Starting in Business

Starting in Business

Starting a business 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.

We advise in relation to regulation of companies, licensing, intellectual property and the most cost effective and successful business model from the outset. We are happy to meet with Entrepreneurs and business start-ups for a no obligation consultation to help them to identify the issues of business management and risk they should be aware of and to help them prepare a strategy for business growth and development. We can prepare future business leaders and anyone starting in business with the necessary information to ensure that when their business is ready it starts properly and successfully develops and expands with the maximum benefit possible.

Martin Moloney