Starting Your Own Small Business? My No. 1 Tip

[@IrishDannyBoy]

Thank you for this. I've literally only went out on my owna nd struggling to get it all right. I needed to hear this. 🙏

[@oOMonkeyMagicOo]

Great advice as usual! Positive Cash-flow is number 1 concern! Also worth pointing out that it's a mistake to spend several days trying to figure something out when a 1 hour consultation with a professional will sort it out for you! New Business owners, don't be afraid to invest in some professional advice from time to time! It will save you in the long run!

[@terrygorry]

Thanks for the kind comment :-)

[@Bikemanjoe1]

Straight talking and no bullshit thanks for the video. I'm thinking starting a business and this advice makes sense thanks for the upload.

[@TonyMontana-hg1yr]

Thanks for the video Terry, we recognised ourselves when watching!... and thanks for the consultation recently. Antoine and Nathalie

[@terrygorry]

Thanks Antoine and Nathalie!

[@alexhogan1]

Thanks Terry! In the middle of a small business set up at the moment. H&H Gardeners in Kildare. A garden maintenance business. Your videos are very helpful 👍

[@terrygorry]

Good, glad you find them useful 👍

[@cathaly6fallon576]

I just be afraid the QS make a mistake then I would have big problem. I gus I should start look for a good QS someone who has good track record. Could all ways price it myself as well and see how they compare

[@boristabe8581]

Thanks for your teaching ...it's great direction 👏. Are you a business adviser?

[@terrygorry]

Yes

[@mahinsyedatahara3863]

you are Amazing Terry, Loving your helpful content

[@cathaly6fallon576]

And if I wanted to start a small building business. Doing extensions and refurbishment. Should I have Q.S. pricing for me ? Or price myself.

[@terrygorry]

It depends how good and accurate you are. You should learn quickly or you’ll soon have serious problems

[@hannahi9355]

100% agree with this. People want to clean the fish before they catch it. At the beginning you don't get the privilege of worrying about the fun stuff...it's about keeping your business alive.

[@WellWell232]

Hi Terry, I have been watching your videos and they are great! Do you have any book recommendations for corporate accounting and governance that you would reccomend?

[@terrygorry]

No, afraid not 🤔

[@kirktaylor6005]

Hi Terry great videos! very helpful and easy to understand / relate too. I was wondering could you answer a question for me please? I'm currently filling out the RBN1 form for registering a business name. I have to accompany the form with the reason why my business address is the same as my personal address. I will be working from home and am unsure how to present this without cro rejecting my application. kind regards, kirk

[@terrygorry]

Kirk There should be no problem having your home as your business address, if that is where you are working from.

[@kirktaylor6005]

thanks for the advice

[@JAMMAN1701]

I intend on starting a part time small home business, providing a holistic service. Should I get the public liability and malpractice insurance?

[@terrygorry]

I don't know what services you will be providing but an insurance poicy is always a good idea. Especially if someone came to your house for a service and tripped and fell and the insurcance company said your household policy did not provide for visitors to a business.

[@JAMMAN1701]

@@terrygorry i will be providing reiki healing but I believe you are right. Its probably better to have it in case of a trip or fall.

[@vidsinthecloud]

Hi. Thanks for your very informative video. With regard to your view that it's better to concentrate on getting customers/sales first before forming the type of company required, would this not potentially bring Revenue down on the business, even before getting to trade properly ? I ask this as at the moment I have a small business idea that I feel has good potential but I'm nervous about setting it in motion before getting clearance from Revenue i.e. before officially registration as a company ?

[@terrygorry]

You don't need to register as a company, you can trade as a sole trader first and see how things go and then incorporate if the thing is going to work. My video is about priorities and getting the most important pieces of the jigsaw in place in the correct sequence. There is no need to ignore the Revenue but if there is no sales or no profits Revenue will not care.

[@vidsinthecloud]

@@terrygorry Excellent. Thanks very much for your advice. It's very much appreciated. Hopefully I'll generate enough sales to have to consider moving on to the next level soon 👍

[@kevindoyle2287]

So ur saying as im tryna do an online site at iv customers ready to pay i shud just take orders and payments etc then few week down the line registering business etc??

[@terrygorry]

Yes, provided you are not breaching any online selling regulations or other regulations dealing with electronic commerce. But worrying about the structure of the business is a waste of time if you don't have customers/punters

[@kevindoyle2287]

@@terrygorry thanks for the reply no my site is just a funny tshirt page no licensed image etc. Well thats great im gonna get some printed up and try sell them and sort that stuff in s few weeks 🙂

[@thepainter1956]

Hi Terry , I have noticed a gap in the market in my town. There is no maternity shop. My partner is currently pregnant and is finding it difficult to buy clothes. I have never set up a business before, but would you know if this market could be lucrative or to stay away?

[@terrygorry]

Stay away. People travel and shop online. The fact that there’s no maternity wear in your town is immaterial and not enough.

[@thepainter1956]

@Terry Gorry Solicitor OK, I only asked because my partners grandmother owns a shoe shop in the town and does quite well for herself. I thought perhaps no maternity shop then I could be the only one and make a decent living. Very hard to make a decent living these days and pay all the bills, and my last two jobs have been pretty good. I wish I was younger, I would emigrate to Australia.

[@ajaykumar-os9tp]

hey, thanks for the information could you please share your guidance on startup business for non Irish person in Ireland for example I am non EU and having stamp 2 in Ireland if I wanted to start small businesses what's the legall process and structure.

[@terrygorry]

Hi, there is plenty of information here: inis.gov.ie/en/INIS/Pages/New%20Programmes%20for%20Investors%20and%20Entrepreneurs 👍

[@justinpenney8722]

Thanks for the video, so I'm just going to spit it out there, I'm sick of working for others I'd love to open my own cafe but start up cash is not available, what do you recommend or is there anyway around it? Thanks again for video

[@terrygorry]

You can borrow or raise capital/equity, but you will need to persuade someone to lend to you and that they will get the money back. Alternatively, work hard and save some start up capital, and leverage it.

[@petevitkus4973]

Hi there Thank you for that fantastic video! I have already subscribed your channel. May I ask you one question please? How do I charge VAT on postage when I use Anpost? I understand that if I charge for item 5.00 euro and 2.00 euro extra for postage and this full amount of 2.00 is paid over to Anpost then I dont charge VAT on that 2.00 euro. I also understand if I charge 6 euro for item and 1.00 euro for postage when the real postage cost is 2.00 euro then I need to charge VAT on whole 7.00 euro. But what if I charge more for postage than is paid over to Anpost? For example If I charge 4 euro for item and 3 euro for postage but real postage cost is 2.00 euro. Do I need to charge in that scenario VAT on whole 7 euro or do I charge VAT on 5.00 euro only? Thank you in advance!

[@terrygorry]

Ask your accountant, I haven't a clue 🥴

[@nawroznawroz8279]

Hello is opnings company does lead me to get residance in ireland?

[@terrygorry]

no

[@TheNightTimeEntrepreneur]

Great video Terry! What do you think about KZbinrs and people making money online - would that be candidate for registering a Ltd. company?

[@terrygorry]

Hi. It depends on the level of income, I would have thought.

[@TheNightTimeEntrepreneur]

Thanks a million. Google Adsense earnings are taxed in the USA. When they get to the creator in Ireland, it is liable to get taxed again?

[@terrygorry]

You would need to check that with Revenue Commissioners

[@jessicalaub419]

The Night Time Entrepreneur nearly 2 years later, but you’d probably have to fill out the W-8-BEN form and state that there is a trade agreement between Ireland and the US, so you don’t get double-taxed