Five Essential Elements for Starting Up a Business in Dublin

In Business, Growth by Gemma ReevesLeave a Comment

In the recent years, Ireland has bagged the tag as the fastest growing economy in Europe. With Dublin the heart of its economic activity being its capital city, it is host to diverse businesses from different industries. In 2017, Dublin took the 34th spot on Mercer Quality of Life Survey 2017,  ranking higher than its European neighbour London, and all the other cities within UK and Ireland. The Irish economy provides a good soil for businesses looking to gain ground or expand in the North-West part of Europe. It was remarked by a Consultant at Mercer Ireland, Noel O’ Connor that the offerings of Dublin are “an excellent choice for consumer goods, lower levels of air pollution, and a stable political and strong socio-cultural environment.”

From its young workforce, Dublin boasts of its highly-educated, -skilled, and enthusiastic locals that are sure to boost businesses forward. Its small and compact land size and area provide ease and convenience for the people, because of the closeness of airports and other private and government-owned establishments important to businesses.  Additionally, its strategic location in the map of Europe, it provides unlimited access to its millions of consumers.

All of Dublin’s offering, however, do not secure any business a hundred percent success. There are more elements to consider and work on to achieve success. It is why it is risky to leave a stable job and start up on your own.  Putting up your own business is life-changing in every turn.  Although work becomes flexible, and your career path is made upon your choosing, it takes every ounce of hard work, energy, effort, time, patience, courage, and determination to get it up, running, and growing. But seeing all those success stories of businesses, who have started small and now are giants in the industries they belong to, you know you also can make it if you play things right.

Here are five important things to put into consideration when putting up a business in Dublin:

Know not just your business but the industry as well

You cannot expect to handle a tool the proper way if you have no idea how it functions and what it is for. The same thing goes for in putting up a business. If you want a business that provides online marketing solutions, you have to have a background on the online marketing industry and you have to know it well.  It is especially important to do a deep research on the industry before setting down a foot into the pool. Join and participate in forums, groups, training, or workshops to expand your knowledge and to stay informed and informed.

Be committed to your business

Although being on your own in business lets you enjoy the kind of flexibility you cannot enjoy when working for another company, it does not mean that life will be so much easier. Your business will demand time from you. And since it is yours, you will have to run the extra mile in your efforts to make things work.  Hurdles and countless obstacles are definitely coming your way and might be especially hard when you are already on a tight end.  You cannot just enter into a business without being fully committed to it expect it to grow.  Don’t waste the time and money you have spent on it already.

Get some help

Face it. You cannot do it on your own.  While multitasking is commendable, it is not recommended. Yes, hiring more people to be on your team is an added expense, you will also get more work done.  If you not yet able to afford the fees of full-time employees, you can hire college interns and part-time employees instead.  When you have other people to delegate tasks to, you can focus on other things that will require your utmost attention.  It might be a little rocky at first, training and making sure that they understand what their work requires, especially when you are doing it alone, but you will begin to appreciate having a team when you see things getting done faster than they would have been were you on your own.

Treat your people right

Strive Masiyiwa, the founder and executive chairman Econet Wireless remarked, “I’d rather someone called me a successful entrepreneur on the basis that I never missed payroll than on the basis that I made a billion dollars.” His statement was made based on the fact that reputation matters in any business. People talk and feedback from employees on how you treat them impacts the image of your business. A good reputation in business will lead investors to you, and hiring and making competent and enthusiastic people join and stay in your company will not be as difficult. No matter how small your team is, or how little steps you are making, when you are treating your people right you are actually taking giant steps towards success.

There are more things to take into consideration when starting a business, but it all boils down to management of your business. The success of your company does not rely on the product itself or how good your marketing team is at making it sell. It requires good management skills to handle your business right.

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