Starting a business is a big step, and there are many things to consider. Venture Taranaki works to support business start-ups to help ensure your success, whether it be to offer you guidance, referrals, or signposting you to other areas of support and expertise.
Got a question about business start-up? See if it's among one of our frequently asked questions.
When starting a business your first point of call should be to see our business advisor. This offers a free one-on-one session with our business advisor to discuss all your questions about starting a business. Click for more information about the Start-Up Clinic.
Form a company
Register for GST
Market Intelligence and Research
Market research is important when starting a business as it minimises the risk of starting up. The outcomes can determine which markets you will provide for and who your customers are.
Venture Taranaki provides a wide range of local research free to the public and business community. This includes Taranaki Trends which provides a six monthly snapshot of the region’s economy, regular Taranaki Business Surveys, a wide range of economic impact studies, and commissioned research reports on key sectors.
The Statistics New Zealand website is also helpful to find additional information on market demographics and industry profiles. www.stats.govt.nz
A good business plan will give you credibility with banks and lenders, focus your ideas, give you an accurate idea of costs, and a road map for achieving your vision. There are plenty of resources available to help you with this process, such as the free New Zealand Trade and Enterprise ‘Starting a business’.
A qualified legal professional can outline the legal risks, obligations and implications of starting a business such as;
• Company structure
• Partnership agreements
• Leasing and tenancy agreements
• Employment contracts
• Intellectual property
• Legislation that may affect your business.
All these points are worth discussing with your legal advisor early in the process. Don’t be afraid to ask the hard questions - that is what your advisors are for!
Getting sound financial advice in the beginning can really assist a business in the future. Accountants can advise you on issues such as;
• Business structure
• Tax considerations
• Cash flow management
• Balance sheets
• Annual accounts.
Accountants not only understand the numbers in a business they are also a valuable source of information on general business practices.
It is essential to understand your tax obligations when starting a business. Your obligations will vary according to the size, shape and type of business you’re starting. Visiting the Inland Revenue Department website www.ird.govt.nz – or freephoning 0800 377 774 – is a great place to start, with lots of useful information and publications available such as ‘Smart Business’ – (IR-320).
Banks have a wealth of useful resources for businesses, and most of them are free. Take the opportunity to talk to your bank manager and see what they can offer or visit them online. Banks have a great range of tools and templates to help you work out your potential cash flow, and profit and loss forecasts, plus business plan templates and more.
Registering your Company
When you want to register your company, one place to do this is online at the Companies Office – www.companies.govt.nz. You can register your company, search for a company name, and down the track file your annual returns, director list and company information.
To keep up with what’s happening in the Taranaki business community subscribe to Venture Taranaki’s monthly e-newsletter.