Starting in Business

Starting in Business

Starting in business in Ireland can be a daunting proposition. If you feel that you have a high value concept for business, you should seek assistance from the numerous supports from State Agencies and their with free workshops, advice seminars, investment competitions, business incubators and propeller programs.

All properly organised startups begin by costing their business idea, product or service leading to the preparation of their business model. If you want investment you should prepare a Business Plan. That Business Plan must include the costs of running the business. You should avail of guidance and support from people with suitable expertise such as business advisers, accountant and Abacus Legal.

Matters to check with us at Abacus include the model for operation of the business from a business premises. Typically to begin with a short term lease or a licence is chosen to minimise exposure. Along with the necessary information you must put into your business plan (production costs, assembly, distribution and the various other logistics of the delivery of your product or service to the market) your plan should factor in the rental cost of suitable business premises, the term (length) of the Lease or Licence that you wish to enter into and the floor space that would be needed for the delivery of your product or service ultimately to market. Your Lawyer can advise of the legal ramifications of this particular aspect. You should also avail of the mentoring support of your local County Enterprise Board.

With any new products you must protect your intellectual property. Failure to do so will invariably result in considerable loss to the business by way of expensive litigation. When considering the brand or business name you should immediately collect the necessary domain names. Secondly, you should seek advice on the registration of a trade mark for either the business or the product itself.

Unique or inventive processes are properly protected by patent in Ireland and abroad. We are not patent attorneys at the Firm but we are affiliated with Ireland’s leading patent attorneys.

When your business is ready for investment, it must have a properly constructed business plan, especially if you seek to avail of State funding, whose requirements are quite rigorous and technical. You should seek the assistance of specialists in this field. We can refer you to one of our associated specialist firms. There are a number of seed capital schemes, business expansion and investment schemes available, once the criteria for application have been met.

A consultation with your Solicitor will also help you prepare and anticipate the unforeseen costs of doing business. Issues which arise from employment of staff and debtors and debt collection are commonly a drain on business cash flow, when not properly pursued or organised.

Our specialist business and commercial law firms routinely help individuals starting in business in Ireland. They advise in relation to regulation of companies, licensing, intellectual property and the most cost effective and successful business model from the outset. The support of the Network for Entrepreneurs in particular and business start-ups is something we are quite proud of from our initial free guidance and advice to our members no obligation consultations to helping business owners to develop the correct strategy from the outset. Our Members will identify the critical issues of business startup and risk management that new entrant must be aware of. They also advise on business growth and development. They make future business leaders from novel startups by keeping them in touch with the necessary information and help successfully develop and expand any business  with the maximum benefit possible.

If you are considering starting in business, connect with us today to start your success story.

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