There's lot's to think about when starting a business, Sue Way, Accountant and Advisor at Sass, has put together her top 10 tips to starting a business – check out the video too:
1. Research your business idea – Is it viable?
2. Seek Advice – See an accountant, business consultant and bank manager. They will ensure you know everything you need to get your business up and running smoothly.
3. Decide on the best structure for your business. Your accountant will be able to advise the best structure for you.
4. Business Name – Choose a name that is short and memorable.
5. Create a Business Plan – Failing to plan is planning to fail. Most businesses fail in their first year due to inadequate planning. Also most banks will want to see a business plan before lending any funds.
6. Finance – Ensure you have enough working capital to cover your start-up costs and the first few months of trading.
7. See your accountant and get a budget and cashflow prepared to ensure the smooth running of your cashflow.
8. Marketing – Ensure you have a professional website and use the most suitable media for promoting your business.
9. Accounting software – Choose accounting software that best suits your type of business. Your accountant will advise which software is best for you. Consider outsourcing your bookkeeping and payroll to free up time, so you can get on with running your business.
10. Regulations – Ensure you know which regulations apply in your industry or region. For example, fair trading, consumer guarantees, privacy, health and safety, food licensing.
Check this government website to find out everything you need to know about compliance matters. https://www.business.govt.nz/compliance-matters/
For more information please don't hesitate to get in touch with the team at Sass, email firstname.lastname@example.org or phone 03 577 7128