Does your business idea have wings? 5 steps for starting a business

Got a great business idea but don’t know where to start? Follow this 5-step plan for setting up your new business and setting the best foundations for success.

When a great business idea pops into your head, it could mark the start of a whole new enterprise. But how do you know if your business has what it takes to conquer the market?

The key is to set the right foundations for nurturing your fledgling business – and that means planning out the business basics, and your core strategy, in the best possible detail.

Setting solid foundations for your new business

The majority of new Kiwi businesses fail within the first five years. This is a sobering thought, for sure. But by planning your new business idea in detail you can increase the chances of your new business finding a foothold and climbing to the top of the startup pile.

If you’re wondering how to achieve this, don’t worry. Thankfully, the NZ government has an excellent 5-point plan for starting a business.

Let’s look at each of the five steps and how they help you kickstart your business.

- Make sure your idea is viable: Do everything possible to check that your business will find an audience, generate revenue and turn a profit.

- Choose and secure your business name: Make sure you have a unique business name that represents your brand and also scores well for SEO and GEO.

- Choose a business structure: Your legal structure is important. Decide if you’re better off being a sole trader, limited company or partnership.

- Register with government agencies: You’ll need to get a New Zealand Business Number (NZBN) and register for business taxes with the Inland Revenue via MyIR.

- Look into regulations: There may be industry-specific regulations that your business must comply with, so make sure to check the relevant rules for your sector.

Getting your new business off to the best possible start

Whether you’re an experienced entrepreneur on their fifth startup, or a brand new founder who’s starting their business career, it pays to have an adviser who can help you iron out the issues.

Book some time with our team to talk through your business idea. We’ll help you run the numbers, test the viability and get a workable business plan together.