Tax back for Irish startups

If you are starting a business, you may be eligible for a tax refund of up to 41% of the amount invested.
Under a new Government scheme called StartUp Refunds for Entrepreneurs (SURE), entrepreneurs can make a claim for a refund against income tax they paid over the past six years.
Who qualifies and how does it work? 
How can you check if you are eligible and claim the tax refund? SURE is targeting those in employment, who are unemployed, who have retired and who have set or who are considering setting up their own businesses. 
The business must be incorporated as a limited liability company and trade from an Irish base. The company must be less than two years old from the date of incorporation to qualify. The minimum SURE investment is €250 and the maximum investment is €700,000, which is €100,000 each for each of the last six years as well as €100,000 for the current year.
To qualify you must:

Have mainly PAYE income in the past four years
Invest cash in the company through new shares
Hold at least 15% of the shares in the company
Not sell those shares for at least three years from the date of issue
Be employed in the new company as a director or as an employee
Ensure that the company carries out “a qualifying trading activity”

Exclusions to that “qualifying trade” rule include professional services (such as accountants, solicitors and business advisors), certain financial services (loans, commodities), film production and dealing in land. 
A company that takes over a previous trade is not eligible. Neither is a company that continued the trade of an individual who is seeking SURE relief and who was previously a sole trader.
There are other rules about the types of company, your role in the company and also requirements for particular tourism, green energy, internationally traded services and R&D ventures. To read

This post was originally published here - https://www.thinkbusiness.ie/articles/tax-back-for-irish-startups/ on thinkbusiness

Crowdfunding in Ireland – a guide

Crowdfunding can be a financial lifeline for a startup but it can also be a futile, time wasting attempt to raise money. Don’t try it until you understand how it works.
Crowdfunding websites match those who have ideas they want to turn into reality with donors.
The crowdfunding website takes a commission from the funds raised, typically 5% but the commission can be 10% or more on some sites. 
The top Irish crowdfunding platforms are: FundIt; SeedUps; iCrowdFund; iDonate.ie; and MoneyCrowd.

Pros and cons
For startups and certain types of small businesses, crowdfunding is seen as a low-risk way of raising funds without having to part with equity. 
Some startups have found that crowdfunding is a stepping stone to other capital. Increasingly, angel investors and venture capitalists back promoters who have been successful in crowdfunding campaigns.
But crowdfunding has its drawbacks. Failure rates are high – the majority of crowdfunding projects fail to reach the fundraising goals. 
Startups also find that crowdfunding is a time-burner. Success is often down to the amount of time spent preparing the campaign and then promoting and managing it.  Entrepreneurs need to put a lot of information about a product or service into the public domain. This carries risks – your competitors will know what you’re doing and you may be forced to defend yourself from online critics.
Below are five questions you should ask yourself before you ‘kick start’ your project.

1. Is your business suited to crowdfunding?
Crowdfunding suits certain types of businesses – usually startups or early stage companies that are looking for relatively small amounts of money. It has a higher success rate within certain sectors like the arts, digital media, music, and certain types of consumer goods businesses. You should find out if the crowdfunding platform you are considering has a track record of success with similar businesses to yours.
2. Do you have right skills for crowdfunding?
Crowdfunding suits particular types

This post was originally published here - https://www.thinkbusiness.ie/articles/crowdfunding-in-ireland-guide/ on thinkbusiness

Your startup needs a website not just a Facebook page

Having a business Facebook page is all very well, but it’s not enough. Your startup needs a website.
You have a splendid idea, your market research is robust, you’ve created your lean business canvas and devised a killer sales strategy, so now it’s time to launch. 
Before you do, though, ask yourself: ‘How do I look online’?
Here are seven good reasons why your startup needs a website.
1: You have full control
Having and owning your domain name, website, email address and communications database means you are in full control. 
Many small businesses think a Facebook page will suffice. However, don’t assume that your target audience is on older social networks. It’s much better if you are easily found on Google. 
2. It’s not expensive and sometimes it’s free
Having a website doesn’t have to cost an arm and a leg. These days there are very robust out-of-the-box solutions that offer domain names, website hosting, website templates and e-commerce solutions. 
Some banks even offer free websites as part of a startup package. 

3: Your customers are online and searching
You may not need to, or want to sell online, but your customers are making purchase decisions based on their online searches. 
Your website is also your digital business card. At any given time your next client, or investor, could be looking for you online.
4. You can measure how you’re performing
Having a website means you can monitor traffic to, and around, your site. 
You can add Google Analytics tracking to any website, and begin collecting valuable information on your visitors’ habits, as they view and navigate your site. In turn, this then feeds into your sales and marketing strategy. 
5. You’re always open
With a website, you are always open for business. Customers can easily find you, learn more about you, buy directly from you, or just reach out to you if they need

This post was originally published here - https://www.thinkbusiness.ie/articles/free-websites-for-startups-in-ireland/ on thinkbusiness

Is your business up for Bizworld?

Bizworld Ireland is looking for businesses of all sizes to get in touch and explore volunteering opportunities.
Bizworld, a not-for-profit organisation that promotes entrepreneurship skills to primary school children, is looking for volunteers to help it reach over 3,000 primary schools in Ireland.

Fiona McKeon, the founder of Bizworld Ireland, says the organisation wants more businesses to come on board.
“As businesses, let’s get our country starting again, starting at the right age, with 10-13-year-olds in primary schools,” says McKeon.
 
If you, or people working for you, would like to deliver a fun and informative two-day workshop in business skills, at a school near you, please contact BizWorld Ireland.
READ MORE: Bizworld aims to kick-start the next generation of Irish innovators.
Pictured above are Gavin Duffy; Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor; and Fiona McKeon. 

This post was originally published here - https://www.thinkbusiness.ie/articles/bizworld-ireland-volunteers/ on thinkbusiness

The power of Facebook for business

Facebook is the biggest social media channel your small business can use. Here’s why you should use it. 
To promote your business
If your business has a strong identity that is highly visible on Facebook, you will get an audience. While you can set up a Facebook page for free, you may need to advertise to get the reach you want.
To create a brand personality
Boring, business-specific posts won’t grab people’s attention. Express yourself online, and let customers see your business’s personality.
To engage with existing and potential customers
This is an obvious reason companies use Facebook, but it’s important. If you don’t engage, who will know about your business?
To tap into the largest online consumer network
Research has shown that three-quarters of Facebook users have some connection to a local business.
To connect with the local and global community
Depending on the type of business you run, you’ll want to engage people in different areas. Facebook lets you do that easily.
To run promotions or events
Organise some Facebook-specific events and giveaways, and watch interest in your business rise.
To learn from the audience
Communication is a two-way street, and Facebook gives people the chance to engage directly with brands. Don’t be afraid of what people have to say about you.
To share product or service information
If you are launching a new product, spreading the word on Facebook is an excellent way of letting a vast amount of people know about it.
To drive traffic to your website
Generating interest in your product or service through Facebook can refer traffic to your site, where you have further branding and communications opportunities.
To boost staff morale
Get your employees involved by encouraging them to contribute to your Facebook posts.
READ MORE: Facebook says 8 billion videos a day are watched on its platform. Here’s how to tap into this audience. 
Image Shutterstock. 

This post was originally published here - https://www.thinkbusiness.ie/articles/how-do-i-use-facebook-for-buiness/ on thinkbusiness

The best lean startup guides

1: The Business Model Canvas (or Lean Canvas)
This is the resource for startups. Forget a business plan, they are not suitable for early stage startups. This one-page business model, however, is golden.
Thoughtfully done, it can guide a business through the first choppy months. Download it here.
Below is a two-minute video overview of the Business Model Canvas.

2: The Value Proposition Canvas
This drills deeper into one of the key elements of the Business Model Canvas. 
The Value Proposition Canvas is a very powerful tool. If your business doesn’t clearly understand the value of what you are offering then you don’t stand a chance of survival.
3: User Stories
Understanding your user helps your business’ value proposition. It’s best to have a nice, neat user story to help get your startup focused. Here is a good article that shows you how to do this.
Article by Ita O’Sullivan.

This post was originally published here - https://www.thinkbusiness.ie/articles/best-lean-startup-guides/ on thinkbusiness

A Business Model Canvas

A Business Model Canvas is the resource for startups. Forget a business plan, they are not suitable for early stage startups. This one-page business model, however, is golden. Download a free ThinkBusiness Business Model Canvas.
Below is a two-minute video overview of the Business Model Canvas.

2: The Value Proposition Canvas
This drills deeper into one of the key elements of the Business Model Canvas. 
The Value Proposition Canvas is a very powerful tool. If your business doesn’t clearly understand the value of what you are offering then you don’t stand a chance of survival.
3: User Stories
Understanding your user helps your business’ value proposition. It’s best to have a nice, neat user story to help get your startup focused. Here is a good article that shows you how to do this.
Article by Ita O’Sullivan.

This post was originally published here - https://www.thinkbusiness.ie/articles/free-business-model-canvas/ on thinkbusiness

How to start a business from home

Before you start a business from home, you should consider a few important things.
A suitable home businesses
There is a wide range of businesses that you could run from the comfort of your own home. Here are seven examples:

Service business: This could utilise some of the equipment or materials you already have in your home. For example, you could use your car to start a delivery service. You could become a franchisee of a service company as well. You could fix things like bikes.
Desk-bound business: As long as you have a home computer and a decent broadband connection, it is quite possible to work from home. Your choices range from website design, IT support, and copywriting, among many others.
Consulting: If you have a lot of experience in a certain field, why not set yourself up as a consultant? The choices here are endless.
Trade: It is quite feasible for you to operate as a tradesman from home. Most of your work may be in different locations, so your base doesn’t have to be an office. Just make sure you have good transport options.
Fitness: Many personal trainers operate from their homes. Yoga and pilates businesses are also options to consider.
Childcare: Many childcare centres start at the home. If your house is big enough to accommodate infants, then it is certainly a business option to consider, but you need to be conscious of building your reputation. Also refer to the ‘regulations’ section for more information.
Food: It is realistic to operate a food business from your home, or indeed a food stall at farmers’ markets. See the ‘regulations’ section for more details.

Pros and cons of a home-based business
Establishing a business from home has a number of advantages, but also comes with disadvantages.
Pros

Save on costs: It is far cheaper to start a business from home, as

This post was originally published here - https://www.thinkbusiness.ie/articles/start-a-home-business/ on thinkbusiness

Co-Farm aims to change Irish farming

Can Co-Farm change the relationship between the farmer and the food retailer? Tommy Heffernan says farmers are adopting to digital solutions to save time, and to make money.

Tommy Heffernan isn’t what you’d call a typical Irish vet. As well as running a practice in Avondale, Co. Wicklow, he has co-launched Co-Farm, a networking website for farmers that he hopes will revolutionise the way they do business. 
“Farmers are flocking towards social media,” says Heffernan. “Smartphones have changed everything. Sites like DoneDeal have made it quick and easy to find what you’re looking for. Previously, farmers would have to take a day away from the farm and visit various dealers. Now they just take out their phone and have instant access to a massive marketplace.”
Does this mean the stereotype of the traditional farmer being reluctant to change with the times and adapt new technologies is becoming redundant? 

“Farmers will adapt to change where there’s an incentive, and in the case of going online, it comes down to two things; saving time and money”

 
A new frontier 
Heffernan’s business partner Geoff Dooley is a farmer from Limerick. As is the case with many ideas, the light bulb moment came to the pair over a pint.
“We discussed the overload of technical information farmers have to try and digest from multiple sources, and the confusion this leads to,” explains Heffernan. 
“We thought – wouldn’t it be great if there was a site where different stakeholders in the industry could log on, connect and get information direct from each other? That’s where the idea started.” 
From there the idea grew from a kind of a LinkedIn for farmers to a full online food platform, linking not just farmers and agri-service providers, but also bringing together farm producers and consumers. 
“We want to do for farming what AirBnB did for property rentals –

This post was originally published here - https://www.thinkbusiness.ie/articles/co-farm-irish-food-farming/ on thinkbusiness

10 of the worst business predictions

 
If your business idea has been slammed or rejected, take solace from the fact that many world-changing ideas were dismissed as non-runners. 

1: “There’s no chance that the iPhone is going to get market share.”
The launch of the iPhone by Steve Jobs (pictured) signalled the dawn of a new era for mobile communications – the age of the smartphone. The iPhone, however, had some strong and influential critics before its release. One of its most famous detractors was the Microsoft CEO, Steve Ballmer. In 2007, Ballmer was adamant that there would be no place for an iPhone and stated, “There’s no chance that the iPhone is going to get any significant market share. No chance. It’s a $500 subsidised item.” Apple currently has the second largest market share in the smartphone industry with 14% and is currently valued at over $700 billion.

2: “The potential world market for copy machines is 5,000 at most.”
While it’s understandable to harbour doubt over certain ideas, how could anyone doubt the potential for a photocopier? “The potential world market for copy machines is 5,000 at most”. In 1979, IBM gave this piece of advice to the eventual founders of Xerox. They were of the opinion that there would be no demand for it and that they should avoid bringing one to market. The photocopier, as you know, is the cornerstone of any functioning office. In 2014, Xerox had revenues of almost $20 billion. It’s safe to assume that the world market for photocopiers is more than 5,000.

3: “The telephone has too many shortcomings to be seriously considered as a form of communication.”
We often forget that there was a time before smartphones, and the ordinary landline telephone was the primary form of communication (apart from talking face-to-face of course). The man responsible for inventing the telephone was Alexander

This post was originally published here - https://www.thinkbusiness.ie/articles/business-ideas-predictions/ on thinkbusiness