Tips start small business

tips start new business and tips to start small scale business
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Dr.JesperHunt,United States,Researcher
Published Date:16-07-2017
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AIB Business A Practical Guide to Starting Your Own Business. Drop in to any branch • 1890 47 88 33 • www.aib.ie/startupContents 01 Getting started 02 You as a business owner 04 The feasibility study Products/Services Identifying customers Researching the market and your competitors Sourcing suppliers Pricing Marketing the business Financial support 10 Forming a business 14 Business planning 16 Solving key issues 19 Financing the business 20 Applying for bank finance 22 Your cashflow 24 Useful websites 25 AIB’s monthly SME newsletter 2 AIB Business Business St AIB Business Business Start-up art-up 2Getting started. Helping you take the first steps. Starting your own business offers the entrepreneur an avenue for personal, social and financial fulfilment. However, the decision 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 yourself financially 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 available on www.aib.ie/startup We know you might have some questions so just ask, call us on 1890 47 88 33 or click on www.aib.ie/startup Call us 1890 47 88 33 Click on www.aib.ie/startup 1You as a business owner. Why do you want to start your own business? Running your own business can give you great satisfaction Your goals are very important. They are your drivers and and reward. Conversely, it could also cause a lot of motivation for setting up the business in the first place. headaches and put pressure on all facets of your life. Write down your personal and business goals under the Think long and hard about why you want to start your own headings short-term, medium-term and long-term. Refer business. to them when you need to make important decisions. This will act as a guide when you have tough decisions to make. What are your goals? This will ensure that the decisions you make actually help you achieve what you set out to do. Other people, such as Personal wealth investors – people who take an equity stake in your business Status or financial institutions who lend your business money – will also want to know what motivates you. Provide yourself with employment A future for you and your family The freedom to be your own boss and make your own decisions You simply have a good idea and know you could make it work AIB Business Business Start-up 2There is no exact science to establishing whether anyone is ideally suited to running their own business. But if you can tick more than half of the boxes below you are probably suited to starting a business: I am out of work or redundant I am self-motivated I can work alone I am enthusiastic I am active and energetic I am patient I like making decisions I set clear goals and am very focused on achieving them I can manage my stress I have good health I get on well with people I prefer to lead, rather than to follow I can motivate people I can take advice and / or criticism I would be happier with more control over my career I am prepared to risk a steady weekly/monthly income, as well as my savings, to set up in business I learn from my mistakes I have experience and expertise in the industry I plan to start my business I am prepared to work very hard – possibly 7 days a week, if I have to I have the support of my friends and family to start this business Experience or expertise in the business sector in which you plan to operate will be invaluable and will increase your chances of success. Perhaps you also have qualifications relevant to the sector? Maybe the family business, where you worked in your spare time, is a similar type of business? Any of these give you an insight into the marketplace and highlight gaps that maybe you can fill, or a better or more innovative way of doing something. Work experience can give you the benefit of the realities of the market. Subscribe to AIB’s monthly SME Newsletter at www.aib.ie/BusinessBrief Call us 1890 47 88 33 Click on www.aib.ie/startup 3The feasibility study. What should you research? The first step you will need to take is to research Identifying customers your business idea thoroughly. A new business will succeed, only if the products/services it supplies satisfy a need. The people with that need are your potential customers – your ’market’. Products/Services It is extremely important to research your product/service Market research helps you to assess if there is a market offering thoroughly. Work through the following list and for your products / services, to gauge the characteristics address those relating to your business: of your market and to define your customer base. Use the information you have already compiled on your products Make a list of all the products/services your business and services, and ask yourself who might need your products plans to sell /services. Describe each product/service. Give details of branding, Depending on your business, your market could be local, design, packaging and life span national or international. You could be selling books in a What are the features and benefits of the product/ small locality, or you might be selling books nationally or service? internationally, through the internet. Identify what is unique and/or special about your What needs will your products/services satisfy? products/services. What differentiates them from your List the people / businesses who might have these needs. competitors’ products/services. What benefits are Define them as precisely as possible, for example: offered over their products/services? • Businesses that use colour printers, but are not big What testing is involved to ensure each product/service is enough to afford ready for sale, complies with any regulations, etc? on-site maintenance contracts Does each product/service comply with the relevant • Independent retail outlets that legal requirements, such as environmental issues, food want the efficiencies and security production standards, etc? of computerised stock-keeping. What production process is involved in making each Establish a geographic boundary for your market. If you product? intend selling over the internet then the world could Do you propose to sell and distribute your products/ be your market. Using the internet removes barriers services? How? of location, depending on the business you are in. Incorporate the geographic boundary into your market Can your products/production processes be patented, definition. For example: copyrighted or trademarked? • Businesses in the greater Cork City area that use What is your customer base by number and location? colour printers but are not big enough to afford on- How much will each product/service contribute to site maintenance contracts turnover (give percentage)? • Independent retail outlets in counties Dublin, Project your sales and market share over the first three Wicklow, Kildare and Meath that want the years of the operation of your business. efficiencies and security that computerised stock- keeping give. AIB Business Business Start-up 4Most 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 relevant person who will be able to help • You may choose to conduct your questionnaire over the phone, or forward them an online survey. Online survey tools such as SurveyMonkey (www.surveymonkey.com) allow you create and publish online surveys in minutes, and view 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 is significant, do a new questionnaire and retest your newly defined market. Call us 1890 47 88 33 Click on www.aib.ie/startup 5Do a search for existing patented products that are Researching the market and your competitors similar to yours When starting your own business you need to have complete oversight and understanding of the competitive You may choose to conduct your own research either landscape in which you will operate your business. online or over the phone with potential customers, other businesses or both. Online survey tools such as The best advice is ‘know your enemy’. Take time to identify SurveyMonkey (www.surveymonkey.com) allow you your competitors and establish who they are, what they create and publish online surveys in minutes, and view offer, their pricing, sales model and their terms of business. the results in real time How they can be a threat to your business and what are their weaknesses? The more information you have about Talk to your competitors’ customers. What do they like your competitors, the better. or dislike about each competitor? Why and how do customers decide between one competitor or another? This information will make it possible for you to prepare a more competitive presentation of your own business idea. Government agencies often have useful specialised information. For example, Enterprise Ireland is Websites are an excellent source of information for both responsible for the development and growth of Irish the company and their products, pricing, sales strategy, enterprises in world markets and their website messaging, etc. Check your competitor websites. www.enterpriseireland.ie provides information and Investigate what other competitors are out there, support to help businesses start, grow, innovate and win both within and outside of your locality, could pose a export sales on global markets. The ESRI - Economic competitive threat. Broaden the scope of your search and Social Research Institute’s website www.esri.ie is criteria - you never know what you will find. an excellent source of economic information, trends and See what other information is available online, for statistics example, run searches on online blogs and boards, press Your local affiliated Chamber and City and County articles which may profile the company, etc. Enterprise Boards also provide a range of supports. Review social media such as Facebook, Twitter, LinkedIn College and university students produce hundreds of or You Tube to see what competitors and other theses on business issues and topics every year. Ring businesses are up to in this space the librarian and ask if you can read those in stock. Also, Review the online Golden Pages classified telephone some colleges produce research papers which you may directory and relevant online trade directories be able to get access to, especially if you are a past pupil Mystery shop your competition. Depending on their Download and view relevant apps to keep you informed line of business, you may be able to visit their business on topics of relevance to your business, e.g. local and premises, phone them or perhaps buy from them. This national newspapers. Tune into your local radio station. will enable you to experience the level of service, listen to Review the information you have gathered and identify any their pitch, get a price list, establish footfall, etc. gaps. Develop a list of questions and a strategy to get this Attend trade fairs and exhibitions information. Make follow-up telephone calls, send email enquiries, search online, etc. and continue until you are Review brochures, flyers, catalogues and marketing satisfied that you have a robust analysis of your competitors literature and the market. AIB Business Business Start-up 6Sourcing suppliers Use the Internet to see when and where you can source supplies most cost effectively Identify suitable suppliers and closely examine their attributes, strengths and weaknesses. When considering If you plan to import raw materials, click on who will be suppliers to your business, ensure you do not rely www.aibtradefinance.com, which will provide you with on just one to supply raw materials or goods/services practical information and useful pointers in identifying to you. The disadvantage of having one main supplier how to approach importing your supplies and exporting is that if they have difficulties in providing you with the your products. The commercial sections of embassies for quantity of stock you need because, for example, there is a the countries with which you plan to trade may also be delay or a breakdown in the supply chain, it could seriously able to advise you impact on your business. For this reason, you need to ensure Search trade publications for advertisements placed by you have a few key suppliers to rely on. suppliers to the industry Outline the main production process of your products From the information you gather, make a list of potential or services. What raw materials will you need? How will suppliers. Check their websites, then telephone or email these be costed and supplied? them. Request an information brochure and If you have recently worked in the industry, compile price list. Also try to gauge their willingness to do information on the suppliers you know and have business with a new entrant to the industry. already used Call us 1890 47 88 33 Click on www.aib.ie/startup 7Pricing Marketing the business One of the key decisions you will make is choosing the most Your marketing strategy will be crucial in the growth and appropriate pricing strategy to suit your business model, success of your business. At the most basic level, marketing and it can ultimately determine the fate of your business. is about determining the value of your product or service Your pricing strategy will be determined by the benefits and communicating that information to your target market. that your products or service offers customers, and how It is essential that you develop a marketing strategy as part much customers are willing to pay. You need to thoroughly of your overall business plan. Your marketing objectives must investigate and understand the demand and pricing support your general business objectives. Your marketing structures at play in your market. Once you have a clear strategy is your road map that gives you direction and understanding, review your costs and profit goals as set in focuses on every aspect of marketing your business and will your business plan. Below are some considerations: help you to: Unless your product or service provides special or unique Establish your target market and customers benefits, you will not be able to charge more than Assess the needs of your customers the going price. If your product or service has unique benefits, how much more would the customer pay to get Communicate the attributes of the product or service that benefit? Determine pricing strategy What prices are your competitors charging for similar Establish distribution channels to get the products/ products or services? How do their prices compare services to the customer to yours? You need to take a close look at their total offering and target market - do they offer any value Plan how you both market and promote your products added service - different pricing tiers, etc? and services. The ceiling price is the highest price that your target Getting your message to potential customers can be done in market will tolerate. However, the highest price in the a way that suits any budget. Here are some tips to help you market may not be the ceiling price, so you need to get the most impact for your marketing expenditures and investigate this thoroughly avoid wasting money: You may consider market skimming - charge a high Conduct your marketing activities in a planned and price for your product or service, to skim the top of targeted way. Random marketing efforts will not make the market. This will also help you establish how much any lasting impact, can be a waste of money and your customers are willing to pay and help you recover damage your brand investment quickly Test your campaign before committing to it Penetration pricing - charge a low price, to win market Develop a strategy and stick to it. Be aware though that share early. This strategy is used to gain high visibility or quite often you will need to give it time and be patient high market share. However, be careful to avoid a price before you can see the impact war Keep track of how much you are spending and measure Price discrimination - charge different prices in different the results market segments, for example, a grocery multiple may charge different prices for the same item in different Avoid using marketing messages and information outlets. that can quickly become outdated, for example, avoid referring to the period of time you have been in business or to specific clients. There are many ways of getting your message out. Choose the vehicle that best fits your business. You need to establish your specific goal and map out your objectives, which you can easily measure. Tailor your plan by increasing visibility in places that are relevant to your audience, for example - What is the best medium to reach them? What do they read? Which websites do they use? Any trade magazines or directories? What activities interest them? The internet is an essential delivery channel and to ensure that you maximise the benefits and opportunities, ensure that you have an online marketing plan as part of your marketing strategy. AIB Business Business Start-up 8The final objective of your marketing strategy should be to Financial Support ensure that your new customers generate repeat business. A feasibility study sometimes qualifies for financial supports Do not make promises that your business cannot deliver, to cover some of the costs involved, for example, travel, and ensure that you have adequate stocks and resources in market research, etc. place to meet your projected demand. To avail of the financial support that may be available, you must have written approval from the supporting organisation, for example, City/County Enterprise Board, etc, before you commence your feasibility study. Call us 1890 47 88 33 Click on www.aib.ie/startup 9Forming a business. There are a few different options to choose from. When starting your own business. You could: running the business, but sometimes a partner is ’sleeping’ – he/she has invested money in the business, but is not 1. Set up, run and manage a brand new business involved in running it. 2. Take over an existing business. In this option, you have If you plan to trade using anything other than the the benefit of taking over a going concern, but you get partners’ names, you will need to register your trading to decide how to run the business going forward. name with the Registrar of Business Names 3. Take up a franchise. The master franchisor will have All the partners share the profits… and all the debt and developed a blue print for the management and running risks of the business of the business. When you enter a franchise agreement you benefit from the strength of the brand and the A limited partnership can be set up franchisor’s experience to date with the business. where one or more partners limit their liability to the amount of money they invest in the business What structure would suit my business best? Partnerships (including limited partnerships) are obliged The type of business structure you opt for will have several to prepare accounts and submit them to the Companies implications – the law governing the operation of your Registration Office business, the liability of you and your business partnerships, Partner’s experience and expertise may complement how you are taxed and the business records you have to each other. On the other hand, some partnerships keep. Sole trader, partnership and companies are the most could turn out to be incompatible. For this reason, a common business structures. Partnership Agreement should be drawn up to decide how difficulties should be managed. What is a sole trader? A sole trader is a person operating a business on his / her What is a company? own. If you are setting up a small business, which you want A company is a separate legal entity owned by to keep small and to own and totally control yourself, this shareholders. It is totally separate from the people who type of business format might suit you. own and run the business. It is an individual in its own A sole trader format is simple to set up - there is no right and can enter contracts formal registration of your business needed before you Ownership is transferable by share ownership can start trading Companies can be limited or unlimited. In a limited It is possible to alter the business format to, say, a company, liability is limited to the company, so limited company at a later stage shareholders can only lose whatever share capital they You do not need to file the financial accounts for your subscribe to the business business There are two types of limited company – private or As a sole trader you absorb all the profits… and all the public debt and risks of the business A private limited company can have up to 50 members When you retire or die the business comes to an end. who can trade their shares privately A public limited company has more than 7 members and shares are traded on the stock markets. AIB p.l.c. is an What is a partnership? example of a public limited company A partnership is where 2 to 20 people form a business together. Often accounting or solicitors practices are In some instances, directors can be requested to give operated in this format. All partners can be involved in personal guarantees for loans to limited companies. AIB Business Business Start-up 10C Call us all us 1890 47 88 33 1890 47 88 33 Click on Click on www.aib.ie/st www.aib.ie/startup artup 11 11What are the first things I need to do to set up What are the first things I need to do to as a sole trader? set up a company? Business name – You will need to decide on a business Shareholders – Shareholders own the company. They name and to have it registered with the Registrar of can also be directors. You will need to decide who the Business Names, if you are operating under any name but shareholders will be. your own name. The Companies Registration Office Directors – Decide who the directors of the company will be. (www.cro.ie) explains the procedures you need to follow to Directors are appointed to run and manage the day-to-day register your business name. affairs of the company. Every company must have at least two directors and a company secretary. One of the directors Website – If you plan to set up a website for your business, can also act as company secretary. A director does not have now would be a good time to register your domain name to be a shareholder. (even if you do not intend to use it immediately). Many commercial organisations register a .com address, whereas Business name – Decide on a name for your company. The non-profit organisations register a name with the suffix .org. Companies Registration Office website www.cro.ie, explains Most Irish businesses register a .ie address. This tells visitors the rules, regulations and restrictions for a company name. to your site that you are registered in Ireland. The name of Website – If you plan to set up a website for your business, your site should be as close as possible to the name of your now would be a good time to register your domain name business. Websites such as www.gettingbusinessonline.ie may (even if you do not intend to use it immediately). Many be useful. commercial organisations register a .com address, whereas non-profit organisations register a name with the suffix .org. Professional advice – It is recommended that you get Most Irish businesses register a .ie address. This tells visitors professional advice from an accountant and a legal to your site that you are registered in Ireland. The name of advisor. This should ensure that all financial, tax and legal your site should be as close as possible to the name of your obligations are fully met. business. Websites such as www.gettingbusinessonline.ie may be useful. What are the first things I need to do to set up a Professional advice – We recommend that you get partnership? professional advice from an accountant and a legal advisor. This should ensure that all financial, tax and legal Partnership agreement – Set up a partnership agreement obligations for all aspects of your business are fully met. where all partners agree the shareholding, the operation of the partnership, the roles and responsibilities of each of the partners, whether any of the partners have limited liability, what to do if difficulties arise and a break up clause. Business name – Decide on a business name. You will need to register it with the Registrar of Business Names if you are operating the partnership under any names but the partners’ own names. The Companies Registration Office website www.cro.ie, explains the procedures you need to follow to register your business name. Website – If you plan to set up a website for your business, now would be a good time to register your domain name (even if you do not intend to use it immediately). Many commercial organisations register a .com address, whereas non-profit organisations register a name with the suffix .org. Most Irish businesses register a .ie address. This tells visitors to your site that you are registered in Ireland. The name of your site should be as close as possible to the name of your business. Websites such as www.gettingbusinessonline.ie may be useful. Professional advice – It is recommended that you get professional advice from an accountant and a legal advisor. This should ensure that all financial, tax and legal obligations are fully met. AIB Business Business Start-up 12Complying with the law You will need to research whether there are legal requirements you have to comply with, before you begin trading. Legal requirements relate to employees, the workplace, the environment and many other areas, for example: If you intend to manufacture food products you will have to comply with stringent food safety and hygiene practices. Check with the Food Safety Authority (www.fsai.ie) for information European and international standards must be met in producing certain products. Talk to the relevant trade association for specific information regarding the law. Also, visit the website of the National Standards Authority of Ireland (NSAI) www.nsai.ie. NSAI aims to assist all sectors of industry to understand and meet the technical, quality and safety requirements of European and international standards in the domestic and overseas markets When employing people, you will need to be familiar with the law relating to: • Contract of Employment • Terms of Employment • Wages • Working Time • Minimum Notice • Equality • Safety, Health and Welfare at Work • Redundancy Payments • Dismissal • Industrial Relations • Parental Leave Information relating to employment legislation is available from the websites of the Department of Jobs, Enterprise and Innovation (www.djei.ie) and the Labour Relations Commission (www.lrc.ie). Also, each government department has information booklets, available in hard copy or on their website, on the areas under their control. Call us 1890 47 88 33 Click on www.aib.ie/startup 13Business planning. Preparing a Business Plan is one of the most important tasks when starting a new business. A Business Plan is a written document that describes a business, its objectives, strategies, the market it operates in and realistic financial forecasts. The Business Plan has many important uses from proving the viability of the business, to securing funding and measuring the success of your business. It is also important to bear in mind that your Business Plan The following parties may request a copy of your Business Plan: is a living document and requires updating as your business grows. There are many benefits to creating and managing a Banks realistic plan. A business plan can: External investors – from business angels to venture Help you identify potential pitfalls capitalists before they happen Grant providers Structure the financial aspects of your business Potential business partners effectively Anyone interested in buying your business. Measure the success of your business against your objectives Potential investors may invest in your idea, work with you or lend you money on the strength of your Business Plan. Help you to focus on what you need to do to develop your business. We recommend that you seek professional advice from A good Business Plan should: your accountant and/or solicitor when writing your Business Detail the business name, address, owners and legal Plan. You can also seek the support of various business status organisations and state agencies – Chamber of Commerce, Clearly outline your business idea, aims and goals ISME, SFA, Enterprise Ireland and your local Enterprise Board – that can offer useful advice and information. Provide detail on the marketing plan and strategy, including details of your target market, unique selling A good starting point is the Business Plan template on our proposition and competitor information website www.aib.ie/businessplan Demonstrate/illustrate the viability of your business through sales targets and objectives A business planning tool is not just an Outline operational requirements including premises, instrument for applying for credit, but is a equipment, staff, suppliers, licensing, etc. key enabler for you, as a business owner, at any time to stand back and think about the future of your business. AIB Business Business Start-up 14C Call us all us 1890 47 88 33 1890 47 88 33 Click on Click on www.aib.ie/st www.aib.ie/startup artup 15 15Solving key issues. Finding the right people Job specification One of the fundamental contributors to the success of your The next task is to clearly define the Job Specification. business venture is the people behind the business. When The Job Specification is based on the Job Description and planning your business, the first of the important questions should clearly identify the qualifications, experience and you will need to consider are: personal attributes that are essential for the candidate to competently carry out the job and could contain: How will I manage my business? Educational requirements What responsibilities will management have in the business? Necessary work experience Who will make up the management team? What skills / Any necessary special skills or aptitudes expertise will they have? Personal characteristics, for example, ability to lead, What skills will I need to bring into the organisation? ability to work on own initiative, good organiser, etc. Should I employ staff or sub-contract work? Any special circumstances pertaining to the job, for example must have own car, willingness to travel, etc. You may decide to recruit some employees. Hiring the right people for your business is an important process and Start your search requires attention to ensure the best decision is made and due process is followed. Regardless of role, recruitment can Once you have defined the Job Description and Job be expensive in terms of time and cost. Specification the next step is to start your search. Firstly you must decide on the most suitable recruitment option for your business to enable you to choose the right candidate, Job description in a cost and time effective manner. The first task in the recruitment process is to draw up the You may decide to: Job Description. The objective of the Job Description is to capture all necessary information on all aspects of the job Contract a recruitment agency and should contain: Take a personal recommendation Job title Advertise - online, newspapers or professional journals Reporting line Contact career guidance counsellors in schools, colleges Overall purpose of job or universities Main duties and responsibilities Recruit from an existing member of staff. Level of authority Shortlist Any qualifications or skills required You can use the job description and criteria to adjudicate Experience required. on the applications you receive. Compile a shortlist of candidates to interview and inform them in writing that they have been selected for interview. Advise them of the time, date, location of interview, expected length of interview and the interview process. Also, write to everyone you will not be interviewing, acknowledging receipt of their application, advising them that in this instance that they did not make the shortlist and thank them for applying. AIB Business Business Start-up 16Prepare Written offer of employment Prepare for the interview by: When all reference checks have been made, make a written offer of employment. Also, make sure to respond Developing questions to ensure you establish all the to unsuccessful applicants. Employees are legally entitled information you require to make a decision to a written statement of their terms and conditions of Reviewing each candidate’s application and CV, identify employment within two months of starting employment. It areas that you want to discuss during the interview is important that a probationary period is also outlined in the contract of employment and that a start date is agreed. Deciding what salary and conditions will be offered Deciding the selection criteria Staff Retention If possible, don’t interview alone, try and have at least It is hard work getting good people - and you will need to one other interviewer. work hard to keep them. Research tells us that people don’t leave jobs - they leave managers because they do not feel valued. A simple measure to ensure your staff feel valued Assess can be, simply, to keep them informed. At the end of the interview, assess the candidates under the One way is to plan and implement an internal following headings: communications plan for both staff and management: Do they have the essential characteristics required? Make sure everyone knows: Do they meet the criteria necessary to fulfill the role? • What is going on in your business and in the sector Will the candidate fit into the business? • The goals of the business Can the candidate do the job? • Their role in achieving these goals What are the candidates expectations? Get them involved - ask them what they want to do and how they want to do it References Recognise achievement and effort - don’t forget to say References should always be obtained from previous ”thanks” and ”well done” employers who have first hand knowledge of the candidate. Reference checks should include the following questions: Regularly ask for feedback Work relationships between previous employer and the Hold regular meetings to discuss issues that affect staff candidate Tell your employees about changes in structure, policy, Employment dates etc. Nature of duties If something affects staff ensure they hear about it first before the rest of the world Absenteeism record If a member of staff leaves, have an exit interview to Reason for leaving find out why. Standard of performance Willingness to recommend Any other information relevant to advertised position. Call us 1890 47 88 33 Click on www.aib.ie/startup 17 17Locating the business Premises bought for the business From where will you operate? In the initial stages you might What is the size of premises? decide to operate from home, from rented space or from Are any competitors located close by? your own business premises. Is the title to the property long Home office leasehold or freehold? Do you have a separate room that you can use as a What is the cost of the property? home office? Will it be part-funded by a loan / lease? Will you need special equipment? Do you have space for it? How much is the loan / lease? Do you intend to relocate when your business grows? What is the term (weekly, monthly or quarterly repayments) and amount of repayments? Rented premises Do you need serviced office space? When will the loan / lease be cleared? How long is the term of the lease? What security will be provided for the loan? How often will you have to pay rent – weekly, monthly, quarterly? What will I need for my premises? How much rent will you need to pay? Will you be expected to pay a deposit? How much? What is needed to get started? When? Internet access? A telephone? Computer (desktop/ laptop), printer, fax, storage cabinets? How soon can you move into the premises? How much notice must you give the landlord if you want to move? Will you need fittings / furnishings or Will your deposit be refunded if you decide to move out? any special equipment for the business? What is the size of your rented space, in square feet / Will you need one or more vehicles? metres? How will you pay for equipment? From your own money? Loan? Lease? Is there a grant available to cover part of the cost of certain equipment? What will be the impact of the cost on cashflow? What will you need over the next one to three years, as your business starts to get established and to grow? AIB Business Business Start-up 18

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