Local Enterprise Office Trading Online Vouchers: Top 5 Tips 2024

Introduction

Local Enterprise Office Trading Online Vouchers are a lifeline for small Irish businesses looking to expand their online presence. If you’re a small business owner in Ireland, this guide will help you understand everything you need to know about the Trading Online Voucher (TOV) Scheme.

Here’s a quick rundown:

• Funding: Up to €2,500 or 90% of your investment.
• Eligibility: Small businesses with 10 or fewer employees, trading at least six months, up to €2 million in annual turnover.
• Purpose: Boost online sales, reach new markets, save costs on digital investments.

Having a strong online presence is crucial. Irish consumers spend almost €850,000 every hour online! By applying for the TOV, you’re taking a significant step toward tapping into this robust market. The benefits are clear: improved website functionalities, better customer engagement, and increased sales.

By investing in your online presence, you’re not just keeping up with competitors—you’re positioning your business for growth. With the help of the Local Enterprise Office and the TOV Scheme, you can make your business more resilient and accessible to a broader audience.

What is the Trading Online Voucher Scheme?

The Trading Online Voucher Scheme (TOV) is a key funding initiative under the Government’s National Digital Strategy. It aims to help small businesses in Ireland enhance their online trading capabilities. This scheme is administered by the Local Enterprise Office (LEO), which provides support to businesses at a local level.

Funding Initiative

The TOV Scheme offers financial assistance to small businesses looking to improve their online presence. Eligible businesses can receive up to €2,500 in funding, which covers 50% of the total project cost. This co-funding requirement means that your business needs to match the grant amount. For example, if your project costs €5,000, you will receive €2,500 from the TOV scheme, and you need to cover the remaining €2,500 yourself.

National Digital Strategy

The National Digital Strategy focuses on increasing the digital capabilities of Irish businesses. By promoting online trading, the government aims to help small businesses reach new markets and boost their sales. The TOV Scheme is a crucial part of this strategy, providing the financial support and training needed to make online trading more accessible.

Local Enterprise Office

Your Local Enterprise Office (LEO) is the primary point of contact for applying for the TOV. Each LEO provides training and advice to help businesses make the most of their online trading opportunities. They also host information webinars that cover essential topics like website development, digital marketing, and search engine optimisation (SEO).

€2,500 Grant

The €2,500 grant can be used for various online trading improvements. This includes developing or upgrading an ecommerce website, adding online payment systems, and implementing digital marketing strategies. The grant can also cover the cost of developing new apps for your customers or subscribing to low-cost online retail platforms.

Co-Funding Requirement

To be eligible for the TOV, your business must co-fund 50% of the project cost. This requirement ensures that businesses are committed to investing in their online presence. The co-funding makes the scheme more accessible, allowing small businesses to undertake significant online improvements at a reduced cost.

By taking advantage of the local enterprise office trading online vouchers, you’re not only enhancing your online capabilities but also ensuring your business stays competitive in an increasingly digital marketplace.

Next, we’ll dive into the eligibility criteria to see if your business qualifies for this valuable scheme.

Eligibility Criteria for the Trading Online Voucher Scheme

To qualify for the local enterprise office trading online vouchers, your business must meet specific criteria. Let’s break them down:

Small Businesses

The scheme is tailored for small businesses. Specifically, your business must have 10 or fewer employees. This ensures that micro-enterprises, which often lack the resources for digital transformation, get the support they need.

€2 Million Turnover

Your business must have an annual turnover of less than €2 million. This criterion is in place to focus on smaller enterprises that can benefit most from the financial assistance provided by the scheme.

Trading for At Least 6 Months

Your business must be operational for a minimum of 6 months. This rule helps ensure that only established businesses with a track record of trading can apply, reducing the risk of support going to newly formed or untested ventures.

Located in LEO Jurisdiction

Your business must be located within the jurisdiction of the Local Enterprise Office (LEO) to which you are applying. For example, if your business is in Dublin, you need to apply through the Dublin LEO. This localised approach ensures that each LEO can effectively manage and support businesses within their area.

Note: Previous voucher recipients can apply for a second voucher but only after completing and submitting the final claim for their first voucher.

Meeting these eligibility criteria is essential for your application to be considered. If your business ticks all these boxes, you’re well on your way to accessing the benefits of the Trading Online Voucher Scheme.

Next, let’s explore the benefits of the scheme and how it can help your business grow.

Benefits of the Trading Online Voucher Scheme

Boost Sales and Reach New Markets

The Trading Online Voucher Scheme is a game-changer for small businesses. By providing financial support to develop or enhance your online presence, it opens the door to new customers and markets. For instance, according to a survey by the Wicklow Local Enterprise Office, 60% of businesses that received the voucher started growing internationally. Imagine your business reaching customers not just locally, but globally!

Additionally, total sales for these businesses grew by an average of over 20%. Almost 9 in 10 businesses noticed an increase in customer enquiries. This means more potential sales and a stronger customer base.

Financial Assistance

One of the most attractive aspects of the scheme is the financial assistance it offers. You can receive up to €2,500, with co-funding of 50% from your business. This effectively cuts the cost of developing your online trading capacity by half. Whether it’s adding payment facilities, booking systems, or subscriptions to online retail platforms, the voucher helps make these essential upgrades affordable.

Training and Advice

The scheme isn’t just about money. It also offers invaluable training and advice. Your Local Enterprise Office provides free help and training sessions covering key topics like website development, digital marketing, social media for business, and search engine optimisation (SEO). This training is impartial and designed to help you make informed decisions about your online strategy.

Case Studies

Let’s look at some real-world examples. Businesses that participated in the scheme reported significant positive changes. For example, almost 90% of these businesses believe their online sales will account for a higher percentage of their revenue in the next six months. Moreover, 3 in 4 businesses said that new sales generated were additional and didn’t disrupt existing sales.

One business owner shared, “Thanks to the Trading Online Voucher, we were able to upgrade our website and implement an effective digital marketing strategy. Our online sales have doubled, and we’re now reaching customers in new markets.”

Another business reported, “The training sessions were incredibly helpful. We learned so much about SEO and digital marketing, which has already started to pay off in terms of increased website traffic and sales.”

Conclusion

The Trading Online Voucher Scheme offers a comprehensive package of financial support, training, and expert advice. It’s designed to help small businesses like yours boost sales, reach new markets, and grow online.

Next, let’s dive into the application process and how you can get started.

How to Apply for Local Enterprise Office Trading Online Vouchers

Step 1: Attend an Information Webinar

To start your application for the Trading Online Voucher Scheme, you must attend an informational webinar organised by your Local Enterprise Office (LEO). This session, which lasts 2-3 hours, covers essential topics like website development, digital marketing, social media, and SEO.

Registration Process:

1. Visit your LEO website and find the Trading Online Voucher page.
2. Click the TOV Webinars link (this may vary by LEO website).
3. Filter by category to ‘Seminar’ and click ‘Search’.
4. Choose a webinar date and time that fits your schedule.
5. Confirm your booking by selecting the number of attendees and clicking ‘Book Now’.
6. Fill out your billing and attendee details (the webinar is free).
7. You will receive a confirmation email with details on how to join the webinar.

Step 2: Determine Required Services

Identify the services your business needs to enhance its online presence. Consider the following options:
– IT Consultation
– Ecommerce website (new or upgrade)
– Digital marketing strategy
– SEO (Search Engine Optimisation)
– App development
– Online advertising (up to 30% of the voucher cost)
– Training and skills development

Step 3: Obtain Quotations from Suppliers

You must get quotations from three different suppliers for the services you need. These suppliers must be registered companies, not freelancers.

Three Quotes Requirement:

• Eligible Suppliers: Must be registered companies.
• Exceptions: If obtaining three quotes is too difficult, consult your LEO for potential exceptions.
• Choosing the Right Partner: Consider their expertise, past work, and client reviews.

Step 4: Submit the Application Form

After attending the webinar and gathering your quotes, you can fill out and submit the application form. The form will be emailed to you after the webinar.

Application Form Details:

• Company Information: Name, address, contact details, business type, CRO number, and year established.
• Project Plan: Provide a detailed description of the project, the services required, and how it will benefit your business.
• Required Documents: Include three quotations, evidence of trading duration, and other relevant documents.

Step 1: Attend an Information Webinar

To apply for the Trading Online Voucher Scheme, you must first attend an informational webinar. This webinar, which lasts 2-3 hours, is organised by your Local Enterprise Office (LEO).

Webinar Details:

• Duration: 2-3 hours
• Topics Covered: Website development, digital marketing, social media, SEO, and more
• Impartial Advice: Provided by experts to help you understand how to maximise the benefits of the voucher

Registration Process:

1. Visit Your LEO Website: Find the Trading Online Voucher page.
2. Click the TOV Webinars Link: This may vary depending on your LEO website.
3. Filter by Category: Set it to ‘Seminar’ and click ‘Search’.
4. Select a Webinar: Choose a date and time that suits you.
5. Confirm Booking: Select the number of attendees and click ‘Book Now’.
6. Proceed to Checkout: Fill out your billing and attendee details (the webinar is free).
7. Confirmation: You will receive an email with information on how to join the webinar.

Step 2: Determine Required Services

Before applying, decide what services your business needs to improve its online presence. Here are some options:

• IT Consultation
• Ecommerce Website: New or upgrade
• Digital Marketing Strategy
• SEO (Search Engine Optimisation)
• App Development
• Online Advertising: Up to 30% of the voucher cost
• Training and Skills Development

Step 3: Obtain Quotations from Suppliers

You need to get quotations from three different suppliers for the services you require. These suppliers must be registered companies, not freelancers.

Three Quotes Requirement:

• Eligible Suppliers: Must be registered companies
• Exceptions: If obtaining three quotes is overly burdensome, consult your LEO for potential exceptions
• Choosing the Right Partner: Consider their expertise, past work, and client reviews

Step 4: Submit the Application Form

Once you have your quotes, you can fill out and submit the application form. The form will be emailed to you after attending the webinar.

Application Form Details:

• Company Information: Name, address, contact details, business type, CRO number, year established
• Project Plan: Detailed description of the project, services required, and how it will benefit your business
• Required Documents: Three quotations, evidence of trading duration, and other relevant documents

Submission:

• Format: The form must be typed, not handwritten
• Submission Method: Save as a PDF and email it to your LEO

After submission, your application will be evaluated by a committee. You will receive a decision within 1-4 weeks. If approved, you will have three months to use your voucher, with a possible one-month extension.

Next, let’s look at the approval process and timeline for the Trading Online Voucher Scheme.

Approval Process and Timeline

Once you’ve submitted your application, the approval process for the local enterprise office trading online vouchers involves several key steps. Here’s what to expect:

Evaluation Criteria

Your application will be assessed based on:

• Project Suitability: How well does your project align with the goals of the Trading Online Voucher Scheme?
• Value Added Potential: What benefits will your project bring to your business?
• Export Potential: Will your project help you reach international markets?
• Job Creation Potential: How many jobs will your project create or sustain?
• Post-COVID-19 Aid: How will the project help your business recover from the pandemic?
• Financial Sustainability: Is your business financially stable and capable of completing the project?

Decision Timeline

The evaluation committee will review your application and make recommendations for approval. This process typically takes 1-4 weeks.

Letter of Offer

If your application is approved, you’ll receive a letter of offer detailing the works and amount approved. This letter:

• Must be signed, accepted, and returned within 2 weeks.
• Acts as an agreement to complete the work as per your application within 4 months.

Payment Process

Payment is made directly to you upon satisfactory receipt of:

1. Declaration of Project Completion: Completed and signed by the supplier.
2. Original Paid Invoices: From the supplier, showing proof of payment.
3. Bank Statements: Showing proof of payment to the supplier.
4. Supplier Receipts: For each component of work carried out.
5. Evidence of Tax Compliance: For your business.
6. CRO Registration: Proof that your business has been trading for at least 6 months.

Project Completion

All work must be completed and paid for within the 4-month period, unless an extension is granted. The total amount of all vouchers must be recorded as accounts payable on your balance sheet until paid.

Next, let’s dive into some frequently asked questions about the Trading Online Voucher Scheme.

Frequently Asked Questions about Local Enterprise Office Trading Online Vouchers

What can the Trading Online Voucher be used for?

The Trading Online Voucher can be used for various activities that help your business grow its online presence. Here are some of the key uses:

• Ecommerce Website: Develop a new ecommerce website or upgrade an existing one to include online trading functionalities.
• Online Payment Systems: Implement online payment solutions to facilitate easy and secure transactions.
• Digital Marketing: Create and execute digital marketing strategies to reach new customers and markets.
• App Development: Develop an app or multi-platform web pages to enhance customer engagement.
• Online Advertising: Purchase online advertising (up to 30% of the approved voucher amount) to drive traffic to your online store.

By leveraging these options, businesses can see a significant boost in their online sales and customer enquiries, as evidenced by the success stories from Wicklow Local Enterprise Office.

Who is ineligible for the Trading Online Voucher Scheme?

Not every business can apply for the Trading Online Voucher. Here are some of the types of businesses and projects that are ineligible:

• Charities and Not-for-Profits: Organisations with charitable status or social entrepreneurship projects.
• Commercial Semi-State Companies: These are not eligible.
• Trade Associations and Company Representative Bodies: Such as Chambers of Commerce.
• IT Companies or Agencies: Businesses specialising in IT services already capable of trading online.
• Non-Compliant Projects: Projects that do not align with public policy or duplicate support from other State Agencies.
• Businesses with More Than 10 Employees: Only small businesses with less than 10 employees are eligible.

Make sure your business doesn’t fall into any of these categories before applying.

Can I apply for a second Trading Online Voucher?

Yes, previous recipients of the Trading Online Voucher can apply for a second one, given that they meet the following conditions:

• Upgrade Requirements: The second voucher should be used for upgrading existing online trading capabilities.
• Proof of Trading: You must provide clear proof that your business has been trading for at least 6 months since receiving the first voucher.
• Application Process: Attend another information webinar and submit a new application form with updated project details and quotations.

This opportunity allows businesses to continually improve their online presence and adapt to changing market conditions.

Next, let’s look at the approval process and timeline for the Trading Online Voucher Scheme.

Conclusion

In summary, the Local Enterprise Office Trading Online Voucher Scheme is a fantastic opportunity for small businesses to enhance their online presence. With up to €2,500 in funding, businesses can develop or upgrade their ecommerce sites, implement online payment systems, and engage in effective digital marketing strategies. This scheme not only provides financial assistance but also offers valuable training and advice to help businesses thrive in the digital landscape.

The importance of applying for this scheme cannot be overstated. Having a strong online presence is crucial for reaching new customers and expanding your market. According to recent statistics, only 23% of small Irish businesses are engaged in meaningful ecommerce, and up to 70% of online purchases made in Ireland are done in overseas markets. This highlights the urgent need for Irish businesses to leverage digital tools to stay competitive.

At The Digital Projects, we specialise in helping businesses navigate the complexities of applying for the Trading Online Voucher Scheme. Our expert SEO services and CRM workflow automation solutions are designed to maximise your online potential. We can assist you in developing a comprehensive project plan, obtaining necessary quotations, and ensuring your application stands out.

For more detailed information on small business grants in Ireland, visit our Small Business Grants Ireland page.

Contact us for assistance with your application or any questions you may have. Our team is here to support you every step of the way in your journey to trading online success.

By taking advantage of the Trading Online Voucher Scheme, you can significantly boost your sales, reach new markets, and secure the future growth of your business. Don’t miss out on this valuable opportunity – apply today and let us help you unlock your online potential!