10 Top Tips of setting up your own business
Thinking of starting your New Business? Unsure of the first steps and how to get started? I get calls all the time on first steps when setting up.
First of all! Well done on setting up yourself – I bet your Business idea sounds really cool and I bet it will be a great success!
Just a few tips I would have at the beginning that are practical and cover the basics! (note - I am not affiliated with any suggestions below, I just find they work and are cost effective for myself and the clients I have)
Step One
Register your business name and register as self-employed – I would recommend Company Formations - they offer a package for both Register the name and set up with Revenue (not affiliated) and they also set up Limited companies.
https://www.companyformations.ie/company-formations/business-name-registration-ireland/
Step Two
You should decide on a logo and set up an email address – maybe print business cards/flyers – Vistaprint are brilliant for these and Canva free version is great too for social media posts.
https://www.vistaprint.ie/
https://www.canva.com/en_gb/
Step Three
Once you are set up with a Business name Certificate, I would go to your bank and set up a business bank account. Ask about Start Up Bank accounts as some Banks offer free Bank Charges for the first year. Every cost counts at the beginning – I would recommend ordering a visa card and set up for internet banking too while you are there.
Step Four
Register a business page on Facebook, Instagram and LinkedIn – once you are 6 months trading, You could ask the Enterprise office about the Trading Voucher for Website development. You do the Online seminar approx. 1 hour and then you can apply.
Trading Online Voucher - Local Enterprise Office - Limerick
Step Five
Register for an accounting software – I use Surf accounts (not affiliated) and use that to keep a record of everything. If you get set up– they have a free trial – I think this is good value for money and user friendly. Watch out for discount codes too and worth ringing to ask is there any current offer!
https://surfaccounts.com/
Step Six
Buy an accordion file and keep all invoices in there by Alphabetical order – so handy to check back to get an invoice. The more records you keep, the easier it is to ensure you have accounted for everything.
I bought a stamp on the Vistaprint website that I designed to say -Recorded and I stamp the invoice when I enter into the software- easy to keep track off every invoice.
Step Seven
I would contact the Limerick Enterprise office and ask them about your start up – it would be an advantage to ask to meet them and ask about start up grants available. They have good training programmes too.
Availing of the training programmes on marketing, bookkeeping and start up is always a good idea. You will always pick up new things.
https://www.localenterprise.ie/Limerick/Training-Events/Online-Bookings/
Step Eight
Take notes of when you should submit to Revenue and engage an accountant with lots of time to go.
Step Nine
To do lists! Admin is part of having your own business and To Do Lists will keep you focused.
I use the Head plan Journal and it is so handy to keep track of what i have to do and what can wait until next week.
https://theheadplan.com/products/finance-journal
Step Ten
Don’t forget to track how far you have come and be proud of your progress. They say you should measure your progress in 3-year cycles!
