Have a business idea? Here are 5 things to consider when making it happen

Despite Ireland’s geographical size, we can boast a proud heritage of entrepreneurialism in sectors ranging from tech and science to financing and software. It is no mean feat however to get an idea off the ground and turn it into a workable business, so tapping into the experience of others is often one of the best ways to start making it happen.

Supporting over 50,000 clients across the UK and Ireland, delivering invaluable data-driven advice across more than 25 different industries, Xeinadin Group aims to help businesses on their growth journey.

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Doing the legwork

For every business idea that comes to fruition, one can’t help but wonder how many more are never fully realised. Whether left at the back of someone’s mind, scribbled on a notepad somewhere or turned down on the set of Dragon’s Den, taking things to the next level requires a certain level of boldness that not everyone possesses.

“Preparation is key, and prevention is better than cure; making sure everything checks out and having your homework done is just so important. And getting whatever support and advice you can along the way.

“There are mentors out there, provided by the Local Enterprise board, and government support. They should all be looked at to see if there is anything you can avail of,” Director of Xeinadin Group Sandra Clarke says.

Backing yourself

Coming up with a unique business idea is about as far as many of us are able to get, but shaping it into something you can stand behind with confidence is what separates successful entrepreneurs from everyone else.

“I think it does take a particular type of person. How many ideas do you have where you say ‘It’s too much hassle’? Or where you really have a lack of belief in whether it will or won’t work.

“Really it’s about exploring that idea and seeing if it does have any value and if you truly believe in it. Again, the homework still needs to be done and even though help and assistance might be out there the groundwork has to come from the person themselves.

“They have to be willing to put the time and effort into it on the weekends and evenings if that’s what they want to try to achieve. It comes down to what you’re looking for, where you’re going and how strongly you believe in the idea,” Sandra adds.

Building strong relationships

While setting up a new business requires an ability to feel comfortable going it alone, a strong contacts list can help you make real headway. Strong relationships with the people you deal with is an essential part of realising your business goals and entrepreneurial dreams, helping you to set your business up for a successful future.

It’s worth noting that many people within the other businesses you work with, be they suppliers or clients, will be able to understand where you are coming from.

“A key group of people who are starting out now or who even have established businesses in the local area will recognise what you’re going through and will want to see you succeed with their business as well. I do think forging those local relationships definitely helps.

“I remember starting out and other local businesspeople would ask ‘is there anything I can do for you? I can put you in contact with somebody.’ Sometimes it’s not what you know, it’s who you know or getting that introduction,” Sandra says.

While technology allows us to free up more time by communicating digitally with people, Sandra says there is an argument to be made for going back to basics when it comes to forging business relationships with local organisations.

She adds, “If you’ve got people in your locality, it makes it easier to have face-to-face meetings. I know we can all do everything via Zoom and Teams these days, but sometimes it’s good to have a coffee as well!”

Listening to the right advisors

Similarly, it helps to know where you can turn when in need of guidance on what steps you can take next. This is particularly true when looking to take your business idea to the next level, which is a core aspect of what Xeinadin offers for clients.

People may have preconceptions of what services a business advisor or accountant has to offer, but all of Xeinadin’s directors built businesses from the ground up. With that first-hand experience as well as technical knowledge, it is a brand built by entrepreneurs looking to create a pathway for other brands and entrepreneurs to follow.

Not only does having the right advisors help you make more informed decisions for your business, but Sandra says the role has also changed in recent years.

“A lot of our roles as accountants is advisory now as opposed to punching the numbers into our calculator or excel sheet or whatever the case may be!

“So much of it is advisory-led now. What’s also happened in the last number of years, and obviously it’s still progressing, is the volume of trade we do now. Whether it be sales, purchases, or EU/outside the EU, America, UK and so on.

“There are a lot more challenges now than there was say 30 years ago. If you wanted something you went out to a local shop and you bought it, now you could be ordering on Amazon and you’re not necessarily sure what your supply chain is,” Sandra adds.

It’s in this regard that an accountant or business advisor can be particularly helpful. It’s not all day books and accounts, but also knowing how to interpret that data in a way that benefits the business is an invaluable skill to have at your disposal.

Keeping things simple

While building in-person relationships is sometimes a better option than only communicating digitally, technology can conversely make it easier for you to create them. Rather than unnecessarily spending time performing menial tasks that can be automated or outsourced, it can be worth exploring options that can help free you up to focus on other matters.

Technology is always evolving, and much of it can benefit your business in ways that are not immediately apparent. Artificial Intelligence (AI) is one of the most widely discussed technological advances in present times, and is a good example of the kind of technology modern businesses are able to take advantage of.

“It’s such a major change for SMEs and startups to get from where they are now to where they need to be, and to cut out a lot of administrative time that’s just lost. Where they could be focussing on sales, profitability, focussing on their margins or building local relationships but it’s wasted because of the time taken up by admin.

“Streamlining processes, whether it be accounting or how you deal with your customers or suppliers; that all helps and gives you more time to focus on what’s important in the business.

“Certainly as an organisation, we are now talking to our clients all the time and saying ‘Look, you’re losing so much time in your bookkeeping and accounting, let’s use technology and let’s use the software that is now available, tools that weren’t there 15 years ago. Let’s get that part of the business sorted for you,’” Sandra says.

Reporting on: www.independent.ie