Sole Trader V Limited Company Considerations

So you have a new business idea and have sketched a brief business plan. What are your options in terms of structure and how do you decide which one is right for you? There are two main options open to entrepreneurs setting up in Ireland – sole trader or limited company. I will briefly outline the differences between the two and the issues you need to consider when making a decision on which structure to choose. Sole Trader Sole trader is the simplest option. To set up as a sole trader, you will need to register […]

Shareholders Agreement

A shareholders agreement may be loosely defined as an agreement (contract) between some or all of the shareholders in a company and sometimes the company itself, which is intended to govern the rights and obligations of the parties thereto. Frequently, shareholders agreements will also deal with the management of the company. When setting up a new company the provisions of a shareholders agreement should be agreed between the shareholders before the business commences. The advantages of using a shareholders agreement are: It ensures secrecy for those provisions which could be publicly sensitive. Often shareholders agreements include […]

The 5 Biggest Accounting Mistakes Made by SME’s

5 SME mistakes

The following article (slightly edited by me) was recently published in the US by CPA Practice Advisor and is as relevant here as in Trumpland: “Small business owners face numerous everyday challenges, and they usually conquer them with their entrepreneurial strength. Unfortunately, keeping the books on their growing business is not a skill someone can simply persevere through and get it right. And the potential consequences of messing up on the accounting functions can have serious consequences when it comes to the success or failure of a business. The founders of the cloud accounting system Freshbooks […]

What You Need to Know If You’re Overseas and Thinking of Forming a Company in Ireland?

The economy in Ireland is recovering well from the 2008 crash. And as a result, Ireland is attracting significant foreign investment. If you’re overseas and thinking of forming a company in Ireland, what do you need to know? Getting a registered office address You can go through the legal process of setting up a company in Ireland from anywhere in the world provided that you can supply a registered office address in Ireland. The registered office address is the legal address for the company. Many company formation specialists can provide a temporary registered office address to […]

What a business should not do!

5 Things a Business Must Not Do

I was recently asked what I thought were the five most important things a business should not do. In no particular order they are: Don’t be over optimistic I generally find that businesses overestimate their income and underestimate their expenses which effects their profitability and cash flow which allied to overestimating the speed of cash inflows can create cash   flow problems. The advice here is to be realistic as possible and also do planning for various assumptions/scenarios. Don’t ignore your continuing education It is essential that you continue to invest in your knowledge base by reading […]

15 Marketing Tips for Business

    1.Set daily marketing actions. 2.Get testimonials and use them. 3.Ask for referrals immediately after a great performance. 4.Always carry business cards. 5.Treat mistakes as opportunities. 6.WOW existing customers. 7.Network always everywhere. 8.Contact ex customers. 9.Market a new product/service to existing customers. 10.Analyse what is working and do more of it. 11.Surprise your best customers. 12.Sell an additional product/service when a sale is made. 13.Link up with non-competing businesses with similar clients. 14.Send regular emails to clients and prospects. 15.Set specific exclusive offers (e.g. Solicitors, Farmers, Restaurants). PDF

12 Great Startup Questions

  Am I really committed to doing this? Is this better than the competition? What will make customers buy? What is the target market? Why will customers want it? Can a trial run be done easily and cheaply? How will I market it? What are the resources that are required? What am I trying to achieve? How can I appeal to customers emotions? What are my measurable metrics/KPI’s? Where are the failure possibilities? PDF

One of the Biggest Mistakes Small Business Owners Make

  One of the biggest mistakes small business owners make is not talking enough with their accountants, according to a new survey in the U.S. The survey, by the accounting software developer Xero, polled a group of accountants, some of whom use the software and some who don’t. When asked what is the most common mistake small business owners make when it comes to their finances, 32 percent said it was only talking to their accountant during tax time (up from 25 percent last year and 18 percent in 2012), 20 percent said it was a […]

The Benefits of a Focused Business Plan

A good business plan will help improve your chances of securing finance through focused, logical and comprehensive provision of information. To prove successful your business plan should include the following considerations: Accurate information  For businesses with well organised and up to date systems, the process of preparing a business plan is made much easier. Concise presentation Organised presentation of key factual information assists a bank to better understand the commercial proposition and potential risks attached to the business. Realistic assumptions Assumptions are the fundamental building blocks of any business plan. For example in the hotel and […]

Frequently Asked Questions – Sole Trade

Over the last number of months we have received numerous questions by email and blog comment. Below are a selection of the most popular questions relating to setting up a business as a sole trader.   Can I register as a sole trade and continue to work in my current job? Yes. You can register as a sole trade using Form TR1 and continue to work in your current employment. Once registered as a sole trader you are required to submit a tax return by the end of October each year which will include all your income, from […]

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