The Inishowen Development Partnership seeks to assist, support and develop any project, business or enterprise which has the potential for creating or sustaining productive employment and enhancing economic prosperity in the Inishowen Peninsula. We also seek opportunities to cooperate in the implementation of economic cross-border initiatives designed to develop the capability of businesses to compete internationally.

The Inishowen Development Partnership offers a broad range of supports to meet the needs of those, particularly unemployed people, who wish to become self-employed. Many of the supports offered are available to any person wishing to set up in business, or develop a small existing business. It is not always a requirement that those supported must be in receipt of a social welfare payment.

The specific supports include:

1. Access to the Back-to-Work Enterprise Allowance Scheme (BTWEAS).
2. A business information and guidance service.
3. One-to-One Business Mentoring sessions.
4. Networking Opportunities.
5. Through links with the Donegal County Enterprise Fund Ltd access to a number of revolving business loan schemes aimed at the small and medium enterprise sector.
6. Access to the Department of Social & Family Affairs Technical Assistance and Training Fund (TA&TF).
7. Access to First Step Microfinance.
8. Education & Training opportunities
9. Access to the Donegal Women in Business Network and to the NI equivalent “Women in Enterprise (Northern Ireland).

FOR FURTHER SUPPORT WITH YOUR BUSINESS PLEASE CONTACT:
Rosemary Lyons
Enterprise Development Officer
Inishowen Development Partnership (IDP)
St. Mary’s Road
Buncrana
Inishowen
Co. Donegal
Telephone: 074-93-62218
Fax: 074-93-62990
E-mail: rosemary@inishowen.ie

To register your interest in participating in any of the courses outlined, please email: rosemary@inishowen.ie at the Inishowen Development Partnership (IDP) and if you have no access to email please telephone 074-93-62218 and speak to Katie or Maureen. All places are filled on a first come first served basis. Your place will be confirmed by email prior to commencement of course. For more information on training opportunities click here.

The level of entrepreneurship in Ireland has historically been high. In 2007, on average 2,700 new Irish businesses were set up every month. In 2008 it was approximately 2,000 per month. In an economic downturn there is little to suggest that this situation will change drastically. Entrepreneurship is an exciting, difficult and worthwhile calling, which needs to be fostered if our present economic situation is to be turned around.

Aspiring entrepreneurs represent an untapped resource with great potential for future development. However, they can be discouraged by the effort required to pull together all the information they need to get started.

A degree of mystery surrounds the process of starting a business. 70% of people who become self-employed do not prepare themselves for their new role and responsibilities. Specifically almost 90% do not study their market and as a result, on average 50% of all businesses fail within five years of starting.

The purpose of this checklist is to guide and help prepare entrepreneurs to draw up the vital Business Plan in order to

• Think through all the elements involved in the start up process
• Determine funding required for the business
• Communicate the purpose of the business and development plans for the business, internally and externally
• Set the businesses goals and targets
• Measure and steer the planned business process
• Understand the systems and resources required for start up, including the people requirement.
  

Considerations before starting a Business

1. Do you have the skills/experience needed to run a business?
2. Do you have sufficient motivation to stick with it for as long as it takes?
3. Do you have the support of your family?
4. Does your business idea test out?
5. Are you eligible for a “Feasibility Study Grant”?
6. Is your business idea:
   · A start-up
   · Buy in of an existing business?
   · Franchise?
   · Other
7. What kind of business are you thinking about?
   · Manufacture
   · Retail
   · Wholesale
   · Import/Export
   · Service
   · Leisure
8. Do you need further training, skills development before starting your business?
9. Are you ready to write a Business Plan?
10. Can you measure the demand for your product/service?
11. Who are the competition, what can you offer that they can’t?
12. Where is the market (local, regional, national, export) and how do you reach that market?
13. How much capital have you got?
14. What are the start-up costs?
15. Do you have enough capital to get started?
16. How long will it be before you reach break even in your business and then start to make a profit?
17. Is the product/service a one-off item, or a line/service for which there is continuing demand?
18. What skills, knowledge and experience do you have of the business you intend starting?
19. Do you know the things that you are not good at, or are not in a position to offer, and have you identified others who can help with these tasks, jobs?
20. Could you combine your present job with self-employment, at least until you see how the business goes?
21. Have you considered and evaluated your business idea/project realistically?
22. If you are going into business with someone else, is the income that the business will generate, sufficient to provide a living for all concerned?