How to Start a Business in New Zealand – Is Your Idea Viable?

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For the next few weeks, we will be looking at the steps needed to start a business in New Zealand. New Zealand is considered to be a great place to start a business for many reasons. As mentioned in an earlier article, the country was among the 2018 Forbes Best Countries for Business and is one of the easiest places to do business according to the Doing Business survey for World Bank in 2016. This is partially due to the fact that there are not many restrictions on establishing a business here, nor on owning one or operating one. The New Zealand government has online portals which make it quite simple to incorporate your company and reserve the name that you have chosen for it, as New Zealand Now explains.

 

Have a Viable Idea

Before going forward with any business plan, you must make sure that you have a viable idea. As Wells Fargo explains, it is much better to do this first, before investing a lot of time and money into something that might not work. Without a good foundation and proper preparation, any business idea could fall flat on its face. There are a few steps that you can take to make sure that your idea is viable.

  1. Research, Research, Research – You should research your idea as much as possible before any attempt to go forward with it. You can visit local libraries, use the internet, and scan over industry reports to get the information you will need. You might also choose to read books, magazines, blogs, trade journals, and other media. It is important to know all that you can about the competition, as well as the costs involved and the size of your potential customer base.
  2. Make Sure There is a Need or Desire – As we have mentioned in prior articles, there must be a need or desire in the marketplace for your proposed service or product in order for it to be profitable. You should also become familiar you’re your potential customer base. What income bracket are they in? What are their shopping habits? What makes them decide to invest in a product or idea? You could conduct online polls or surveys to get this type of information, according to the article. You can also ask friends, family, co-workers, and others to give their opinions about your idea.
  3. Have a Sensible Marketing Strategy – You can have the best idea in the world, produce the best product ever created, and come up with the best service that anyone could sell to the public and you will not make one dime off of it of you cannot get that idea to the public. Most entrepreneurs who are in the early stages of starting a business don’t have a lot of money to put into marketing, so you should make sure that you can afford to actually put your idea in the face of your target audience. Social media is a great, low-cost way to start, but research is needed to understand how to make it work. Word of mouth is also important to any business, new or established.

Once you have determined that your business idea Is viable, there are several more steps to take to start a business in New Zealand. Choosing a business structure, a business name, getting a New Zealand business number, and registering your company are just a few of these steps. We will look into more of these in next week’s article. Of course, if you are looking for an office space to rent in Wellington, Offix has several shared office and coworking spaces available for a fraction of the cost of traditional office spaces.

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