Although starting a business can be a very exciting and rewarding experience, at the same time it can be daunting. It’s easy to feel overwhelmed and confused but worry not, we’ve put together a checklist for you to navigate through to help you get started.
- Market Research
The most important step before investing any time or money is doing enough research and identifying whether there is a market for your product/service. It is important to consider competitors and how you will be able to differentiate yourself from them and plan for your venture accordingly.
- Decide on Legal Structure
In New Zealand, you can choose between a sole trader, partnership and a company. It is important to note that a sole trader and partnership structure provides unlimited liability while a company provides limited liability. This means that with a sole trader and partnership model, the owner/s share personal responsibility for income and losses. With a company, losses are not usually held against the owners. Each structure has its advantages and disadvantages and should be chosen carefully depending on your needs.
- NZ Business Number
You should acquire a NZ Business Number which is a unique identifier for your business that makes it easier to do business. This is free and can be done online.
- Secure Funding
It is important to have a plan surrounding how you will acquire funding for your venture. This can be from personal funds, a loan from a bank or other institution, crowdfunding or a government grant.
- Set up Operations.
Once all the above steps have been completed, it’s time to set up. This includes things such as setting up the physical location (if applicable), investing in marketing and hiring employees. There may also be certain permits or licenses required to operate, these should be looked into ahead of time. Examples include liquor licenses and food permits.
Now that you know the steps to follow, it’s time to finally set up that business you’ve been thinking about. For further guidance on setting up and getting your business up and running, get in touch with us, we would love to help you.
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