Two of the features Louth Leader looks for in an application is solid groundwork and a good working knowledge of the business sector to which the application relates. This means you need to do a little legwork before filling in your application form, but all these preparatory measures will prove a huge benefit to your project/company in the long run.

1. Identify a workable idea

Sometimes we know that we want to be in business for ourselves, but we’re just not sure of our particular niche. So, first things first: you need to work out the business best suited to your skills, experience and lifestyle. Think about the time you can give to a business, the future you want for your family, the skills you have, the work experiences you have accumulated, your financial needs and demands: all these elements will have a bearing on your business decision. Then you need to start looking around at the kinds of businesses already in existence, and the kinds of services or products which are missing in your area. Look to other countries for inspiration, consult the internet for community projects and ideas nationwide and abroad and check out your local business directory to see if there are any gaps in the local market.

2. Talk to entrepreneurs

The people who will have the best understanding of your business goals, and fears, are those who have gone before you through the gates of self-employment. So use these people as a sounding board for your ideas – you’ll quickly find that the self-employed community is very open to discussing and encouraging new projects. If you set up a meeting with a local businessperson, make a list of questions to ensure you cover all your concerns and bring a notebook to make note of helpful suggestions and tips.

3. Talk to Louth Leader

If you have an idea, but aren’t sure what to do next, come and talk to us. We can help you to identify a niche and set you on the road to your own business – we’d like to help in any way we can.

4. Use the internet as a research tool

The internet is an invaluable tool for businesses, so use it! There are plenty of websites with information on setting up in business, financial and tax matters, government regulations and requirements, hints and tips, etc. It’s a wonderful resource to have at your disposal. If the idea of logging on and surfing the net fills you with dread, take a look at our computer training classes, Learn IT.

5. Market research

Preliminary research to establish if there is a market for your product or service is an essential step. You can do this through public questionnaires and research the facts and figures of your business sector. Put together a profile of your proposed venture, then examine it against the products/services already available/manufactured in your community. Remember, to qualify for grant aid, your business must be innovative, so you need to establish that as a fact. Engaging in market research also allows you to build up a strong working knowledge of your industry, your competitors, your projected expenses and capital costs, etc. All of this knowledge will help you to succeed over the long term.

6. Draw up a business plan

Every business needs to work to a set of achievable goals, and that’s what your business plan should be: a description of what you will do, what your aims are and how you will go about achieving them. Again, the internet will be a very useful resource in this regard, as will your local bank manager – banks often have handy starter packs for new entrepreneurs, which can be helpful to concentrate the mind on the nitty-gritty. Look for sample plans on the internet, then adapt them for your particular needs. If you want to discuss your plan with us, we’re here.