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Starting A Business

Thinking about starting a business? Wondering Where to start? We Can Help!

The Enterprise Europe Network team at Cork Chamber is dedicated to stimulating, assisting and increasing business in Cork, Kerry and Limerick. We are here to give you accurate reliable information, and if you are thinking of starting up, we can help you to understand your options in getting up and running. We have included notes below on some of the areas where people regularly seek advice. If you would like to discuss any of the items below, or any other aspect of starting up, just give us a call, or send an email, and we’ll be happy to see what we can do.

 

• I have an idea for a business.... Where should I start?
• What options do I have in terms of financing my business?
• What other supports (non-financial) are available?
• I think I have a very good idea, with great business potential, but I am concerned about sharing with a third party, and may need to look into a patent. Can you help?
• I know I need to do market research but the market research companies are so expensive, is there any other way of going about this?

I have an idea for a business.... Where should I start?

There is an important distinction between an idea, and a business. If it is your first time considering starting a business, there will be a lot to learn. One of the most important things to understand is whether or not your idea is really going to become a profitable business. A great way to investigate this is to sign up for a “Start your own business course”, where experienced mentors will be able to guide you through the process of turning your business idea into a business plan. Importantly, these courses will ‘test’ your idea for market, and also guide you through some of the legal and administrative processes involved.

On the other hand, if you are an experienced entrepreneur, you may be interested in seeking advice on finance options, grants or other supports. We can help to point you in the right direction.

What options do I have in terms of financing my business?

There are a number of ways of approaching the question of finance, depending on the nature of your business. Almost all funding organisations will need to discuss your business plan with you prior to granting a loan. Depending on the nature your business you may also be eligible for tax incentives. More often than not, grants and loans from organisations such as Enterprise Ireland and the County and City Enterprise Boards for capital funding are directed towards new and innovative business ideas, and the export potential of the business is also important. However, these organisations can offer additional supports and are worth contacting to discuss your idea and see how they can help.

What other supports (non-financial) are available?

There are numerous non- financial supports available to start-up and new businesses in Cork, Kerry and Limerick. Assistance in business information and advice, mentoring, training ,networking and promotional opportunities are offered by a number of organisations and can give your company a boost in its early development.

I think I have a very good idea, with great business potential, but I am concerned about sharing with a third party, and may need to look into a patent. Can you help?

If your business idea involves a process or a product that provides a new way of doing something, or offers a new solution to a problem, it is likely that you need to organise a patent. If you think your product is patentable be careful who you talk to about your product. However, people working in the business support organisations mentioned above are used to dealing in confidence with new ideas. Just indicate from the outset that you are thinking of patenting your product and you would like to keep all information disclosed confidential and ask whomever you are dealing with, to respect this.

I know I need to do market research but the market research companies are so expensive, is there any other way of going about this?

Not all business concepts will require the work of market research companies. Often friends and family can offer very good insights to potential strengths and weaknesses of your product or service, so it is worth asking their opinions. Again, a number of the business support organisations mentioned above, will have expertise in particular sectors, and can also be very useful in offering their views as to business potential.