Starting a business in Ireland is an exciting venture, but it comes with more than a few challenges. No matter where you are in the process of your new endeavour, you’ll need the proper support and expertise to navigate the waters.
Whether you’re just brainstorming ideas, tackling the paperwork, or aiming to expand your market presence, having the right tools will make all the difference.
For several years, New Payment Innovation has supported new and established businesses by providing simple, secure payment services. In other words, we help them make money. Our payment services are designed for Irish businesses of all sizes and industries – and we’ve got the Guaranteed Irish symbol to prove our commitment to Ireland.
If you’d like to know more about how NPI payment solutions can help you in starting a business in Ireland by offering the lowest rates in Ireland, call us at 01 4475229 or fill out the contact form for a conversation with one of our payment experts.
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Why to Consider Starting a Business in Ireland
At the start of 2023, there were around 309,000 businesses operating in Ireland, an increase of about 6% from the previous year. So if you’re thinking of starting a business in Ireland, you’re in good company.
In fact, with up to 99% of businesses in Ireland small or medium-sized, Ireland is the perfect place to start a business. The Irish business ecosystem is a vibrant entrepreneurial space, dotted with local, community-centred enterprises. Whether you have dreams of expanding internationally or prefer to stay close to home, starting a business in Ireland is a goal worth pursuing.
Common Obstacles to Starting a Business in Ireland
Knowing what kind of common obstacles, you may come across when starting a business in Ireland will help you get off on the right foot. Here are some of the main roadblocks you may encounter on your business journey:
Understanding the Market
Understanding the market is a crucial step in ensuring the viability and success of your business. Conducting a comprehensive market analysis allows you to uncover valuable insights into consumer behaviors, trends, and competitor landscapes.
Look into demographic data, consumer preferences, and emerging market trends to identify opportunities and potential risks. Utilise analytical tools and insights to make informed decisions that align with the dynamic market conditions.
Identifying Target Audiences
Define and identify your target audience to tailor your products or services to specific needs and preferences. Once you know who your ideal customer is, you can create targeted marketing approaches that resonate with and engage potential customers.
Navigating Business Registration
Once you’ve decided on starting a business in Ireland, you will need to learn how to bring that dream to reality – and that includes registering your business. Think about important factors like the name of your new business and what type of business structure suits your enterprise and business goals. Each option carries different implications for liability, taxation, and management.
Depending on your business type and industry, you may need specific permits and licenses to operate legally in Ireland. Look into what you need to be in compliance with local and industry regulations and address these requirements promptly to avoid any potential legal issues or delays in starting operations.
Financial Management
If you’re a brand-new business owner, understanding business finances can prove to be a substantial obstacle in getting your business off the ground. You’ll need to understand the tax obligations specific to your business structure, establish a budget, research return on investment, and organise a record-keeping system, among other financial activities.
You’ll also need to choose a merchant service provider to help you take payments from customers.
Resources for Starting a Business in Ireland
While there’s a lot to know about starting a business in Ireland, there are a variety of community and government resources that can help you get off the ground. Whatever help you need, from upskilling, mentoring, networking, or financial assistance, there is a resource to keep you on the right track. Here are a few standout resources for starting a business in Ireland:
Enterprise Ireland is the Irish government agency responsible for supporting Irish businesses in their development and growth. It plays a significant role in fostering innovation, competitiveness, and job creation within the Irish business sector. Enterprise Ireland provides a range of services and financial support to Irish companies, helping them expand their reach globally, develop new products, and enhance their overall competitiveness.
This opportunity is for individuals starting a business in Ireland that need financial support to fund its growth. With SURE, you can claim back income tax whether you’re an employee, unemployed, or recently made redundant and are starting a business.
STEA offers financial support to people who have lost their jobs and wish to start a business. This support is paid for up to nine months instead of Jobseeker’s Benefit to help entrepreneurs get their businesses going.
This scheme provides income tax relief for long-term unemployed people who start a new business in Ireland.
This opportunity is for owners of a limited company who wish to test potential business opportunities. It was developed to establish stronger links between the business community and universities and other educational institutions. The voucher is for up to €5,000 and can be redeemed with registered knowledge providers.
This network supports the entrepreneurial community all over Ireland. It works to increase the number of angel investors looking to put investments into early-stage companies, offering a leg-up to new businesses on the island.
This programme, supported by the Department of Agriculture, Food, and the Marine, aids early-stage female entrepreneurs in rural Ireland through peer learning. Selected participants benefit from the voluntary time contributed by Lead Entrepreneurs, and there is no cost to join. Women with new businesses or well-developed venture ideas in rural Ireland can register with the programme to begin engaging in collaborative learning with successful peers.
Going for Growth is a six-month, part-time program, sponsored by Enterprise Ireland and KPMG. It supports ambitious female entrepreneurs in realising their growth ambitions. It is ideally suited for businesses with at least two years of establishment. Still, consideration is given to highly innovative entrepreneurs in earlier stages with substantial growth expectations and some sales.
Participants engage in interactive round table sessions led by successful Lead Entrepreneurs, who volunteer their expertise to guide individuals in setting and achieving personalised goals, addressing opportunities, and overcoming challenges in driving business growth.
This programme and accompanying grant aims to boost sustainable businesses. It fosters job creation in the Irish economy through a three-phase programme: Test, Development, and Implementation. The initial Test phase spans 8-10 weeks, followed by a six-month full-time Development phase and a subsequent three-month full-time Implementation phase. Qualifying for phase two brings a support package valued at €30,000, half of which is tax free.
Established in 2006, the NDRC is a government initiative designed to invest in digital startups. Dogpatch Labs has been awarded a contract to manage the service for the next five years, focusing on building up a network of innovation hubs that enable entrepreneurs all over Ireland to succeed and grow.
NovaUCD provides mentoring and free advice to help startups secure funding and grow their business. Based in Ireland’s largest university, Nova offers legal, tax, and marketing counsel for new businesses in any industry.
As a business owner, you’ll need to be able to take payments from customers, whether online, in-person, or over the phone. Choosing the right merchant service provider allows you access to in-depth financial resources for managing your budget, sales, and revenue. Not to mention, the best merchant service provider in Ireland will offer products and services designed for Irish businesses, no matter what stage they are in.
New Payment Innovation’s Approach to Merchant Services
NPI’s commitment to innovation and customer-centricity means we’re not just another payment provider – we’re the best merchant service provider in Ireland. Whether you’re a business looking for diverse payment methods, integration with your existing systems, or real-time insights, we’ve got you covered. Here’s how we do merchant services:
Face to Face
For businesses that rely on the stability and familiarity of traditional card transactions, NPI offers seamless card reader options, including wired, wireless, and mobile. These methods ensure that you can accept payments securely through trusted and established channels.
In an era where speed and convenience are paramount, NPI embraces advanced technology for your face-to-face transactions. Our solutions, including contactless payments, enable quick and secure transactions. Customers can simply tap their cards or mobile devices for swift and hassle-free payments, whether they’re shopping in a store or at a vendor’s stall.
Recognising the growing importance of mobile payments, NPI empowers businesses to tap into the mobile-centric world. With our card machines for business, you can offer customers the flexibility to pay with smartphones, digital wallets, and cards, making the payment process both efficient and user-friendly.
Online
NPI understands the importance of streamlining safe online payments for businesses and ensuring a secure and convenient experience for customers.
Our integrated solutions are designed to seamlessly connect with a wide range of e-commerce platforms and payment gateways. This means that whether you’re a business looking to accept online payment or a customer making a purchase, the process is straightforward and secure.
For businesses, NPI’s integration with e-commerce platforms allows for a hassle-free setup, enabling you to accept payments on your website or digital storefront. Our system effortlessly manages the flow of transactions, ensuring a smooth experience for your customers.
Over the Phone
Our virtual payment terminals are at the heart of over-the-phone payments. Notably, they provide a secure platform where businesses can process transactions remotely. This is especially useful for businesses that offer services or sell products over the phone, through catalogues, or via email. By using virtual terminals, you can efficiently handle card transactions from anywhere, thereby enhancing convenience and accessibility for your customers.
Furthermore, security is paramount in over-the-phone transactions, and NPI takes this responsibility seriously. Our systems are designed to ensure the utmost security for both businesses and customers. Card data is handled with care, and our virtual payment terminals adhere to industry standards for secure payments.
You can learn how to take card payments over the phone here.
Contact NPI Today
Explore the NPI difference by getting in touch with our expert team. We’re here to provide guidance, valuable insights, and tailored solutions that align with your unique needs and goals. Reach out to us at 01 4475299 , fill out the contact form and one of our payment gurus will get back to you.
Want to see our card machines for yourself? Come down to our Citywest HQ and have a look around the Experience Suite.
Resources for Starting a Business in Ireland : FAQs
What resources are available for someone starting a business in Ireland?
Various resources, including government agencies like Enterprise Ireland, provide support and guidance for aspiring entrepreneurs.
How can I access funding for my new business in Ireland?
Explore financial support options from agencies like the Irish government, banks, and other financial institutions. Enterprise Ireland is a valuable resource in this regard.
Are there specific programs for female entrepreneurs in Ireland?
Yes, initiatives like the ACORNS program and Going for Growth offer support tailored to female entrepreneurs in different stages of business development.
How can I register for the ACORNS program?
Visit www.acorns.ie to register for the ACORNS program, designed to support early-stage female entrepreneurs in rural Ireland.
What is the purpose of the grant offered by Enterprise Ireland?
The grant aims to accelerate sustainable businesses that contribute to job creation, featuring three phases: Test, Development, and Implementation.
