25 June 2021
By Roger Jones
Starting a brand-new business can be pretty exciting. Many people enjoy the feeling of being their own boss, while the move also gives them a chance to focus on something they truly love.
However, there is plenty to consider when you decide to take the step. You need to have an idea of how you will grow your offering, while you may have to explore areas including marketing and recruitment. Most importantly though, you must also ensure you are meeting key legal requirements related to your operations.
Making a start
So, where is the best place to start when considering the latter? Well, your first port of call should probably be the Revenue – Irish Tax and Customs site, which features a range of information on starting and running a business.
It explains how you will need to consider the way you intend to operate, as several different approaches can be taken. For instance, you may choose to act as a sole trader, while a partnership could be the most suitable approach in some situations. Of course, there is also the option of establishing a company.
Each of these comes with its own responsibilities, so it is well worth doing some research to get to grips with the key issues to bear in mind. When you register for tax, you will also be given a tax registration number and this must be used to file returns.
But, while you will need to tick off some key basics around setting up, what else should you consider?
Another matter worth exploring is the issue of health and safety, as you will want to ensure that workers are always safe from harm. There could be potential consequences if you fail to do this, as it may leave you open to potential claims. McGinley Solicitors features information on the process that individuals have to go through when securing compensation for personal injury claims. The site explains that such a claim relates to legal action taken by someone injured due to the actions or negligence of another party. Claims can be made in relation to a range of issues, including spinal and back injuries and uninsured drivers.
Finally, the importance of looking after data should also be on your radar. The Data Protection Commission features a guidance note on key basics around the issue, while it also includes a full section on the different obligations that organisations have. These relate to issues including lawful processing, transparency requirements and breach notifications.
Plot your path to success
Taking control of your own destiny and starting a business can feel great, but there is a lot to consider when making the move. Some issues might ultimately be dependent on the sector you are operating in, but there are also other more general matters that most organisations need to explore.
Hopefully, the information above has given you some idea of what to bear in mind as you look to plot your path to business success.