Being your own boss is always one of the supreme achievements that people want to accomplish. If you are one among the many with the same aspiration, then you have to foresee the stability and growth potential of your business. If you haven’t thought about it yet, then now is the time.
This article will walk you through the five major aspects that you need to consider before kick starting your new business in Ireland.
One of the most common misconceptions is, if you want to become successful in business, you have to come up with a unique ground breaking business idea. Fortunately, that is not correct. People can surely succeed in business if they can offer quality products and services with comparatively less cost.
What matters is the feasibility of your business idea in the current market. Because “getting started” is such a big thing in this planet. You can’t just wake up in the morning and simply start a business. It requires enough long days of hard work and commitment to get it to happen.
In order to assess the feasibility of your business idea, share the overall thought with your most trusted fellows. Ask what they think about it, their comments can either boost you to go forward or will help you to re-strategize your business plan. Also try to perform a self-assessment, ask yourself whether you can provide this product/service better than the existing players, whether you can conquer new markets and move forward?
Finally, you yourself will be able to have a clear picture of what you are about to experience.
When you’re about to start a business in Ireland, you need to make a decision on the business structure that you are supposed to set up. You can either set up as a Sole Trader or a Limited Company. It’s easy to form a Sole Trader compared to a Limited Company. But setting up a Limited Company gives you an additional shield against certain claims against the businesses. When you register a Limited Company, you are building a separate legal entity that allows the company to enter into contracts and do businesses. In the case of collaterals, your personal assets can be used if you are registering as a Sole Trader else you’ll only risk what you invest in the business.
Going through the infant stages of a business is the most painful phase of every endeavor. Most people threw away their dreams at this stage. The major limitation that you are about to face here is the lack of funds. You will definitely require money to roll during the initial stages to support your business. The viable options are the money from your own savings, borrow from friends or other relatives, apply for a loan from the bank or other financial institutions etc.
So before stepping into the business, review your available options and set them accordingly to act upon future situations.
This is one of the most important factors. If you want to succeed, you have to maintain the mindset of an optimist. You have to believe in yourself, your abilities and skills. You must possess the traits of an entrepreneur and have the courage and will power to conquer the impossible.
Even though these comes with experience, but before starting a business you have to mould your mind to face any consequences.
Being an entrepreneur simply means, becoming someone who nurtures their own destiny!
You have to be well aware of the tax structure that you are about to take care of. You have to analyze every financial pain points even before you start your company so that it won’t hurt when the situation arises. You will be liable for a corporation tax provided it is incorporated as a company. If you are a sole trader, then you pay tax under the self-assessment system.
In 2020, self-employed people can claim an Earned Income tax credit of €1,500 (which has increased from €1,150 in 2018 and €1,350 in 2019). This is also open for business owners or managers who are not qualified for a PAYE credit on their salary income.
Startups may get a tax relief on the first three years of corporation tax and the value of the relief will be linked to the amount of employers’ PRSI paid by a company in an accounting period subject to a maximum of €5,000 per employee.
You must register for PAYE and PRSI with Revenue, if you are starting up a business and choose to employ the workforce.
So if you are about to start your business journey, then you are exactly at the right place. Our pioneers in Company formation can help you to tie up the loose ends, address the legal issues and help you to go forward in accordance with Ireland’s government rules and regulations.
Visit TASC Accountants to experience the best company formation services in Ireland.
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