Getting started with your business
There’s a lot to think about when you’re starting a business, and it can seem overwhelming – but our tips, tools, visual guides and case studies will point you in the right direction. Here’s where you’ll find information about:
- planning
- getting set up
- funding and finance.
You’ll also find templates to help you get started.
Planning
Tips and tools to help you start a business
Before you start
You have a great idea for a business. Ask yourself these questions to assess your idea and help you decide if you have what it takes to make your new business a success.
Ten steps to start a business
Our guide gives you the complete picture of what's involved in starting up, from testing your idea to registering a trade mark.
Business planning e-learning
Learn how to create a business plan that clearly sets out where you and your business are going and how you’ll get there.
Choosing a business name
Use our free ONECheck tool to check available business names, trade marks, web domains and social media usernames in one quick search.
The tool will also guide you to your next steps.
Test yourself on tax basics, from GST to tax forms, plus how to handle PAYE and KiwiSaver contributions.
When you’re done, follow links from the answers to find out more and to pick up tips to help with tax tasks.
Do your research
Before you start a new business, it’s important to research your market, figure out who might buy your products or services, and who your competitors might be.
Case study
Researching the market
What do you get when you put a lawyer, accountant, marketer and IT programmer in a room together? In the case of Common Ledger, an online platform that lets accountants access clients’ financial data regardless of the software format they use. Getting started wasn’t as easy as it sounds.
After the initial development came six months of market research, speaking with accountants around the world. The product was then developed, tested, and investors were found who believed in them enough to back them, and their product, financially.
Getting set up
Tools, tips and advice to get you started
Choose your business structure
Use this tool to help you make the best choice when it comes to structuring your business. Just three quick questions and you're on your way to choosing a business structure.
Case study
Bend it like Becs
Becs has 10 years’ experience as a custom metalworker, and is thinking about going out on her own. She knows her industry, and she knows there’s a market for the bespoke products she wants to create. She takes the time to work out what her likely start-up costs will be, including premises, equipment, and compliance costs. But she’s not sure whether to set up as a sole trader or a company.
Becs logs on to the Choose Business Structure tool to help her make a decision on her business structure. After careful consideration, and reading through all the information on the Choose Business Structure tool, she decides to set up a company. The tool provides her with a task list she can follow, along with an outline of some of the costs she can expect to pay to set up her company.
Introduction to taxes and levies
Even if you outsource to an accountant or bookkeeper, it helps to understand the types of tax and levies you may have to pay as a business owner.
Insurance for small business
Find out how to work out your business risks, and the types of insurance that can help protect you.
Types of advice you'll need
There’s a lot to think about when you’re a small business owner - but you don’t have to do it alone. There are a number of different people and organisations you can go to for support, help and advice. Understanding the types of advice you might need will help you figure out where to go for support.
Funding
Tips and guides to help you manage your finances
How much money do you need to start a business?
It pays to think about the costs before you set up a business. Use this guide to work out how much it might cost to start and stay in business.
Choosing the right type of funding
Are you planning to fund your business yourself, borrow money, or bring on investors? Read our tips to decide which will work best for you and your business.
Finance tips to help your business
It’s really important to stay on top of your business finances. Our step-by-step guide takes you through some of the things you should do.
Case study
Buy what you can afford
When it comes to capital, Vicki Ha, owner of Wellington’s House of Dumplings, believes in only spending what she has. “I still haven’t borrowed one cent from the bank and there’s not a lot of businesses like that,” she says. Ha thinks bank loans aren’t a safe business practice because she can’t prove how much income she’ll make.
“My approach is that you can’t predict sales,” she says. “That’s the problem with a lot of businesses. They go to the bank to borrow $40–50k based on their own predictions. But who decides that? It’s not the owner — it’s the customers.”
Ha avoids borrowing by only buying what she can afford and avoiding frivolous or spur-of-the-moment business purchases. “When I started, I had $20,000 in my bank but I would only spend it very wisely. I’m still very cautious about spending money.”
While Ha consciously decides not to take on debt, loans can be a viable option for those who carefully assess whether borrowed money can be paid back on time and put to good use.
What's next?
Resources for your next steps
Choosing where to work
Working from home. Renting a shared workspace. Moving into — or relocating to — your own premises.
There are pros and cons to each of these options.
Choosing where to work may come down to your situation and budget. But it’s important to think about what suits your working style too.
Hiring an employee
Some businesses start hiring employees right from the beginning, while others take some time before bringing people on board. If you expect to start looking for employees right away, here are some tools, tips and visual guides to tell you what you need to know about hiring.