EMIGRATION ISN’T THE ONLY ANSWER
Lately, there’s been quite a lot of emphasis on people emigrating from Ireland. It’s hardly surprising of course since a generation of people seem to be fleeing the country in the hope of creating a better life for themselves elsewhere. Documentaries like RTÉ’s Generation Emigration capture the plight of some of these individuals in an illuminating and revealing way and in most cases, the problems faced by some of those showcased before they emigrated can be aligned with many people who still remain here.
However, there are still opportunities in Ireland, despite what some of the media reports say. At DCA Accountants and Business Advisors, we come across people every day who have or are thinking about setting up their own businesses. Many have turned to entrepreneurship out of necessity as jobs in the wider economy continue to be thin on the ground, while others have always had a burning desire to be their own boss and create their own jobs. Regardless of how each individual came to the decision to go it alone, in most cases they are finding that Ireland is becoming a very good place to do business.
Obviously the business environment here has improved markedly in recent years – rents are lower, labour is more readily available and there has been a growing emphasis at Government level to support those who want to start their own company. The negatives point to constricted cash flow and the availability of credit to get you up and running. However, if your business idea and your business plan can stand up to scrutiny, there are opportunities to secure funding either through financial institutions or private investment. For example, one company we work with managed to attract €50,000 worth of investment last week from an angel investor – we’re finding that with continued volatility in the stock markets and the uncertainty and instability that casts a cloud over much of Europe, those with resources to invest are seeking credible and potentially lucrative opportunities. In the case of the example I mentioned, the investor will receive a 15% return on his money while the business in question now has the funds to develop and expand – it’s win win.
It certainly isn’t plain sailing nor do I mean to make it out to be. Having said that, there are opportunities to go it alone and set up your own business. The generation of 20 or 30 somethings also have the advantage of not being saddled with crippling debt nor are they likely to be as plans are challenged over and over again before a decision is made on whether or not to support a new business idea.
The Government have also weighed in with some good initiatives. The Back to Work Allowance is a good starting point for budding business people and it offers a helping hand to get a company off the ground. Enterprise Ireland are also worth investigating but if you’re planning on setting up your business with the indigenous market in mind, you’ll be better off talking to your local Enterprise Board or organisations like the Dublin Business Innovation Centre. Starting off with good advice from those with experience will be useful in the long run and they’ll be able to help and provide guidance on sources of finance too.
If you would like any information on setting up a business here or advice on how to go about it, get in touch with one of our advisors at DCA Accountants and we’ll gladly offer you a consultancy session free of charge.
DCA Accountants and Business Advisors
For more on our services or to receive a free consultation for your business from one of our experts, visit www.dca-ireland.ie or follow us on Twitter.