Ron Immink - Starting Your Own Business: A Workbook

STARTING YOUR OWN BUSINESS

FOURTH EDITION

Ron Immink & Brian OKane

Downloads and additional information available @
www.startingabusinessinireland.com

Published by OAK TREE PRESS

www.oaktreepress.com / www.SuccessStore.com

www.startingabusinessinireland.com

1997; 2001; 2009, 2018 Minister for Business, Enterprise and Innovation.

ISBN 978-1-78119-300-6 Paperback

ISBN 978-1-78119-301-3 ePub

ISBN 978-1-78119-302-0 Kindle

ISBN 978-1-78119-303-7 PDF

Printed in Ireland by SPRINTPrint.

Acknowledgements

Production of first edition of this guide in 1997 was assisted by the European Commission through the Community SME Initiative under Measure 4 of the Small Business Operational Programme.

The authors gratefully acknowledge the assistance they received from the organisations mentioned in this guide, the staff of the Department and the many others who have contributed to the research for this and earlier editions.

Disclaimer

The contents of this guide are believed to be correct at the time of printing but no responsibility can be taken by the authors, the publisher or the Department of Business, Enterprise and Innovation for any errors herein. Readers should take professional advice before entering into any legally binding commitments or investing any funds.

INTRODUCTION

The harsh reality is that too many new businesses fail many more than ought to. Why? Because of lack of planning. They do not plan to fail, but they fail to plan.

Preparation in the form of careful and considered planning is the most important thing you can do to ensure that your fledgling business gets off the ground and continues flying. You can never eliminate all risk but you can reduce it significantly to the point where the odds are in your favour.

This workbook is all about preparation preparing you for what you will face as an entrepreneur, for the obstacles, hurdles and blockages that will be placed in your way, for the new skills that you will have to learn, for the tasks that you will have to handle, for the rules, regulations and form-filling that may trip you up, right through to the agencies State and private sector that can help you make your dream a success.

The first edition of this workbook was developed in 1997 for the then Department of Enterprise, Trade & Employment under Measure 4 of the Governments Operational Programme for Small Business, which was funded by the European Commission. Twenty years on, this is now the fourth edition of what has become the text on business planning for start-ups in Ireland.

This edition incorporates all the best and latest thinking on business planning, including the Business Model Canvas and other techniques. However, we feel that the READY STEADY GO! format is still the most valid structure, particularly for less experienced entrepreneurs. Compared to 20 years ago, the emphasis is now more on early proof that your business is going to work, including a heavier emphasis on (early) sales that is simply due to the speed-up in business life cycles. Twenty years ago, it was more difficult to start a business but easier to stay in business. Now its the opposite now, to stay in business, you need to be hypercompetitive from the word Go.

STARTING YOUR OWN BUSINESS: A Workbook was designed to take a potential entrepreneur through the whole process of starting a business, from first thoughts about self-employment to the practicalities of start-up.

The workbook consists of three core chapters:

READY: The first chapter, covering preparation, self-assessment, ideas generation, market research and training for entrepreneurs

STEADY: The bulk of the guide, covering business planning, raising finance, sources of assistance, choosing premises, recruiting staff, marketing, book-keeping and management issues

GO!: When everything has been thought through and you are ready, this section provides the remaining information you need to get started and keep your business going strong.

As you work through this workbook, you will find checklists, flowcharts and questionnaires designed to make you think about your proposed business. The aim is not only to give you the theory behind setting up a business but also to give you the practical tools to actually do it. It all adds up to a turn-key package almost a business in a box.

Each chapter in this workbook is introduced by KEY QUESTIONS searching questions that you, as a potential entrepreneur, need to consider carefully before moving ahead. Before you read the chapter, think through your answers to these key questions (but do not write down those answers yet). When you have completed the chapter, have read all the sections and have worked through all the checklists and questionnaires, you should then come back to the key questions and complete your answers in writing.

In each section of the workbook, you will find clearly-stated OBJECTIVES set out beside the section heading. These summarise what you can expect to learn from the section.

Read them before you begin, to decide whether the section is relevant to your needs. And when you have finished the section, go back, read the objectives again and check them off.

When you have reached the end of the workbook, use the answers to the questions to complete your business plan. And then, when you have done that and filled in and sent out all the forms that are necessary, your funding is in place its time to rock and roll!

To help you even more, this workbook is supported by a website, www.startingabusinessinireland.com, where you will find spreadsheets and templates to download, as well as updated and additional information and resources.

Good luck.

Ron Immink, Dublin / Spain

Brian OKane, Cork

December 2017

PS: And if you have any suggestions on how to improve this workbook, feel free to send us an email to .

READY

KEY QUESTIONS