Many of us dream of owning our own business — no boss to answer to, hours to suit us, holidays whenever we like — but it can be a lot of hard work, especially early on.
It's a good idea to ask the hard questions at the start. Be clear about why you're going into business — having clear goals will help you stay motivated.
Research the market to see if your idea is viable. Consider things like:
If your idea still stacks up, you'll need to develop a business plan — an outline of your goals and how your business will operate.
Start-up costs can include things like rent, buying furniture and office equipment, and installing machinery and technology. Don't forget to factor in costs like marketing, website development, insurance premiums, and legal and accounting advice.
Work out how much money you'll need to survive until you start breaking even. If you need to borrow money, talk to a Kiwibank business banking specialist. They'll help you figure it all out, and they'll continue to work with you as your business grows.
To get going, you’ll need some bank accounts. We also recommend seeking advice from someone like an accountant — and you might want to consider using an accounting system to help keep you on track.
You might want to open:
You’ll also need a bookkeeping system and someone to help you keep your records:
If you’re self-employed, you’ll need to sign up with a KiwiSaver provider directly. If you join the Kiwi Wealth Kiwisaver Scheme (formerly called the Gareth Morgan KiwiSaver Scheme) which Kiwibank distributes, you won’t be required to make KiwiSaver contributions, but there are a number of ways you can contribute voluntarily.
If you employ staff, you’ll need to enroll them in KiwiSaver and make contributions on their behalf.
Note: If you’re self-employed but you pay yourself a wage (so your income is subject to PAYE), you’ll be considered an employee and your contributions will be deducted from your gross salary or wage.
Whether your business is set up as a company, sole trader or a partnership, there are a number of legal and tax requirements you must comply with. This is a potentially complicated area — expert advice is well worth it.
Talk to your accountant about your obligations with Inland Revenue, Occupational Safety and Health, and Accident Compensation.
You may also need to protect your brand with copyright, or apply for resource consent for building developments.
It’s important to get the right insurance to protect your business — and yourself. Your bank or financiers should know what risks you’ve got covered — and sometimes they may insist on certain types of insurance, depending on what your business does. We can help you work through what you might need.
Call our business banking team on 0800 601 601
Kiwi Wealth Limited (formerly called Gareth Morgan KiwiSaver Limited) is the Issuer and Manager of the Kiwi Wealth KiwiSaver Scheme (the Scheme) and is a related company of Kiwibank Limited. Kiwibank is a distributor but is not an issuer or promoter of the Scheme. The Investment Statement for the Scheme is available from kiwiwealth.co.nz. Investments made in the Scheme do not represent bank deposits or other liabilities of Kiwibank and neither they nor any other person guarantees the repayment of members’ interests in the Scheme or the payment of any earnings or returns on investment in the Scheme. Investments in the Scheme are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances and loss of investment value.
Download the Investment Statement for the Kiwi Wealth KiwiSaver Scheme (PDF 295 KB) or pick up a copy from your local Kiwibank. Download Kiwibank Limited’s Disclosure Statement (PDF 168 KB) or pick up a copy from your local Kiwibank. Important terms, conditions and exclusions are set out in the policy wording. Business Insurance is arranged by our insurance brokerage partner, Marsh Limited.