MONEY MATTERS: Dundalk accountant Andrew Carroll's top tips for entrepreneurs

"The enthusiasm of a founder is a key driver in the early days of a business"

Senior Audit at UHY Farrelly Dawe White Andrew Carroll

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Senior Audit at UHY Farrelly Dawe White Andrew Carroll

MONEY MATTERS: Dundalk accountant Andrew Carroll's top tips for entrepreneurs

ARE you a business owner or a would-be entrepreneur? You need to be passionate to back up and big up your venture, no one else is going to do it for you.

The enthusiasm of a founder is a key driver in the early days of a business, and an evangelical belief in your product or service is crucial.

Your business will only survive and thrive if people know about it. There is no room for wallflowers in the early days of a business, you need to put yourself out there and create contacts through networking. Keep an eye out on events put on by your Local Enterprise Office or Chamber of Commerce.

If nothing else, you will find yourself a valuable support group while you undergo early trials and tribulations. Often called the elevator pitch, a short, succinct and persuasive pitch is crucial for any budding entrepreneur.

When seeking potential investors or customers, you’ll hold their attention for approximately 90 seconds. What you do with that time is up to you.

For maximum impact, a confident, expert tone is important. Sound like you know what you’re talking about and you’re halfway there.

Include the relevant facts and figures for your business and you’ve got yourself a solid pitch. That business idea you’ve had for ten years that you’re sure will work? What are you waiting for?

I'm not necessarily talking upping and leaving your stable job today, but why not take a night course that will give you additional tools you’ll need when you eventually strike out on your own? If you don’t set the wheels in motion now, chances are you never will.

The early days of any business are rife with disappointments and setbacks. Walt Disney (you may have heard of him) at one point in his fledgling animation career was unable to pay his rent, and was living on dog food. He also was told that a giant mouse would scare women.

Mickey Mouse is one of the most recognisable characters in the world today, and Disney one of the biggest entertainment empires.

While you’re focusing on getting your enterprise up and running, the minutiae that make up everyday business dealings still need to be looked after.

UHY Farrelly Dawe White is located in Blackthorn Business Park, Coes Road, Dundalk and can offer you support in all financial matters, from tax compliance to accounting, from payroll services to auditing.

The early days of a business are the most crucial when it comes to managing your finances, and UHY FDW will be there every step of the way. For more information telephone 042 933 9955 or email info@fdw.ie.