Incentives to start and grow a business

Michael O’Connor of Cork BIC tells you why you need a business plan to win funds.

Most businesses that start need external funding. Few of us have the financial capability to fund a good idea and those with experience know that the investment or funding required may be 2-3 times original expectations.

So the ‘smart start-ups’ financially engineer the blend of funding to diversify the call on any one source. The most critical element is to develop a well-tested business plan that identifies how to harness the opportunity and what funding might be required.

To fund a business plan there are a myriad of investment possibilities from tax rebates and exemptions, to grants, loans, equity investments and hiring incentives.

Each has an eligibility and access route to finance with a measurable cash benefit. However there are terms and conditions and the devil is in the detail so take professional advice.

Remember Ireland is still probably the best place in Europe and the US to start a business due to the quality and range of supports.

* See our initiatives for company startups and expansions directory. It is a summary of the many current initiatives which are constantly changing.