Welcome to the Teagasc Guide to Starting your own Business

You need an idea

Ideas come from many sources and the demand is always there for new products and services that meet people’s needs more quickly, with better quality and at less cost. Many a successful business has been started by someone who couldn’t find a particular product or service they wanted. Other people who bought poor quality goods or received poor service decided they could do better. Farmer’s can look within their own area where they have the greatest insight to see if there is an opportunity. When you have your idea, look at it in as many ways as possible and spend time at it. Are there other possibilities with it? Finally when you have your idea together you should be able to describe it as if you were on Pat Kenny or Gerry Ryan.

Finding out all you can

Having a good idea is only the start and bringing that idea to commercial reality is a major challenge. You don’t know how good your idea is until you investigate it thoroughly. Good business people are risk takers, but they are measured risk takers. The more research you do the lower the risk will be.

Carry out market research to see if there is a market for your product or service in a practical way by finding out who you should talk to and talking to them e.g. if it’s a tourism product, go and talk to the local tourist office, check out your own local area on the Internet. Why do people visit the area? Is it for walking? Is it for fishing? Where do they come from? When do they come?

Before you invest money in your idea you need to answer these questions

1. What is your product?
2. Who will buy your product?
3. What price will your customers pay?
4. How many can you make / supply?
5. What does each unit of product cost you to make?
6. How much investment do you need to get started?
7. HAVE YOU A VIABLE BUSINESS?

Fail to plan, plan to fail

The harsh reality is that 50% of new businesses fail within the first five years. Why? Because of the lack of planning. They do not plan to fail, but they certainly fail to plan.
The thought of doing a business plan sounds like hard work but if you are serious about your new or existing business then you owe it to your business to have a plan. You may not understand what exactly a business plan is but if you can answer these questions on your own farm business then you are well on your way.

When you think about your own farm or your business proposition, do you know -

• Where you want to go?
• Where you are now?
• How do you get there?
• The business plan places a lot of focus on the HOW?.

You don’t need a qualification to write a business plan. Yes, you may need some help and you will need to do a lot of thinking but it is your plan. The business plan is your road map and serves as a guide to get you to where you want to get to in the future. It means that any investments and decisions you make on the way will be in the right direction. It will help you to prioritise and set realistic objectives. The more you can break it down into simple but meaningful tasks with dates and goals the better it will be for you, such as:

• Carry out market research by June 2005 by talking to local tourist office, and others in business.
• Attend Business Startup Course May 2005 in local County Enterprise Board
• Complete Business Plan by July 2005 with help of spouse and also professional help.

The business plan will help you communicate and explain your idea. This is critical if you are looking for finance from the bank, and even your family’s support. It also means that you can continue to improve your plan as you will get constructive criticism and good comments from people on the way.

When your business plan is complete it will include a Profit and Loss and Cash Flow. Many people like to switch off when it comes to the figures, and would prefer to make them up or pay someone else to do it for them. You can get help but don’t run from the responsibility.

Highly recommended

• www.basis.ie
• www.startingabusinessinireland.com

State Support

• ADM Ltd (www.adm.ie) Area Development Management Ltd. support integrated local economic and social development through managing programmes targeted at countering disadvantage and exclusion, and promoting reconciliation and equality.
• Basis (www.basis.ie) This website has been developed in order to provide businesses with a single access point to all Irish Government information and services.
• Bord Iascaigh Mhara (www.bim.ie) aims to promote the development of the Irish seafood industry at sea and ashore and support its diversification in the coastal regions.
• Bordbia (www.bordbia.ie) promotes Irish Food and Drink. Provides details of exports, production, quality standards, health regulations and controls, and new developments in the industry. Can act as a bridge, by providing connections with companies appropriate to your areas of interest.
• County Enterprise Boards (www.etradebusinessireland.com) – Central contact point website for Ireland's 26 County Enterprise Boards
• Cork Bic (www.corkbic.com) Supports business and innovation in Cork and Kerry
• Dublin Bic (www.dbic.ie) Supports business and innovation in Dublin
• Enterprise Ireland (www.enterprise-ireland.com )
• Fáilte Ireland (www.failteireland.ie It is the National Tourism Development Authority. The organisation provides strategic and practical support to develop and sustain Ireland as a high-quality and competitive tourist destination. The site contains useful research information for tourism product providers. Also has links to regional tourism sites.
• FÁS (www.fas.ie) provides a range of training and employment programmes, an employment service, an advisory service for industry, and support for co-operative and community-based enterprise.
• Forfás (www.forfas.ie) leads the development of public policy for the promotion of enterprise and technological development in Ireland for the benefit of all. Forfás publishes occasional reports which may be useful.
• Industrial Development Authority (www.ida.ie) has responsibility for securing new investment from overseas in manufacturing and internationally traded services sectors. It also encourages existing investors to expand and develop their businesses.
• Irish Leader Network (www.irishleadernetwork.org). EU rural development programme. The site links to the websites of all Leader + companies.
• NORIBIC (www.noribic.com) Supports business and innovation in Northern Ireland
• Department of Community, Rural and Gaeltacht Affairs (www.pobail.ie). Mission is to promote and support the sustainable and inclusive development of communities, both urban and rural,including Gaeltacht and island communities, thereby fostering better regional balance and alleviating disadvantage, and to advance the use of the Irish language.
• Revenue Commissioners (www.revenue.ie) Irish Revenue Website.
• Sebic (www.sebic.ie Supports business and innovation in the South East region of Ireland
• Shannon Development (www.shannon-dev.ie) Supports business & innovation in the shannon region.
• Údarás na Gaeltachta (www.udaras.ie) Supports economic development by creating and attracting investment to the Gaeltacht regions.
• Westbic (www.westbic.ie) Supports business and innovation in the Border, Midland & Western region of Ireland
• Western Development Commision (www.wdc.ie) is a statutory body promoting economic and social development in counties Donegal, Sligo, Leitrim, Roscommon, Mayo, Galway and Clare. It also operates a €32 million Western Investment Fund that provides loans and equity to business and local communities in the Western Region. This Fund operates on a commercial basis.

Other Entrepreneur Resource Sites

• ACTIN (www.nnfcc.co.uk) UK organisation on alternative crop uses
• Chambers of Commerce of Ireland (www.chambersireland.ie) Offers support, assistance and training to help local chambers. Also lobby on behalf of chambers and provide Business Development Support. List of all local chambers available on the site.
• Teagasc Fact Sheets (www.teagasc.ie/advisory/alternatives/200001/index.htm). Over 30 factsheets on a range of alternative enterprises including, animals, food, poultry, vegetables/fruit, plants and tourism.
• www.startingabusinessinireland.com. Website of resource material for Irish start-ups, includes an alphabetical list of organisations that can provide assistance.