If you find yourself feeling stuck and not sure where to start when it comes to launching your new business venture in the NZ, then read on. Consider it this guide as a bit of a roadmap full of easy to follow action items to keep in mind during those early days of getting your business going.
We cover a variety of topics in this two-part series that is ultimately designed to take some of the stress out of starting your own business.
It all starts with a plan
You’ve probably been told many times about the importance of having a business plan. The trick here is to keep it simple. Don’t over complicate it and spend countless hours writing a thesis. Include the main under pinning factors that are going to directly impact your business starting out.
What should new business ventures include in a business plan?
- Your business’ financials
- Your plan for the future and how you’re going to get there
- Analysis of your competitors
- Marketing strategies
- Outlining who your target customer is
Understand the commitment
Having lots of energy, determination and drive to start your own business are all essential ingredients you need when starting out, but there’s also some practical elements you need to keep in mind too. The real commitment of launching a business isn’t just for those first few months, it’s something which you need to have for the long run.
Commitments new business owners need to consider when starting a business venture:
- The financial investment- ensure you have enough in savings to help you stay afloat, especially during the first three years of operating
- Time- this isn’t going to be your usual weekday 9-5 set up. Starting a new business venture takes time and effort which may mean putting in the extra hours
- Resources- what do you need to help run your business successfully? This may require purchasing special equipment or hiring staff.
- Have a vision- Commit to where you want your business to be in the future and a plan on how you’re going to get there
Perfect your products and services before launching
Starting out as a new venture means you’re the new kid on the business block. Unlike established and larger businesses, you have to put in the hard yards of building your business reputation and client base. That’s why it is vital that you make sure your products and services are in tip top shape before you start selling them to your customers.
Keep these tips in mind:
- Don’t cut corners when it comes to quality- compromising on quality of materials can cause more problems in the future like faulty products which can result in claims, financial headaches and damage to your business’ reputation
- Tried and tested- test out your products with your family, friends or even a trial group to get some feedback. It’s also a chance to see your products and services in action, to get a good insight into what works well and what needs some fine tuning. Consider it like a dress rehearsal before the real deal of launching to the masses!
Get your business admin in order
Making your business official involves ticking a few boxes and getting some necessary paperwork done before you can start operating.
Business Govt NZ, has a helpful checklist which covers some of the basics you need to think about when starting a new business venture in NZ:i
- Select a business name and check it using ONECHECK
- Choose which business structure you want to go with
- Create a RealMe login to help login to multiple government agency sites
- Register for a Business Number
- Check what regulations and guidelines may be applicable to your business and the industry which it operates within
- You may need to register for GST
- Register a trademark
Protect your new business venture with business insurance
Now that you’ve got all the right steps into play to launch your new business, it’s time to look at additional ways to protect all the hard work you’ve put in to making your business come to life. Business insurance* is something that not only gives you peace of mind, but it gives you a financial safeguard should the worst happen.
From photographers to tradies, café owners and personal trainers, there are many different types of business insurance solutions available to help keep your business safe.
Contact BizCover today for a quote and more information on how you can start protecting your business. We do all the shopping around for you, so you don’t need to spend hours looking for the right kind of cover. Experience insurance without the drama today.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2021 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769
