Starting out

People have many business ideas, with more arising daily due to new technology and recent trends. In 2008 there were 19,000 new domains registered in Ireland, which makes competition fierce. Creating a successful online business is down to careful planning. Below are some steps to help you down that path to success.

● Research- check your potential market, is it saturated? Who are you competitors?

Business Plans- this will be very beneficial for the business and will be required for raising funding.

● Business name- this must be easy to remember, catchy and suitable for the business.

● Business structure- sole trader, limited company and partnerships. See our business registration section for more information.

● Legal issues- it is essential that any legal issues and licensing be checked before progressing.

● Lawyer and accountant- not always essential for small businesses but always an advantage if needed.

Research

Most people start an internet business believing that they will certainly become millionaires within six months. But unfortunately that doesn’t happen. You have to identify your ideal customer. Then find out how to meet their needs. These are two vital points to consider when researching your business idea.

Next you have to spend endless hours on the web searching for your competitors and decide why people would buy your product or service over the competition. These are some of the fundamental questions that must be considered when deciding to start your own business. Whether your idea is unique or just another product or service there are always competitors. The first place to check for competition is of course Google, after that Gimmedat.ie is an Irish web directory which is useful. With your business idea searching through Springwise.com can be beneficial. Springwise is a website that scans the globe for the most potential in business ideas, ventures and concepts that are ready for adaptation, partnering, expansion and investments.  They describe themselves as brain food for entrepreneurial minds.

Killerstartups.com is another valuable website that reviews 15 internet startups every day. Ideas that have just been launched worldwide can be analysed here, inspiring entrepreneurs to commence their own venture. With around 10 million page views a month, your startup could be submitted to this website allowing a vast number of potential visits.
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