:: Start your own Business ::

Start Your Own Business - 10 Steps To Take

1. Know yourself
Can you work alone?
Can you take responsibility?
Are you of a positive disposition?

2. Are you prepared to take a risk?
Starting a business will involve risking your savings.
Are you prepared for this?

3. Research your market
What is the extent of the market for your product/service?
Who are your customers?
Who are your competitors?

4. Look at your production requirements – premises, machinery and labour.
Where will the enterprise be located?
What considerations are important in the choice of premises?
What machinery is required?
Will employees require additional training prior to commencing work?

5. Work out your total costs.
What costs are involved in the purchase of capital equipment/premises?
What are your labour costs?
What is the cost involved in production?

6. Estimate your selling price and plan how you will achieve sales.
Taking the above factors into consideration estimate your selling price.
Who is your target market (local/national)?
How will you promote your enterprise?
What channels of distribution will be used?

7. Decide the legal framework of your business/check out any legislation that might affect you.
What business structure will the enterprise use – sole trader, partnership, limited company?
Have you registered your business name with the register of business names?
(www.cro.ie)
Have you registered as self employed?
Are you familiar with your obligations as an employer?
Are you familiar with your tax obligations (Income & VAT)

8. Check out your sources of materials/supplies, their availability and cost.
Where can the raw materials be purchased?
Have you received quotations from a number of potential suppliers?

9. What are your total financial/investment requirements?
How will you fund the project (personal investment, grand aid, loan)?

10. Produce a Business Plan
Using our template or other commit all relevant information to paper – be realistic and set targets based on the research carried out.  Go to business plan template.

A comprehensive Start Your Own Business Guide is also available on this site.  Go to SYOB Guide

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PATENTS/TRADE MARKS/INTELLECTURAL PROPERTY

There are a number of issues which, anyone contemplating starting a business to supply products or services, should be aware of, because ignorance of them can have dreadful consequences.

There is a misconception that having a limited liability company name or business name registration allows use of that name and provides trade mark protection. Not so! The only way to obtain exclusive rights to, and protect, the name under which you wish to trade is by way of trade mark registration.

A trade mark provides exclusive statutory rights so that a rival cannot legally use an identical or confusingly similar trade mark to an earlier registration. Similarly, if you infringe, then all the investment in design, printing and promotion may be wasted.

The golden rule therefore must be, at the outset, do not attempt to market goods or services until the identity under which you intend to trade has been cleared for use. That is, that it does not conflict with an earlier trade mark registration in the target market.

Therefore it is essential that, before using a new identity, a search is made of the trade mark registers in the target markets (be that Ireland or further afield) to ensure that it does not infringe the rights of others. Expert advice, such as that of a Trade Mark Attorney, is advisable because what appears to be clear to the untrained eye may, in fact, conceal a sustainable objection from a rival. Once it has been established that the way is clear the mark should be applied for registration immediately and so secure the position.

Any existing businesses who have not as yet registered their portfolio of trade marks should do so now. As will be shown later these are valuable assets and, if exploited fully, can be of enormous value. It is also worthwhile examining how these can be extended through registration into other classes of goods or services and the new potential for additional branding. It also feasible to apply to register, not only names and symbols, but also, slogans, colours, shapes and even smells.

It is essential to apply to register your trade mark at least in the home market, Ireland.
Utilising the Community Trade Mark (CTM) it is now possible, with only one application, to apply to register a trade mark in all 15 countries of the European Union. Anyone who currently trades, or intends to trade, in the EU in the foreseeable future should seriously consider this option. This facility has an added benefit in that when one successfully secures a CTM registration, it is only necessary to use the mark in ONE of the 15 countries to maintain exclusive protection in all 15 member states. This opens up huge possibilities for the entrepreneur.

The costs involved in both the national and CTM options are very modest. In Ireland, about €500 is required on application, with the same amount in perhaps 12/18 months at registration. These figures increase to about €1,500 in the case of the CTM with a lapse of more than 18 months between application and registration. In both cases the period of cover is for an initial 10 years and is renewable.

For further information contact:
Mr. Liam Birkett
Intellectual Property and Business Development Consultant
62 Rathdown Park
Terenure
Dublin 6 W
01-4906751
087-2440023
birkett@eircom.net

The following are the critical points in relation to TRADE MARKS.

1. Prior to use, it is essential to search the trade marks register in each target market.
This will discover any existing names/marks that are the same, or confusingly similar, to that which is proposed and where the owner would have a sustainable objection to the new entrant.

2. If the search is clear, then an application should be made to register the mark in all markets where it is intended to use it.

3. Register in all classes of goods where it is currently used as well as in classes where there is intent to use
All goods and services are divided into 42 classes. It is advisable to gain exclusivity for the name in whichever classes one is intending to trade in the future. This will obviate the possibility of being frustrated at a later date.

4. The initial life of a registration is 10 years which can be renewed indefinitely each decade thereafter.

5. One can apply to register either nationally or seek a Community Trade Mark (CTM) registration.
The cost of an application, for one class, in Ireland, is €520 plus VAT. At registration, approximately 18 months later, a further cost of €504 arises.

6. A CTM registration provides exclusive use of the mark in all member states of the European Union.
With just one application, protection can be obtained in all countries of the EU. The cost of an application, which covers 3 classes of goods is €1,511 plus VAT. At registration, approximately 18 months later, a further €1,762 cost arises.


The following are the critical points in relation to PATENTS

1. Do not disclose an invention to anyone, except under a written Confidentiality Agreement

2. Discuss the details only with a patent attorney.

3. If the concept is considered to have patent potential, a detailed specification will be drawn up and filed immediately.

4. There are then 12 months, before the final filing, in which to amend any details of the invention, decide in which countries to file and arrange the necessary finance

5. In each country the priority date will be that of the first filing date in Ireland.

6. It is not possible to subsequently file a valid application in any other country and enjoy the priority date.

7. In countries where a patent does not exist, the product can be legally copied and marketed by others.

8. The life of a patent is usually 20 years. A short term (10 year) patent can be obtained in approximately 6 months.

9. An inventor may (under certain circumstances) receive royalties, free of Irish income tax, during the life of a patent.

The Enterprise Board offers training courses to individuals starting a new business.
Click the following link for details on courses available. Training Courses

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