this plan, and will help create over 7,700 jobs over the next ten years. As in the case of the Loan Guarantee Scheme, the Development Capital Scheme and the Innovation Fund, this is Government getting involved in filling gaps in the market and supporting viable businesses which can create the jobs we need.

“Dux & Co provides an excellent example of the benefits of micro-finance to the economy. Two years ago John and Leah left office jobs and started their own catering business. As their business expanded they needed access to credit, and when they were refused by the banks they obtained microfinance lending. When Minister Perry and I visited this premises three months ago they were preparing to open a café and take on new staff. Now they employ eight people and are open for business.

“The Government is acting to ensure that a much wider range of businesses who are refused credit by the banks have access to microfinance lending, and I am delighted to announce that the Microfinance Scheme is now open for business. Start-ups, sole traders and micro-enterprises who have been refused by the banks can from now apply via their local CEB for loans up to €25,000 to expand or to get their business off the ground. I urge people with business ideas across the country to speak to their CEB, get their business off the ground and create the jobs we need”.

Speaking at the launch, Minister for Small Business, John Perry TD said “It is only by creating the right environment for businesses to expand that we will see new jobs coming on stream, and addressing their financing needs is a crucial factor. We must champion the cause of the microenterprise sector, to build new opportunities for them to grow, to hire, and to support Ireland’s economic recovery”.

Chairperson of Microfinance Ireland, Ms. Geraldine Kelly said “MFI looks forward to playing its role in supporting commercially viable microenterprises that do not meet the conventional risk criteria applied by banks. MFI is pleased to work in partnership with CCEBs in executing its national mandate in supporting jobs”.

The key features of the scheme include:

• It will be operated by Microfinance Ireland, a subsidiary company of Social Finance Foundation, which was founded in 2007 by the Minister for Finance, and has substantial experience in this area

• Businesses, including sole traders, across all sectors employing not more than 10 staff and with a balance sheet and turnover of less than €2million will be eligible for the scheme

• In order to be eligible for the scheme, a request for credit must first have been declined by the banks. The Scheme will provide loans for commercially viable proposals that do not meet the conventional risk criteria applied by the banks for various reasons, including the absence of collateral

• The scheme will be demand-led

• In the initial 5-year phase, €10million of Exchequer funding will be leveraged to achieve a total of €40million in additional lending

• In the initial 5-year phase, more than 2700 microenterprises are expected to benefit from the scheme with the creation of 3,800 jobs

• Loans of up to €25,000 will be provided, and the average loan is expected to be €16,000

• An application will be made by Microfinance Ireland to the European Investment Fund for a guarantee to help optimise the State’s investment

• CEBs/LEOs will actively engage with applicants in the development of business propositions

• The Scheme will be closely monitored and will be comprehensively reviewed after two years of operation
The Microenterprise Loan Fund will form part of a suite of finance schemes provided through the Department of Jobs, Enterprise and Innovation to businesses of a range of sizes and in a range of sectors, including:
• the €450million Credit Guarantee Scheme, for SMEs which because of a lack of collateral or because of the sector they operate in face difficulties in accessing traditional bank credit

• €125million invested by Enterprise Ireland through Innovation Fund Ireland, targeted at high-growth, high-tech early-stage companies based in Ireland. This investment by the State will leverage significant private sector investment

• The €150million Development Capital Scheme, aimed at mid-sized, high-growth Irish companies operating in traditional sectors

Microfinance Ireland (MFI) is not intended to replace any current bank lending nor is it intended to address any broader deficiencies in the banks’ provision of lending to the SMEs sector. Loans of under €25,000 will only be available to individuals who have had their request for loan finance declined by the Banks, and it would be a prerequisite for any loan granted under the scheme that there should have been a bank assessment of a loan application and a formal refusal by that bank to provide the credit for stated reasons.

As part of the Action Plan for Jobs the Government committed to delivering an improved support service for micro and small businesses. In line with the Government’s Strategy of a ‘one stop shop’ for enterprise support, most loan applications will be made through the nationwide network of County Enterprise Boards. CEBs can provide assistance with training and preparing business plans and they will carry out an initial evaluation of the quality of the business proposal/loan application before sending it on to MFI.

In the first 5 years, €10m of Exchequer funding supplemented by €15m of Bank funding will be used to achieve €40m in new lending. During this initial period, more than 2,700 microenterprises are expected to benefit from the scheme and the creation of 3,800 jobs will be supported.

The establishment of Microfinance Ireland is a key component in the suite of new Government initiatives aimed at ensuring an additional flow of credit to the SME sector.

www.microfinanceireland.ie

Ronan Walsh talks to Startups.ie about his new online business www.mytoysdirect.com

Company: My Toys Direct

Date started: Site went live on the 1st of July

Tell us what your business does?

We are an online toy and gift store with a strong emphasis on educational toys and toys that promote and encourage creative learning. We are one of the first online toy stores to appeal to both parents and children. We want our brand to become more than just a site focused on sales. We are developing a children’s blog to run alongside our site, which will be ‘written’ by our mascot, the dragon and will link into parts of the primary school curriculum. We are also developing links with parenting sites to promote and highlight the importance of toys in learning and development.

Where did the idea for your business come from?

Too many sites are focused solely on sales, they don’t look for or want shopper engagement. So, I decided to launch a toy shop that was fun and bright, something that would appeal to children and parents. As mentioned above I hope to develop the brand into something more than just another Toy Shop. I want it to be an all-round fun and enjoyable shopping experience.

Have you always wanted to run your own business?

Always, since I was a kid. Business and entrepreneurship amazes me and I love being involved in it.

What planning did you do before you started up?

I first started working on the idea in early 2011, coming up with my concept and what I wanted to achieve. A lot of planning and research went into it, and a lot of work to get us this far.

Which entrepreneurs do you admire?

Several well-known ones Richard Branson, Bill Cullen, Duncan Bannatyne. Also, some of my close family are involved in business and my main admiration would lie with them

What challenges have you faced how have you overcome them?

I have been asked this question before the best way I can describe it as being at the bottom of Mt. Everest and looking up. It is and will continue to be a massive challenge, I am starting a business in a difficult economic climate and I’m competing with some very well established companies in the sector and will face challenges every day.

Hard work and belief in my idea have helped me overcome challenges such as sourcing products and marketing on a small budget.

How have you promoted your business?

So far our marketing has been very low key, I have got some support from media outlets in Galway which helped to get the name out there. As we are an online only company our main promotion will have to be digital based and through social media channels especially Facebook and Twitter.

Are you optimistic about the remainder of 2012?

Yes, very much so. It will be difficult and challenging but I am looking forward to it.

www.mytoysdirect.com

Starting a business can be Child’s Play -Ronan Walsh talks to Startups.ie about his new business My Toys Direct..

Company: My Toys Direct

Website: www.mytoysdirect.com

Founders: Ronan Walsh

Age: 28

Based: Online store based in Galway

Staff Number: 2

Date started: Site went live on the 1st of July

Tell us what your business does?

We are an online toy and gift store with a strong emphasis on educational toys and toys that promote and encourage creative learning. We are one of the first online toy stores to appeal to both parents and children. We want our brand to become more than just a site focused on sales. We are developing a children’s blog to run alongside our site, which will be ‘written’ by our mascot, the dragon and will link into parts of the primary school curriculum. We are also developing links with parenting sites to promote and highlight the importance of toys in learning and development.

Where did the idea for your business come from?

Too many sites are focused on solely on sales, they don’t look for or want shopper engagement. So, I decided to launch a toy shop that was fun and bright something that would appeal to children and parents. As mentioned above I hope to develop the brand into something more than just another Toy Shop. I want it to be an all-round fun and enjoyable shoping experience.

Have you always wanted to run your own business?

Always, since I was a kid. Business and entrepreneurship amazes me and I love being involved in it.

What planning did you do before you started up?

I first started working on the idea in early 2011, coming up with my concept and what I wanted to achieve. A lot of planning and research went into it, and a lot of work to get us this far.

Which entrepreneurs do you admire?

Several well-known ones Richard Branson, Bill Cullen, Duncan Bannatyne. Also, some of my close family are involved in business and my main admiration would lie with them

What challenges have you faced how have you overcome them?

I have been asked this question before the best way I can describe it as being at the bottom of Mt. Everest and looking up. It is and will continue to be a massive challenge, I am starting a business in a difficult economic climate and I’m competing with some very well established companies in the sector and will face challenges every day.

Hard work and belief in my idea have helped me overcome challenges such as sourcing products and marketing on a small budget.

How have you promoted your business?

So far our marketing has been very low key, I have got the some support from media outlets in Galway which helped to get the name out there. As we are an online only company our main promotion will have to be digital based and through social media channels especially Facebook and Twitter.

Are you optimistic about the remainder of 2012?

Yes, very much so. It will be difficult and challenging but I am looking forward to it.

Vodafone will next month begin the first of a number of Smart Start-up Network events…

Vodafone will next month begin the first of a number of Smart Start-up Network events to give local businesses and start-ups access to successful entrepreneurs and new technologies through talks, workshops and networking sessions.

The first of the Smart Start-up Network events will take place in Dublin on 20 September at Vodafone’s headquarters in Leopardstown and will feature Sean O’Sullivan from SOS Ventures and Avego.

Five further events will take place in Cork on 10 October, Limerick on 7 November, Galway on 16 January, Leitrim on 13 February and Dublin on 13 March.
Thinking differently

“We’ve been overwhelmed by the reaction of successful entrepreneurs who want to get involved in the programme and support emerging Irish start-ups,” Vodafone Ireland’s Small Business manager Claire Reynolds said.

“We feel we’ve taken a different approach – we’ve been listening to start-ups who said they want to build business knowledge, particularly around how technology can enable growth. The programme will reach businesses right across the country, supported by a regularly updated site and mobile app.”

The events will strive to give insight into how new technologies can support business development and growth as well as provide expertise on social media, marketing and productivity.

“Ireland is one of the world’s leading ‘business-friendly’ environments, and so start-ups have a particularly good chance of success here,” Sean O’Sullivan said.

“Advice and guidance from mentors and accelerator programs are key to a start-up’s success, so Vodafone’s Smart Start-up Network can really help start-ups prosper,” O’Sullivan added.

For further information visit: http://startups.vodafone.ie/

Forever Fabulous founder Rachel O’Riordan talks to Startups.ie about her exciting new business!

Company: Forever Fabulous

Date started: Jan 2012, Official launch of website on 31st May

Tell us what your business does?

www.ForeverFabulous.ie is Ireland’s newest Online Boutique! Stunning crystal jewellery, darling accessories, super stylish clutches, “must have” handbags and a professional skincare/tanning range. Our gorgeous range is unique and exclusive to Forever Fabulous. What more could a girl want?
A Forever Fabulous Private Party? Treat your girlfriends, get dolled up for that big night out or simply enjoy a night in to choose from our delicious range of jewellery, accessories, clutches and handbags with your own in-house boutique! We set up and you shop! Have a jewellery and Handbag Party at home, at work, events and birthday parties or simply for something different. Our private parties are simple, fun & best of all the hostess incentive is Fabulous!
Forever Fabulous also offers a professional Make Up and Beauty Service. Our professional make-up artist and beauty specialist will come to you for weddings, hen parties, special occasions, events and nights out. We offer Wedding Packages with bespoke looks and prices to suit everyone.

Where did the idea for your business come from?

I spent a long time thinking about what type of business I wanted to run, I am a professional trainer with Junior Achievement Ireland and have been in this role for over 6 years now we teach a lot around business and enterprise, so setting up a business has always been at the back of my mind, I am also a beauty therapist and freelance make -up artist so I really wanted combine all of my loves and passions into one business, we all know if you do something you are very passionate about it never feels like hard work. I did not want to open a beauty salon so I decided to provide a ‘good and a service’ and combine an online Jewellery and accessories boutique with my professional make- up service, a one stop shop if you like. After a lot of thought into the name and type of brand I wanted Forever Fabulous was born.

Have you always wanted to run your own business?

Yes I have always wanted to work for myself and be my own boss, when I was on maternity leave in 2010 I realised that I had changed and I needed to adapt my career, I want to be with my children as much as possible while also keeping a career and my sanity alive so I used this time to research my business idea.

What planning did you do before you started up?

As soon as I decided on the name Forever Fabulous I registered the name and bought the domain, I then researched all of my suppliers and formed my contacts, looked at the markets in Ireland and the UK and carried out some market research. I also up skilled my make-up artist qualifications.

I hired a graphic designer to create my logos and my brand. I wanted an extremely professional website that mirrored who I am and also tied in with my logos, I did not want to start with a simple site and build from there, I wanted the best from the start and I was very lucky to know my talented web designer Andreas Hartung from Apastron Design who understood my vision form the start. Cash flow was also another problem; I did not want to get a loan and start off in debt and knew the banks would not be very willing, so I saved a small amount to get things started.

Which entrepreneurs do you admire?

I admire women in business, I think they are fantastic, I have met some amazingly strong, driven and ambitious women over the last few months who juggle families and have created their own business’ to give themselves an income and a better family life, I am in aw of what women can achieve and how versatile we are, women do not get enough credit in this industry.
I also admire Norah Casey; she is a brilliant business woman and speaks her mind.

What challenges have you faced how have you overcome them?

It has been a lot of hard work, I went back to work after maternity leave four full days a week, so I work all day and then on the business every night and all weekends. It has been a hard slog juggling spending time with the children and getting the business going along with keeping a full time job too. I have a very supportive husband who also works very hard and I am very lucky. I hope in time to work at the business full time and create a better work life balance and be with my family more.

How have you promoted your business?

I wanted to create a buzz around the business so in Jan 2012 I set up the Facebook and twitter pages and started to grow a fan base around the brand, I was talking make up bookings straight away and building a client/customer base. I also held a couple of competitions to build fans.

I wanted to launch the business in a big way so I arranged the official launch night 31st May in VIP Bar of Suite 54 in Blackrock, Co. Dublin. I set the whole Forever Fabulous Boutique up and beamed a video of the website on to the main wall. A make-up artist carried out free make overs for guests and the wine flowed! I wanted press around the launch so I hired Marc O’Sullivan a press photographer, we held a press call with Irish model Michelle McGrath that morning and set up a photo area for the social and personal photos of all the guests that night. I wanted VIPS to attend and Orla Breslin from Cars Love Girls, Joanne Larby model and blogger and Jessica Gallagher model all in attended. I received press in the Daily Mirror, Evening Herald, Irish Daily Mail, The Tallaght Echo and various blogs. I also write the beauty pages in Irish Parent Magazine and held a competition in the June issue. This all created sales and a new customer base. I have just taken out a full page ad in Debs Ireland Magazine and website and I have created a store on Advers.ie. I have also been showcasing at wedding fairs and markets to help get my name our there.

Are you optimistic about the remainder of 2012?

I am excited about the future and the new doors that are opening for me and the business. I have made a lot of new business contacts through networking groups and made some new friends. I am just going to keep working hard and pushing my brand, I have come this far and do not want to give up now! I might hire a PR company and look into a bigger advertising campaign in the near future. I look forward to what the future holds.