Getting Bigger
After having your own business for a while, the time may come when you decide to grow by looking for new markets, adding to your product range or increasing your staff numbers. When you do start to grow and get bigger, new decisions will need to be made about how you do business which may require changes to how the business operates.
For example if you decide to stop being a sole trader and become a limited company, you will need to submit documentation to the Companies Registration Office. Becoming a Limited Company will now mean that your business will be liable for Corporation Tax. If you are taking on staff for the first time you will need to be aware of your obligations as an employer and current employment legislation.
If you are considering widening your markets or your range of products or services you will need to conduct some level of market research or feasibility study to ensure that your idea is viable. You may be considering exporting and will need advice on how to enter foreign markets. You will also probably need to source additional finance to purchase new equipment or materials.
Each of these areas is covered in A Guide to Starting Your Own Business in Waterford City. The Support Agencies will also be able to provide advice and support if you are considering growing.