Is Starting a Business Right for You?........

• Business Name & Structure
• Putting together a Business Plan
• Taxation
• ACC
• Health & Safety
• Employing Staff
• Managing your Finances
• Grants & Financial Assistance

It isn't easy working for yourself - so you need to be sure it's something you really want.

To succeed you need a good business idea, good support from others and lots of commitment.  Starting a business is a big step.  It can be risky - but it can also be very rewarding.  You'll need to have lots of commitment and a good plan.

Are you Ready to Start a Business?

Before you start, you need to be sure it's what you want so ask yourself -

• Am I ready to work really hard for as long as it takes?
• Do I have something people want to buy?
• Will I be able to attract customers?
• Am I willing to learn new skills and go on courses?
• Can I cope without always having a steady income?
• Do I have the support of my family and friends?

If your answers are "yes" you're ready for the next step.

Do I have the Right Idea?

To succeed you'll need a business idea that works - think about it:

• Where the best location for your business is
• Who your competitors are and what they offer
• What else could affect the business, like the seasons
• What's new or different about your idea
• How much you'll need to charge
• What skills you'll need to run the business
• What licences or permits you may need
• How many hours you'll need to put in

What Skills will I Need?

You'll need a wide range of business and personal skills - such as accounting, marketing, customer service, time management and organisation skills.  There are a lot of courses and organisations that can help you gain skills you don't have now.

What Costs Will I Have?

It takes time to get a  business going so you need to think about how you'll cover your costs in the meantime.  Your costs might include:

• Rent, rates, phone, power and other bills
• Stock - and storing or freighting it
• Business vehicles
• Equipment like phones, faxes and computers
• Furniture like desk, chairs and filing cabinets
• Stationery like letterheads and business cards
• Wages, ACC, GST and other taxes
• Interest on loans or hire purchases
• Advertising, insurance and other business services

What Else do I Need to Think About?

When you work for yourself you will be responsible for things like:

• Paying tax, GST, wages, PAYE and ACC
• Meeting health, safety and employment laws
• Arranging legal things like contracts, leases and agreements.

You will also need to check how working affects any benefits or other payments you get, such as Family Assistance or Family Support.

Where do I Begin?

Start by writing down your ideas and then turning them into a business plan.  If you follow a plan you'll have more chance of succeeding, and you'll need one if you want help with things like finance or business advice.

This article is extracted from "Starting Your Own Business", published by Work & Income NZ, with additions and links added by biz.org.nz

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