A Practical Guide To Starting Your Own Business
AIB BusinessA Practical Guideto Starting YourOwn Business.Drop in to any branch 1890 47 88 33 www.aib.ie/startup
Contents01 Getting started02 You as a business owner04 The feasibility studyProducts/ServicesIdentifying customersResearching the market and your competitorsSourcing suppliersPricingMarketing the businessFinancial support10 Forming a business14 Business planning16 Solving key issues19 Financing the business20 Applying for bank finance22 Your cashflow24 Useful websites25 AIB’s monthly SME newsletterAIB Business Business Start-up22
Getting started.Helping you take the first steps.Starting your own business offers the entrepreneur an avenue for personal, social and financial fulfilment. However, thedecision to go it alone remains one of the biggest decisions a person will make in their life.As with most major decisions, there are a number of organisations and supports to help you through the process.This practical guide is one of these supports, touching on the issues you will have to consider before committing yourselffinancially and personally to your new venture.We hope you find the contents of this publication beneficial, along with the full set of tools, templates and guides availableon www.aib.ie/startupWe know you might have some questions so just ask,call us on 1890 47 88 33 or click on www.aib.ie/startupCall us 1890 47 88 33Click on www.aib.ie/startup1
You as a business owner.Why do you want to start your own business?Running your own business can give you great satisfactionand reward. Conversely, it could also cause a lot ofheadaches and put pressure on all facets of your life.Think long and hard about why you want to start your ownbusiness.What are your goals?Personal wealthStatusProvide yourself with employmentYour goals are very important. They are your drivers andmotivation for setting up the business in the first place.Write down your personal and business goals under theheadings short-term, medium-term and long-term. Referto them when you need to make important decisions. Thiswill act as a guide when you have tough decisions to make.This will ensure that the decisions you make actually helpyou achieve what you set out to do. Other people, such asinvestors – people who take an equity stake in your businessor financial institutions who lend your business money – willalso want to know what motivates you.A future for you and your familyThe freedom to be your own boss and make your owndecisionsYou simply have a good idea and knowyou could make it workAIB Business Business Start-up2
There is no exact science to establishing whether anyoneis ideally suited to running their own business. But if youcan tick more than half of the boxes below you are probablysuited to starting a business:I am out of work or redundantI am self-motivatedI can work aloneI am enthusiasticI am active and energeticI am patientI like making decisionsI set clear goals and am very focusedon achieving themI can manage my stressI have good healthI get on well with peopleI prefer to lead, rather than to followI can motivate peopleI can take advice and / or criticismI would be happier with more controlover my careerI am prepared to risk a steady weekly/monthly income,as well as my savings, to set up in businessI learn from my mistakesI have experience and expertise in the industryI plan to start my businessI am prepared to work very hard –possibly 7 days a week, if I have toI have the support of my friends and familyto start this businessExperience or expertise in the business sector in which youplan to operate will be invaluable and will increase yourchances of success. Perhaps you also have qualificationsrelevant to the sector?Maybe the family business, where you worked in your sparetime, is a similar type of business? Any of these give you aninsight into the marketplace and highlight gaps that maybeyou can fill, or a better or more innovative way of doingsomething. Work experience can give you the benefit of therealities of the market.Subscribe to AIB’s monthly SME Newsletter atwww.aib.ie/BusinessBriefCall us 1890 47 88 33Click on www.aib.ie/startup3
The feasibility study.What should you research?The first step you will need to take is to researchyour business idea thoroughly.Products/ServicesIt is extremely important to research your product/serviceoffering thoroughly. Work through the following list andaddress those relating to your business:Make a list of all the products/services your businessplans to sellDescribe each product/service. Give details of branding,design, packaging and life spanWhat are the features and benefits of the product/service?Identify what is unique and/or special about yourproducts/services. What differentiates them from yourcompetitors’ products/services. What benefits areoffered over their products/services?What testing is involved to ensure each product/service isready for sale, complies with any regulations, etc?Does each product/service comply with the relevantlegal requirements, such as environmental issues, foodproduction standards, etc?What production process is involved in making eachproduct?Identifying customersA new business will succeed, only if the products/services itsupplies satisfy a need. The people with that need are yourpotential customers – your ’market’.Market research helps you to assess if there is a marketfor your products / services, to gauge the characteristicsof your market and to define your customer base. Use theinformation you have already compiled on your productsand services, and ask yourself who might need your products/services.Depending on your business, your market could be local,national or international. You could be selling books in asmall locality, or you might be selling books nationally orinternationally, through the internet.What needs will your products/services satisfy?List the people / businesses who might have these needs.Define them as precisely as possible, for example: Businesses that use colour printers, but are not bigenough to affordon-site maintenance contracts Independent retail outlets thatwant the efficiencies and securityof computerised stock-keeping.Can your products/production processes be patented,copyrighted or trademarked?Establish a geographic boundary for your market. If youintend selling over the internet then the world couldbe your market. Using the internet removes barriersof location, depending on the business you are in.Incorporate the geographic boundary into your marketdefinition. For example:What is your customer base by number and location? Businesses in the greater Cork City area that usecolour printers but are not big enough to afford onsite maintenance contracts Independent retail outlets in counties Dublin,Wicklow, Kildare and Meath that want theefficiencies and security that computerised stockkeeping give.Do you propose to sell and distribute your products/services? How?How much will each product/service contribute toturnover (give percentage)?Project your sales and market share over the first threeyears of the operation of your business.AIB Business Business Start-up4
Most Irish businesses are very happy to invest a small amount of time to assist another business getting started.Have a very focused approach to this exercise: Compile a list of likely business customers Prepare a short, simple questionnaire to ascertain that the market you defined does have a need for your product /service Telephone each business on your list. Briefly explain what you are trying to do and ask to speak to the relevantperson who will be able to help You may choose to conduct your questionnaire over the phone, or forward them an online survey. Online surveytools such as SurveyMonkey (www.surveymonkey.com) allow you create and publish online surveys in minutes, andview the results in real time When you have finished thank the person for their help Pull the results together and see if they confirm that the market you defined has a need for your product/service.Use the answers to your questionnaire to refine your business idea and market definition, if necessary. If the redefinition issignificant, do a new questionnaire and retest your newly defined market.Call us 1890 47 88 33Click on www.aib.ie/startup5
Researching the market and your competitorsWhen starting your own business you need to havecomplete oversight and understanding of the competitivelandscape in which you will operate your business.The best advice is ‘know your enemy’. Take time to identifyyour competitors and establish who they are, what theyoffer, their pricing, sales model and their terms of business.How they can be a threat to your business and what aretheir weaknesses? The more information you have aboutyour competitors, the better.This information will make it possible for you to prepare amore competitive presentation of your own business idea.Websites are an excellent source of information for boththe company and their products, pricing, sales strategy,messaging, etc. Check your competitor websites.Investigate what other competitors are out there,both within and outside of your locality, could pose acompetitive threat. Broaden the scope of your searchcriteria - you never know what you will find.See what other information is available online, forexample, run searches on online blogs and boards, pressarticles which may profile the company, etc.Review social media such as Facebook, Twitter, LinkedInor You Tube to see what competitors and otherbusinesses are up to in this spaceReview the online Golden Pages classified telephonedirectory and relevant online trade directoriesMystery shop your competition. Depending on theirline of business, you may be able to visit their businesspremises, phone them or perhaps buy from them. Thiswill enable you to experience the level of service, listen totheir pitch, get a price list, establish footfall, etc.Attend trade fairs and exhibitionsReview brochures, flyers, catalogues and marketingliteratureAIB Business Business Start-upDo a search for existing patented products that aresimilar to yoursYou may choose to conduct your own research eitheronline or over the phone with potential customers,other businesses or both. Online survey tools such asSurveyMonkey (www.surveymonkey.com) allow youcreate and publish online surveys in minutes, and viewthe results in real timeTalk to your competitors’ customers. What do they likeor dislike about each competitor? Why and how docustomers decide between one competitor or another?Government agencies often have useful specialisedinformation. For example, Enterprise Ireland isresponsible for the development and growth of Irishenterprises in world markets and their websitewww.enterpriseireland.ie provides information andsupport to help businesses start, grow, innovate and winexport sales on global markets. The ESRI - Economicand Social Research Institute’s website www.esri.ie isan excellent source of economic information, trends andstatisticsYour local affiliated Chamber and City and CountyEnterprise Boards also provide a range of supports.College and university students produce hundreds oftheses on business issues and topics every year. Ringthe librarian and ask if you can read those in stock. Also,some colleges produce research papers which you maybe able to get access to, especially if you are a past pupilDownload and view relevant apps to keep you informedon topics of relevance to your business, e.g. local andnational newspapers. Tune into your local radio station.Review the information you have gathered and identify anygaps. Develop a list of questions and a strategy to get thisinformation. Make follow-up telephone calls, send emailenquiries, search online, etc. and continue until you aresatisfied that you have a robust analysis of your competitorsand the market.6
Sourcing suppliersIdentify suitable suppliers and closely examine theirattributes, strengths and weaknesses. When consideringwho will be suppliers to your business, ensure you do not relyon just one to supply raw materials or goods/servicesto you. The disadvantage of having one main supplieris that if they have difficulties in providing you with thequantity of stock you need because, for example, there is adelay or a breakdown in the supply chain, it could seriouslyimpact on your business. For this reason, you need to ensureyou have a few key suppliers to rely on.Outline the main production process of your productsor services. What raw materials will you need? How willthese be costed and supplied?If you have recently worked in the industry, compileinformation on the suppliers you know and havealready usedCall us 1890 47 88 33Click on www.aib.ie/startupUse the Internet to see when and where you can sourcesupplies most cost effectivelyIf you plan to import raw materials, click onwww.aibtradefinance.com, which will provide you withpractical information and useful pointers in identifyinghow to approach importing your supplies and exportingyour products. The commercial sections of embassies forthe countries with which you plan to trade may also beable to advise youSearch trade publications for advertisements placed bysuppliers to the industryFrom the information you gather, make a list of potentialsuppliers. Check their websites, then telephone or emailthem. Request an information brochure andprice list. Also try to gauge their willingness to dobusiness with a new entrant to the industry.7
PricingMarketing the businessOne of the key decisions you will make is choosing the mostappropriate pricing strategy to suit your business model,and it can ultimately determine the fate of your business.Your pricing strategy will be determined by the benefitsthat your products or service offers customers, and howmuch customers are willing to pay. You need to thoroughlyinvestigate and understand the demand and pricingstructures at play in your market. Once you have a clearunderstanding, review your costs and profit goals as set inyour business plan. Below are some considerations:Your marketing strategy will be crucial in the growth andsuccess of your business. At the most basic level, marketingis about determining the value of your product or serviceand communicating that information to your target market.Unless your product or service provides special or uniquebenefits, you will not be able to charge more thanthe going price. If your product or service has uniquebenefits, how much more would the customer pay to getthat benefit?What prices are your competitors charging for similarproducts or services? How do their prices compareto yours? You need to take a close look at their totaloffering and target market - do they offer any valueadded service - different pricing tiers, etc?It is essential that you develop a marketing strategy as partof your overall business plan. Your marketing objectives mustsupport your general business objectives. Your marketingstrategy is your road map that gives you direction andfocuses on every aspect of marketing your business and willhelp you to:Establish your target market and customersAssess the needs of your customersCommunicate the attributes of the product or serviceDetermine pricing strategyEstablish distribution channels to get the products/services to the customerPlan how you both market and promote your productsand services.The ceiling price is the highest price that your targetmarket will tolerate. However, the highest price in themarket may not be the ceiling price, so you need toinvestigate this thoroughlyGetting your message to potential customers can be done ina way that suits any budget. Here are some tips to help youget the most impact for your marketing expenditures andavoid wasting money:You may consider market skimming - charge a highprice for your product or service, to skim the top ofthe market. This will also help you establish how muchyour customers are willing to pay and help you recoverinvestment quicklyConduct your marketing activities in a planned andtargeted way. Random marketing efforts will not makeany lasting impact, can be a waste of money anddamage your brandTest your campaign before committing to itPenetration pricing - charge a low price, to win marketshare early. This strategy is used to gain high visibility orhigh market share. However, be careful to avoid a pricewar!Price discrimination - charge different prices in differentmarket segments, for example, a grocery multiple maycharge different prices for the same item in differentoutlets.Develop a strategy and stick to it. Be aware though thatquite often you will need to give it time and be patientbefore you can see the impactKeep track of how much you are spending and measurethe resultsAvoid using marketing messages and informationthat can quickly become outdated, for example, avoidreferring to the period of time you have been in businessor to specific clients.There are many ways of getting your message out. Choosethe vehicle that best fits your business. You need to establishyour specific goal and map out your objectives, which youcan easily measure. Tailor your plan by increasing visibilityin places that are relevant to your audience, for example- What is the best medium to reach them? What do theyread? Which websites do they use? Any trade magazines ordirectories? What activities interest them?The internet is an essential delivery channel and to ensurethat you maximise the benefits and opportunities, ensurethat you have an online marketing plan as part of yourmarketing strategy.AIB Business Business Start-up8
The final objective of your marketing strategy should be toensure that your new customers generate repeat business.Do not make promises that your business cannot deliver,and ensure that you have adequate stocks and resources inplace to meet your projected demand.Financial SupportA feasibility study sometimes qualifies for financial supportsto cover some of the costs involved, for example, travel,market research, etc.To avail of the financial support that may be available,you must have written approval from the supportingorganisation, for example, City/County Enterprise Board, etc,before you commence your feasibility study.Call us 1890 47 88 33Click on www.aib.ie/startup9
Forming a business.There are a few different options to choose from.When starting your own business. You could:1. Set up, run and manage a brand new business2. Take over an existing business. In this option, you havethe benefit of taking over a going concern, but you getto decide how to run the business going forward.3. Take up a franchise. The master franchisor will havedeveloped a blue print for the management and runningof the business. When you enter a franchise agreementyou benefit from the strength of the brand and thefranchisor’s experience to date with the business.What structure would suit my business best?The type of business structure you opt for will have severalimplications – the law governing the operation of yourbusiness, the liability of you and your business partnerships,how you are taxed and the business records you have tokeep. Sole trader, partnership and companies are the mostcommon business structures.running the business, but sometimes a partner is ’sleeping’– he/she has invested money in the business, but is notinvolved in running it.If you plan to trade using anything other than thepartners’ names, you will need to register your tradingname with the Registrar of Business NamesAll the partners share the profits and all the debt andrisks of the businessA limited partnership can be set upwhere one or more partners limit their liability to theamount of money they invest in the businessPartnerships (including limited partnerships) are obligedto prepare accounts and submit them to the CompaniesRegistration OfficePartner’s experience and expertise may complementeach other. On the other hand, some partnershipscould turn out to be incompatible. For this reason, aPartnership Agreement s
Starting your own business offers the entrepreneur an avenue for personal, social and financial fulfilment. However, the . keeping give. The feasibility study. . the company and their products, pricing, sales strategy, messaging,
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