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    3 Replies Latest reply on Nov 21, 2010 3:14 AM by Taat Pringist

    Just starting out...

    robinjill24 Newbie
      I am an American currently living in Galway, Ireland, with an Irish citizenship. Having problems finding work, I have decided to possibly open my own boutique. Something small and quaint-selling things like jewelry, notecards, soaps, candles, etc. I am not sure where to start.
      1. Does anyone have any information on Ireland and their policies?
      2. What kind of loan will I need, how much?
      3. Where do I get the items I want to sell? Are there any UK websites anyone knows about?

      Any information is greatly appreciated!
        • Re: Just starting out...
          Tracker

          robinjill24:

           


          I would recommend that you go to the local government offices and let them know you are thinking about starting a small business and would like their help. They should be able to inform you what the laws are for license and permits. They may even turn you on to local groups or individuals that can mentor you on the startup of your business ... similar to SCORE and SBDC locations here in the states.

           


          What kinds of loan you will need and how much will come from developing a business plan. By developing your business idea and performing research, you will get a picture of the capital you need for buying / leasing a retail location (unless you sell online only), for your furniture, fixtures and any equipment, plus money for marketing, outsourcing services (legal, accounting, etc...), and purchasing inventory.

           


          Unless lending is different in Ireland than here in the States, you may find that it is easier for you to get multiple smaller loans than one large loan to cover all of your needs. Here you can get individual loans for equipment, for startup capital, etc... Sometimes the individual loans are a better fit for a startup, especially if you have little of your own money to invest into the business.

           


          You may want to look outside the UK when sourcing inventory. You will likely find less expensive items abroad. You will just have to compare the quality, the terms and the shipping costs as compared to what you may be able to buy locally.

           


          I highly recommend that you create a vision for your business and then perform your market research. Far too many failed business blame cash flow for their demise when in reality many failed to do appropriate research to validate that they had a business idea that had a strong chance to succeed.

           


          If you are not sure what to research or where to get the data, I have an ebook that you can download at no charge titled, "My Idea, My Research". Just go to the Register tab on my site for access to the Solutions Center.

           


          Let me know if you have a problem accessing it.

           


          I hope this helps.

           


          Doug

           

          The Solopreneur's Guide
            • Re: Just starting out...
              robinjill24 Newbie
              Thank you Doug so much for all of that information.
              I have begun working on my business plan, not only for an application for a grant but also to know where to start. This is all very overwhelming, but everything you said is greatly appreciated.

              I will be sure to check out your ebook and contact you with any further questions.
              Kindly, Robin
            • Re: Just starting out...
              Taat Pringist Adventurer
              Ireland is in the middle of economic crisis. That means changes in business (retail) landscape. I'am not sure how it might touch you future business, but a unique chaos situation always opens new opportunities.