Starting a small business in New Zealand can be an exciting as well as intimidating experience. The good news though, is that the New Zealand government makes it easy to start a small business here. The process can be completed in a hassle-free manner, in as little time as half a day. Once you have that idea and want to launch your dream remember to invest in the proper small business insurance to protect yourself

You need a solid idea first

For any small business to be successful, it has to be based on a solid idea. Make sure you have a clear business plan in mind. The idea you have for your business should be able to overcome some pain point that a customer faces currently. You should also do your research on existing competition, latest market trends, and customer behavior in the sphere. This will give you a clearer idea of what you can expect if you get into this business space. 

Pick a name for your small business in NZ and register your domain

What is the name your business will be known by? This is an important decision to make and should not be taken lightly. After all, the business name you choose will come to be the identity of your business. Think about a few name options and then check if there are already existing businesses operating under that name. ONECheck is the New Zealand government tool that you can use for this. It will give you details about the availability of business names, domain name, trademark, and even social media usernames.

If you plan to operate as a company, you should register the business name with the New Zealand Companies Office. Sole proprietorships and partnerships must be registered with the New Zealand Business Number (NZBN). This will give your small business a unique identifier. It will include your email address, phone number, and trading name so that people can reach out to you. You should also register your domain name with authorized registrars.    

Choose the best business structure

You will then have to pick the business structure you would like to operate under. This could be as a sole trader, a partnership, or a limited liability company. Each has its own fair share of pros and cons. You need to make a decision based on what is the most convenient option for you. Take your long term business goals into consideration when deciding this. The specific guidelines for each of these business structures will differ. You should familiarize yourself with each type and then decide which the most appropriate option for you is.   

Make sure you go through the needed regulations and compliance issues

When you think of starting out in your small business, you need to have a thorough understanding of the regulations and compliance issues. There aren’t too many in New Zealand. But it’s still a good idea to become aware of the ones that exist so that you don’t unknowingly end up flouting them. The main issues that you should pay attention to include:

·        Fair Trading Act

·        Consumer Guarantees Act

·        Food preparation standards    

·        Health and safety

·        Privacy

You can check out the regulations that specifically apply to your industry and business type on the Compliance Matters tool of the New Zealand government. 

Register your trademark

First, search for trademarks with the Intellectual Property Office (IPONZ). You can apply for a SPA report (search and preliminary advice) on the website and get it in 5 days. You will have to set up a RealMe log in for this. Once you get your report, you can register your trademark with the New Zealand Intellectual Property Office (IPONZ). The process is quick, easy, and cost effective. Registering your trademark is important because it will ensure that your business is protected in the marketplace.

Set up banking and insurance

You need to spend some time setting up banking and finding the best insurance for small business. Investing in a good small business insurance policy will protect you in case your business runs into any problems in the future. In the absence of a good insurance policy, you will end up making out of pocket payments in case contingencies arise. This will hamper business operations significantly and make it difficult to bounce back from downfalls.   

Register your small business for GST

If you’re operating as a company and make more than NZ $60,000 annually, you should register your business for GST with Inland Revenue. This must be done at the same time that you’re registering your company. You can also check out the requirements for other business structures on the same website.   

Conclusion Don’t sit around and wait any longer. Make your small business dreams come true by getting started with the process. Start working for yourself and build you’re the future that you want!