New business development is important because it creates much needed jobs and generates economic activity, giving the economy a welcome boost. A number of organisations provide supports and advice for start-ups, including the Local Enterprise Office, Citizens Information and Enterprise Ireland.
Every new business faces the challenge of finding the funding to sustain itself until it establishes a revenue and cash stream.
These businesses need money to research new products and markets, to commission or produce feasibility studies and to pay employees as well as suppliers and other creditors. Some businesses rely on money invested in the business by the founders themselves but most will need additional financing, whether it be grant support, external investors or bank/non-bank credit.
In this section we look at the financing options available to new businesses, including: