Turning your business idea into reality
Thinking of becoming your own boss? Increase your chances of success by choosing the correct route
They hope to revolutionise the selling of a business in the way MyHome.ie and Daft.ie have transformed the way Irish residential property is marketed.
The website allows people to advertise businesses for sale at a cost of €150 for three months, and also provides prospective buyers and sellers with access to key professionals.
“In the SME community there wasn’t anyone really providing a formal network to match buyers and sellers,” according to Connors, who set up the business 18 months ago.
He says buying a business can be a good route for people who have experience running their own business, and funds either from savings, redundancy money or a loan.
“People can get into business relatively cheaply or they can spend a lot. We’ve got a waste disposal business for sale and it’ll probably sell for €300,000 to €400,000.
“We also have a printing business for sale that will probably fetch a couple of hundred thousand. Then there’s a flower shop which would be €50,000 to €75,000.”
Buying a franchise is another option. Many people have probably stood in line at a fast-food restaurant such as McDonald’s or Subway and pondered the economics of owning a franchise .
Aside from a ready-made business plan and proven model, one of the main benefits of owning a franchise is shared marketing and advertising.
However, it is important to remember that running a franchise can be as much hard work as running your own start-up.
The cost of acquiring a franchise can vary wildly depending on the sector, with most franchisors charging an upfront fee and then a recurring charge based on annual turnover. Some of that goes to pay royalties while some of it goes toward advertising and promotions.
The research also found that the average working capital for setting up a franchise business in Ireland was €21,873 and the total set-up cost was an average €124,330.