Living in New Zealand is a huge advantage for an aspiring business owner. The country was named the number one easiest place in the world to start a business by the World Bank’s Doing Business survey. New Zealand is so favourable for new businesses because of the lack of restrictions for establishing, owning and maintaining a business. The government provides easy-to-access online portals for establishing your own company and offers guidance for new owners.
With 2018 just a few weeks away, many eager entrepreneurs are considering new opportunities to start a business of their own. Jumping into any new opportunity can be nerve-wracking, especially if you don’t know where to start. If you’ve always wanted to own your own restaurant, hotel or something in another industry, read on for five tips for new business owners in New Zealand.
Don’t Go It Alone
Just because you’ve decided to form your own company and be your own boss, it doesn’t mean you have to blaze that trail alone. Seek the advice of established professionals to help get your business off the ground and ensure it can succeed. Sources of business advice may include:
- Family members who own their own businesses
- Business partners
- Business brokers
It’s easy to become overwhelmed, even in a business-friendly place like New Zealand, when learning about all of the taxes, requirements, payroll, budgeting, accounting and other compliance measures. Surrounding yourself with the right people can help with long-term success.
Devise a long-term, comprehensive business plan before you sign any papers or get started. Every business begins with an idea. Fleshing out a plan will help you see the bigger picture, especially later on after your business is up and running and you feel bogged down in the day-to-day details. If you can remember why you wanted to start it in the first place, it will help you succeed as your business takes off and you can anticipate any potential pitfalls.
Know Your Industry
When you’re deciding which industry to break into, it’s important to understand as much of the ins and outs of that particular business as you can. A skilled business broker can help you do this. A business broker can help you fully understand the industry you’re thinking of jumping into, along with other helpful information, including:
- The current competition
- The overall market picture
- Any significant issues present in that field at the moment
- Anecdotal examples of businesses similar to yours and their outcomes
Put Yourself in the Customer’s Shoes
While thinking of ways to help your business succeed, one of the most significant is to think about the needs of the customer and what they would want. What types of offers or services will customers be looking for when they visit your business? How can you ensure their experience is memorable enough for them to return? Many professionals believe that if you can please the customers, the money will follow in time.
Create an Online Presence
These days, an online presence is vital for getting the word out about the existence of your business. It’s important to ensure you have a well-thought-out website that explains your services, tells a little bit about the business and provides pertinent information; such as hours of operation and location. To increase traffic to your business’ site once you’re well-established, you can work with online marketing companies to help boost search engine results when potential customers search for the services you offer. Other forms of advertising help to get the word out as well, but a website can do it very inexpensively.
Every business venture is a risk. By keeping some of these tips in mind, you can help ensure your business’ eventual success.