More and more people are now looking at the option of self-employment due to the increasing numbers of redundancies in the current economic climate.
For some people it is an opportunity to explore a business idea that they may have had in the back of their minds for some time, but never pursued owing to the lack of time or perhaps the comfort of the relatively ‘secure income’ they may have enjoyed in employment.
If you have a strong desire to be your own boss and to transform your idea into a real product or service then self-employment is an option for you. The most important aspect of setting up a new business is to plan in advance and to thoroughly research your business idea. Key questions to ask yourself, are as follows: Is the business idea viable? Is it sustainable over the long-term, and are you prepared to take the risk?
Business planning
A well prepared, comprehensive, business plan will help you prove that your idea has potential. The business plan needs to set out the realistic, attainable, goals and objectives of the business. A good business plan will cover the background to the business; the management and technical expertise and experience of the promoter and staff; Market research and the marketing plan; product/service range; pricing strategy; channels of distribution; promotional techniques; sales forecasts; and financial plan.
The finished document has many functions in that it provides a map for your business as well as supporting the implementation of management controls and to take the necessary corrective actions. It also assists in persuading third parties such as investors, banks and state agencies such as the County Enterprise Board, to invest in or support your business.
If you are thinking of self-employment, the Kilkenny County Enterprise Board should be your first port of call! It provides a wide range of support from initial information and advice through training and mentoring and you may even be eligible for financial assistance.
Contact the KCCB on 056-7752662, e-mail enquiries@kceb.ie, alternatively view their website www.kceb.ie
