Procedure to start a small business in New Zealand - Theblogproject

Wednesday, September 11, 2019

Procedure to start a small business in New Zealand

New Zealand is an island country located in the southwestern end of the Pacific Ocean. Known for its juxtaposition of scenic expansions of nature and highly developed cities, New Zealand is the perfect place to set up a business and settle down.

As a highly developed country, with ties to some of the largest economic unions across the globe, setting up your company in New Zealand would be most advantages. With its vast expanse of land in comparison to its relatively low population, New Zealand encourages new businesses to set up.

Procedure to start a small business in New Zealand

For new entrepreneurs starting a business may seem impossible. However, don’t be put off even before you start! Here at S & F Consulting, we specialize in business consultation and are officially registered agents in New Zealand. As such, we are qualified to act on your behalf for whatever task that needs completion. So, in the meantime, you can concentrate on honing your product. Below we’ve outlined a guide on how to start your business in New Zealand.

We understand that it is tempting to start immediately when the rush of adrenaline is still fresh. However, before starting a small business- it is always a good idea to step back, and ponder hard about your business plan.

Steps to starting a small business in New Zealand

  • Step 1- Think of your business plan

Think of these key factors before starting your business registration:
The potential market for your product
Who are your competitors?
An estimated business timeline- do you have a profit goal for the first year?

  • Step 2- Think of your business structure

As you would like to start a small business, we recommend you choose a sole proprietorship. This is because a sole proprietorship is the easiest structure for a single individual to manage. All profits will be yours and you will be able to own 100% of your business. Moreover, you may employ other people at your discretion. If you would like to expand your business in the future, it will also not pose any difficulty to register as a company.

  • Step 3- Creating a budget

Now that you’ve selected your business structure, creating a budget should be your next step. Consider the following:

How much to invest as a startup capital
How much will various registration fees involve?
What are the potential profits in a year?

  • Step 4- Securing your business name

You may conduct a name search on the website for New Zealand’s registrar of companies. If your name is unique, for a small fee you may reserve it as well. This may cost you $10.

  • Step 5- registering officially

Once you’ve registered your business name, you may want to register your business officially with The Companies Office of New Zealand. While this is not compulsory, it can help you secure a trademark.

  • Step 6- Physical location

If you are not conducting your business online, a physical location is of utmost importance. If you start a catering business you can operate from the comfort of your own home- but if you choose to open a bookshop it would be best to stay away from busy streets. Thus, an address may make or break your future profits.

  • Step 7- Marketing

As a small business, you will find, that to flourish, smart marketing is your best friend. And it does not even have to cost money! Many new entrepreneurs now rely on social media to effectively market their business. This is because most major platforms are completely free to use. Moreover, it is possible to gain a large following within a relatively short span of time, ultimately bringing more traction to your business. Recent studies have shown that food related businesses such as caf├ęs gain more customers by engaging with their audience on social media.

  • Step 8- Accounts

While this step may be optional, we highly encourage you to always keep accounts for all business transactions. This is because over time you can analyze trends and draw beneficial data from them to improve your business.

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