Q. I have recently been made redundant and I intend to start up my own business. Can you tell me what issues I need to consider when setting up my business? Can you also tell me about any incentives or supports which are in place for me?
A. When setting up your business you will need to give consideration to a wide variety of differing issues from your legal structure to your location. There are also a number of organisations who can provide support and funding to you in setting up and establishing your business.
To address the various areas which may be of concern to you and to cover the differing supports and financial incentives you may be able to avail of in a complete manner, we will look at each area individually over the coming weeks as follows:
Other sources of finance
Developing your business plan and business structure
This week’s article will examine the benefits of locating your business within an incubation or enterprise centre.
If you are able to locate your business in an incubation or enterprise centre it can be an advantage to you. These centres are designed to provide support to new and emerging businesses in their start up periods, by providing them with an initial workspace when commencing their activity. The centres aim to create an environment, which promotes and supports entrepreneurship and new business growth. They help business’ through the early stages of growth until they can become independent stand alone organisations.
Locating your business in such an area can help to encourage your business to grow and to promote an enterprising and ambitious spirit within it. The locations also mean that you will encounter and develop relationships with other entrepreneurs who will be in the process of overcoming similar obstacles to you.
There are a number of incubation and enterprise centres around Galway which help entrepreneurs:
S.C.C.U.L Enterprise Centre
S.C.C.U.L Enterprises Ltd. is a Community based company; it has set up and established an enterprise centre in Ballybane which has 15 units ranging in size from approximately 500sq ft. to 1,200sq ft. The centre is designed to provide affordable space for people to develop and grow their enterprise before moving on to more permanent premises. Further information is available at www.sccu.ie/sccul/
Galway Technology Centre
One of the organisations providing specialist support to new businesses is the Galway Technology Centre. The centre provides flexible workspaces for early stage and developing enterprises. Each workspace is designed to meet the needs of IT companies from start up through to expansion. Essentially the purpose of the facility is to provide a low cost, professional, working environment for new enterprises. This includes access to desks, conference rooms, high speed internet connections, phone and video conferencing facilities, photocopying, fax and other services. Further information is available at www.gtc.ie
NUI Galway www.nuigalway.ie offers suitable incubation space and support services for new knowledge intensive companies in sectors such as the biotechnology and the biomedical sector. It has 23 incubation units with the necessary infrastructure to support biomedical and biotechnology start up companies. Priority is given to companies spinning off from activity on campus and to external start-up companies with the potential to benefit from close contact with the biosciences’ groups on the NUI Galway campus.
Galway Mayo Institute of Technology
GMIT www.gmit.ie has an incubation centre located on its campus where it has 19 business units for start up companies. The clients of the incubation centre will have access by agreement to the facilities and resources of GMIT. To meet the requirements for entry your business must be knowledge intensive and show high potential start up capability.
In next week’s article we will examine the different types and sources of grant aid available to you as a start up enterprise.