Funding options for your business
If you’re not adequately funded, then your business is less likely to succeed. With many different funding options available it can seem complicated, particularly if you’re in the early stages of developing your business.
With traditional sources of finance such as a loan or overdraft becoming less accessible, you should think about how you can establish a solid financial base for your business and have a clear understanding of how much money you’ll need as you grow and develop. The next stage is looking at where you can find financing.
In the past, many businesses tapped into personal savings. With alternative forms of funding becoming more mainstream, businesses in Ireland are now choosing to use Invoice Finance, Invoice Discounting and Factoring to reduce cashflow gaps and fund their growth.
How to start your business
From registering documents to getting the word out about your business to making key financial decisions, starting a business involves many moving pieces. Once you’ve successfully got your business off the ground, you’ll need to think about what you need to do to develop and grow.
It’s just as important to know how to deal with the initial start-up phase as it is to develop plans for your future growth and development and our quick start guide uses knowledge from our team to help you at each stage.
The process of taking on employees
Recruiting staff for the first time or taking on new employees is much more than interviewing and hiring the right person for the job and them completing their work. Your legal obligations and responsibilities when hiring staff are essential, otherwise you may end up spending time and money that would be best spent developing your business if you overlook certain aspects when it comes to employing staff.
You'll need to consider:
- Right to work: always check that the person you’re interviewing has the legal right to work in Ireland. Check their passport, visa or any other relevant paperwork they may have, as well as other employment checks such as references.
- Check records: you may need to apply for a Disclosure and Barring Service (DBS) check if you’re work requires one.
- Insurance: employer’s liability insurance is not a compulsory legal requirement for every business in Ireland however it is strongly advised for any business employing even just one employee.
- Records: employees are entitled to receive a statement of their employment within two months of starting work. You will need to set out your employment terms including job description, pay, hours of work and any disciplinary or grievance procedures.
- Register: you must register as an employer if you pay your employees more than €8 per week if they are full time and €2 per week if they are part time. You must also notify the Revenue Commissioner within nine days with your name and address.
- Salary: when you determine how much to pay someone, remember you’ll need to make sure you pay employees at least the National Minimum Wage.
- Pension: There is no legal obligation on employers to provide occupational pension schemes for employees, but you will need to provide access to at least one Standard Personal Retirement Savings Accounts (PRSA).