New Businesses to Encourage Economic Growth

There is no doubting the difficult financial situation Ireland, and indeed many other countries are suffering at the moment. But it is vital that we do not allow the global recession to discourage us from attempting to restore Ireland's economy. Economic growth will occur only if we increase the amount of goods and services we produce, and of course Company formation takes courage and a keen mind for business and financial matters, but it is the gutsy individuals who are willing to take the risk that will re-establish our economy.

And there is hope that this kind of action is already taking place since it was reported on May 12th that the highest ever number of .ie website addresses were registered in the first three months of 2009, in spite of the economic downturn. The IE Domain Registry released figures showing a total of 9,781 .ie domains were registered for the first quarter of the year, a massive 28% jump from last year. It was reported that over 80% of the new website addresses were registered by sole traders or limited companies. Chief Executive of the IE Domain Registry, David Curtin said, "It is encouraging to see that despite the economic downturn, businesses are still seeing opportunities for growth online."

It seems more and more new companies are realizing the perks of having websites on the internet. Perhaps the web address is the new and abstract form of a company premises. There is no doubting the benefits of conducting business online, there are no costs for renting premises and your business can reach so much further afield to those who will not be in the vicinity of walking by, for example, your shop window. Online you can reach a global audience, not to mention you can be open for business 24 hours a day, seven days a week. With an online database you will also benefit from being able to improve your offerings using the data gathered by tracking your customers. But along with knowing the pros, you must also be aware of the cons, be sure to take a strategic view, if you launch a website that is not properly set up, and is, for instance, overwhelmed by customer traffic, you may risk losing sales and damaging your reputation.



Lorraine McInerney is currently working as a Freelance Web Content Article Writer. She has an Arts Degree in English Literature and Ancient Classics, and she is currently a post-graduate student of English, specializing in Post-Colonial Literatures. She will be writing her thesis this summer on "Liminality in Post-Colonial Women's Writing".