There were an average of 62 new Irish companies formed every day in 2023, and by the end of that year, a record-breaking 22,500 new companies had been established, according to CRIF Vision-net. With the business landscape continuing to evolve, more and more entrepreneurs are stepping into the arena, and a significant number of these new ventures are female-led. While precise statistics for Ireland are hard to find, in the US, four out of every 10 businesses are owned by women, indicating a similar trend here. The opportunities available today for female entrepreneurs are greater than ever before.

With this in mind, here are five key pieces of advice for anyone starting a new business.

1. Mistakes Are Okay

One of the first things every start-up should know is that it’s okay to make mistakes. Everyone makes them, and the key is to learn from them and move forward. While it’s important to accept that failure is part of running a business, it’s also crucial to avoid costly mistakes. Weigh the pros and cons of each decision carefully, especially if it involves significant financial risk. Losing a substantial amount of money can be more than just a mistake—it can be a disaster. That’s why informed decision-making is essential.

2. Put Your Financial House in Order

Just as you keep your home in order, it’s vital to have your financial house in order too. Many business owners wear multiple hats, but the finance hat is often the least worn, despite being one of the most important. Without proper attention to your accounts, cash flow, and financial performance, you risk becoming a “busy fool”—working tirelessly without truly understanding how your business is doing. It’s critical to know your break-even point, stay compliant with tax obligations, and keep track of all financial deadlines.

3. Opportunities Are Everywhere

Opportunities are abundant when you’re in business, but the key is to focus on those that offer the best return. Take inspiration from figures like Ray Kroc, who saw the potential in McDonald’s and transformed it into a global empire. You don’t need to revolutionise an industry to seize an opportunity—sometimes, it’s about seeing the potential in something that others might overlook.

4. Use Strategic Tools to Your Advantage

Strategic tools like gap analysis, SWOT, PESTLE analysis, balanced scorecard, and Blue Ocean Strategy can be incredibly beneficial when setting up a business. For instance, a SWOT analysis—examining strengths, weaknesses, opportunities, and threats—can provide clarity on where your business stands in relation to competitors, what needs improvement, and how to take advantage of emerging opportunities.

5. Get a Mentor

As Robert Frost famously wrote, “Two roads diverged in a yellow wood… I took the one less travelled by, and that has made all the difference.” 

However, in business, you don’t always need to take the road less travelled. Instead, choose a path that others have walked before you. Whether it’s a marketing mentor, a business consultant, or a financial mentor, learn from those who have already experienced the challenges you’re facing. Their guidance can accelerate your journey and help you avoid common pitfalls. Organisations such as Network Ireland, Going for Growth, and various Local Enterprise Offices (LEOs) offer valuable mentoring support.

Starting a business is both exciting and daunting, requiring motivation and resilience. Enjoy the journey, and remember, you don’t have to do it alone.

If you’d like to discuss your new start-up, reach out to Angela O’Leary at AG Associates Accountants for expert advice and support.