Why Should You Need a Business Plan before Starting a Business in Ireland?

Do you know that over 50% of businesses that started without a business plan fail within the first two years in Dublin? Have you ever thought about the importance of having a proper business plan before you start a business or a company in Ireland? Do you know the importance of having a business plan?

Technically a business plan is always a MUST entity to start a business plan in Ireland?

Do you ever start a long journey without pre-planning the activities and places that you want to visit during your journey? The same is applicable when it comes to starting a business or a company in Ireland?

It’s a long journey out there. You need long planning, future precaution and financial strategies to thrive in the market.

A well drafted business plan will help you understand the risk factors in advance, create business strategies that can help to compete with the existing players and a lot more. This article will walk you through the major benefits of having a business plan before starting a business in Ireland. You will also learn how to write a business plan for starting a business or a company in Ireland.

What is a business plan?

A business plan is a well drafted document that explain the nature, type, objectives and financial aspects of a business. It also includes the financial forecasts, details of its directors, viability of the business, details about the industry and market segment and also the detailed analysis of SWOT (strength, weakness, opportunities and treat in relation to the business) and PESTLE (political, environmental, social, technological, legal and economic aspects of the business.

Why should I write a business plan?

Writing your exact business will help you understand exactly what you are going to do. You will get a chance to self assess the activities, business engagements, calculations before put it into practical. When you write a business plan, you should definitely include some of the major elements. This includes the following aspects:-

  1. Describe about your products/services specifically?
  2. How will you develop the same for your first year sales?
  3. What exactly will be your market segment?
  4. After 3 years, what is your expected business results?

What are the practical implications of a business plan?

Drafting a business plan will help you to clarify your confusions, help you to understand the scope of the business as we as the amount of resources that you need to incorporate to successfully launch your business. Apart from that, most of the modern investors nowadays rely on the business plans to get a clear cut idea about the nature of the business as well as its future. Also, most of the major banks in Ireland are suggesting to produce a detailed business plan if they want to apply for a business loan.

How SWOT and PESTLE analysis lower the risk elements?

SWOT analysis means analyzing your business plan in terms of its strengths, weaknesses, Opportunities and Threats. A detailed SWOT analysis will help you to go through all the major internal risk elements and build yourself for the upcoming uncertain roadblocks.

Similarly via PESLTE analysis, you will be able to understand the external risk factors and act accordingly. Via PESTLE you will get to analyze the attributes such as political, economic, social, technical, legal and environmental factors that are related with your business.

These analyses will give you a detailed picture of your business feasibility and the risk elements involved. These theoretical results will help you to rethink about your weaknesses and force you to find proper practical solutions for the same before your kick off your business activities.

How to write a business plan?

If you search on Google for “How do I write a business plan in Ireland”, you normally get a list of items that have to be incorporated into the plan. Even though there is no standard format when writing a business plan, still there is some important information that you need to consider including in your business plan. So before writing a professional business plan to start a business or a company in Ireland, you need to understand what are the core areas that you must include in the document. Here are the major points that you need to elaborate on a business plan as per the nature of the business that you are about to start:-

1. Executive summary: Here is where you articulate the details of your new business and the factors contributing to its anticipated success. 
2. Details of the business: Your description should highlight the existing market demand for your product or service, and you need to elucidate your strategic approach to marketing and reaching out to customers 
About the market/industry: Incorporate your conducted market analysis and outline your sales strategy, providing insight into the pricing of your products or services
4. Company profile: In this segment, outline your primary products and services, elucidate the legal status of your business, and articulate your enduring business objectives
5. Details about the directors: This segment is dedicated to outlining the company directors, organizational structure of the business, encompassing details about the management hierarchy. Additionally, specify any staffing, equipment, or machinery requirements essential for the operation of the business
6. How you are going to achieve sales
7. Business plan description
8. Expected workforce
9. SWOT analysis
10. PESTLE Analysis
11. How much finance is required to start
12. Financial statistics and numbers
13. Major risk elements identified
14. Budgeted Cash Flow Statement
15. Future expansion plans
16. Local employment opportunities
17. Expected sales figures

That’s it!! You have prepared your dream business plan. Maybe it’s not as professional as you thought. May be it still there needs some content additions and a professional touch. Don’t worry, we are here for you. 

Contact us right away if you need any assistance in writing a business plan. Our company formation experts will be happy to help you. Write us at info@tascaccountants.com or ring at (087) 225 7706 for assistance.