{"id":30710,"date":"2023-07-12T12:44:58","date_gmt":"2023-07-12T12:44:58","guid":{"rendered":"https:\/\/swoopfunding.com\/ie\/?post_type=start-a-business&p=30710"},"modified":"2025-01-27T18:40:43","modified_gmt":"2025-01-27T18:40:43","slug":"how-to-start-a-small-business","status":"publish","type":"start-a-business","link":"https:\/\/swoopfunding.com\/ie\/start-a-business\/how-to-start-a-small-business\/","title":{"rendered":"How to start a small business"},"content":{"rendered":"\t\t
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Starting your own business can be an exciting and rewarding experience. But there\u2019s a lot to consider and you\u2019ll need to be prepared to put in the work to get your business off the ground.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tGet a quote<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Part of this will involve writing a business plan, deciding on the legal structure of your business and getting funding to help your business expand and grow.\u00a0<\/span><\/p>

So, take a deep breath, grab a cup of tea, and check out our comprehensive guide that covers all you need to know about how to start a small business. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Why start your own business?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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There are multiple reasons why you might want to start your own business. Perhaps the most attractive one is that you get to be your own boss. This means you can work more flexibly, pick your own hours and decide what type of work you want to do.\u00a0<\/span><\/p>

Going it alone can mean you get to focus on something you\u2019re interested in while also having a varied role. One minute you could be dealing with suppliers, the next you could be tackling accountancy spreadsheets. Working for yourself can also be very profitable, provided you have the right business idea and the right mindset.<\/span><\/p>

To give yourself the best chances of success, you\u2019ll need to give some serious thought to the type of business you want to run. Think about what you\u2019re interested in as well as what you\u2019re good at. Do people regularly come to you for advice about certain topics and what do you already have experience in?\u00a0<\/span><\/p>

Also consider whether there\u2019s a gap in the market that you could fill. It\u2019s important to conduct some market research and check whether a service is viable by looking at <\/span>Google Trends<\/span><\/a>.\u00a0<\/span><\/p>

Once you\u2019ve got a business idea, you need to think about whether you want to <\/span>set up an online business<\/span><\/a> or whether you\u2019d prefer to have physical premises.\u00a0\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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What are the requirements to start a business?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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When you\u2019ve decided on the type of business you want, you\u2019re ready to start getting it up and running.\u00a0<\/span><\/p>

1. Register a business name<\/strong><\/h3>

Naming your business can be a bit of fun but it can also be frustrating if you find someone else has the same or similar name to the one you wanted. Your business name needs to be unique, it must not be offensive and it must appeal to your target audience.<\/span><\/p>

It\u2019s worth carrying out a search on Google<\/span>\u00a0before you become set on a particular business name. That way you\u2019ll know whether anyone else has a similar name to yours.\u00a0<\/span><\/p>

2. Establish a legal structure<\/strong><\/h3>

The next step is to choose your legal structure. The structure you choose will impact how your business is taxed and how much tax you\u2019ll pay. Setting up as a sole trader<\/a> is the simplest option. You\u2019ll need to register your business so that you can pay income tax through your <\/span>self-assessment tax return<\/span> each year. Note that being a sole trader means you\u2019re personally liable for any business debts.<\/span><\/p>

If you\u2019re starting your business with a partner or partners, setting up a partnership will be more appropriate. You\u2019ll share responsibility for your business\u2019 debts and its profits and losses. Each partner pays tax on their portion of the profits through their own personal self-assessment tax return.\u00a0 \u00a0<\/span><\/p>

Alternatively, you might prefer to <\/span>set up a limited company.<\/span> This means your business finances will be separate to your personal finances and you\u2019ll need to pay <\/span>corporation tax<\/span> on your profits. This could work out cheaper if you\u2019re a higher rate taxpayer.\u00a0<\/span><\/p>

Setting up a limited company can also be more suitable if you plan to hire employees as you can pay salaries through the pay as you earn (PAYE) scheme.\u00a0<\/span><\/p>

3. Write your business plan<\/strong><\/h3>

A business plan is an important document that outlines to potential investors what your business does and what your future plans are. Even if you don\u2019t plan to apply for finance yet, a business plan can help you get a better idea of your strategic goals and any potential problems that could arise.\u00a0<\/span><\/p>

A business plan should include the following:<\/span><\/b><\/p>