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Blog - Page 7 of 8 - Starting a Business in Ireland | Help for Ireland's Entrepreneurs | Start Up Your Own Business

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Entrepreneurs who have developed a successful business often wonder if they should franchise as a way to expand their operations. Like any business model, franchising has its benefits and drawbacks. There’s no way to know for sure whether franchising is right for your company until you evaluate its pros and cons in the context of your operations. That usually requires the help of a franchise attorney or consultant, but before you start talking to the experts, you should get a sense of the key advantages and disadvantages. Franchising offers three major benefits to business owners seeking to expand operations: 1. Access to better talent. Franchising is a great way to

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1. What is a Franchise? The term franchise is generally taken to mean the legal arrangement, whereby one party grants a license to another for the purpose of retailing its goods and services, often in a specified territory or area. This type of franchise is usually called a ‘business’ format because the franchisor presents the franchisee with of a model with how the business will operate, and imposes stringent controls on the franchisee in respect of how the business will be run. This is the most common type of franchise. 2. Why take out a Franchise? From the franchisor’s point of view franchising offers an opportunity to expand quickly and

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1. Choose the right business for you. Franchisees whose skills are a good match for the business tend to do better than those who are not in their element—but how do you know if the concept you’re buying is right for you? It’s really quite simple: ask yourself what you like to do. For example, if you love kids, find a franchise that allows you to work with them. If you have a passion for technology, seek out a computer-related franchise concept. However, don’t just think about the product or service, but what your actual daily tasks will be. You may love to cook, but owning a restaurant will be

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1. Credit Cards. According to a 2012 National Federation of Independent Business (NFIB) study 79% of small business owners used credit cards to start or grow their business. That says a lot about the significance of using credit cards to capitalize a small business. According to another study conducted by Keybridge Research, the use of business credit cards to start or grow a small business has tremendous positive effects on the business and the economy as a whole. The study found that the expansion of credit card lending between 2003 and 2008 contributed to the creation of 1.6 million jobs and for every $1,000 of business credit card use, a

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1. Tell your story quick. When pitching investors you have a captive audience. But they won’t stay captive for long unless you can hook them. And to-date I’ve seen two things that keep investors’ early attention on you versus their Blackberrys: An entertaining story on the problem you’re solving. An entertaining story on the founders and how the company came together. Both of these points are about putting some context and relevancy on the upcoming pitch and discussion. If you make the problem feel real and explain it in an entertaining way it’s going to resonate much more strongly with investors. The same holds true with the history of the

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1. Our strategy is sustainably differentiated. Demonstrate what’s special about your company and how you’ll keep that strong position. Is your offering fresh and different with a unique solution for the customer? Are your costs structurally lower or your service super fast because you invented incredible algorithms? Show that you have something different from the pack, and that is what your target market wants. Some businesses grow and thrive with execution being their main differentiator: think high-volume selling or complex logistics businesses. If execution is your pitch for why you’re different, be sure your track record backs that up. 2. We are the right team for this endeavor. For early

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It is often said that a recession is the best time to start a business. Well-known companies such as General Electric, Hewlett Packard, CNN, FedEx, Burger King and Hyatt Hotels all began in times of recession and all of have gone on to become multi-billion dollar corporations. There are some obvious advantages to starting a business during a recession. For example, office rents are cheaper, it is easier to recruit qualified people at more competitive salaries and other items such as equipment and advertising can be easily obtained at comparatively low prices. There may also be good PR in showing that you are going against the trend. Despite the current

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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

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In the majority of cases, start-up success or failure is all about knowing the both the how and the why of taking action, and always being clear about which steps to take next. To help this process, here are 10 essential things you need to know about running a successful business. Use it as a checklist to make sure your thinking and your business plan are on the right track, or if you need to get more information, strategic education or clarity for yourself on your overall vision, your market, or your product or service. 1. Offer what people want to buy, not just what you want to sell. Too

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Start-up businesses can fail for a large number of reasons. It goes without saying that the fewer mistakes made the less likely failure will occur. People provide many tips on how to start businesses successfully but perhaps it would be easier to actually look at what not to do. By overcoming the below common mistakes you will give yourself every possibility to launch a successful business. 1) Capital: Lack of funds can be a major obstacle in starting your own business. It is hugely important to launch your business with the right amount of money. Starting with too little cash is not advised and can be a big mistake. If

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