Starting a business

Many of us dream of owning our own business — no boss to answer to, hours to suit us, holidays whenever we like... But the reality is that it can be a lot of hard work, especially early on.

Kiwibank has a range of accounts and services to help make managing your business easier, and business banking specialists throughout New Zealand. You should also check out our pdfGuide to Launching a Successful Business (PDF 654 KB).

Here you'll find some tips, tools and useful websites to get you on the right track if you're thinking about starting a business.

Is business ownership right for you?

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 and focussed, rain or shine.

Getting started

Research the market to see if your idea is viable. Consider things like:

  • is there enough demand to sustain your business in the long term?
  • who are your potential customers and how much are they likely to spend on your product or service?
  • who are your competitors and what can you offer that they don't?

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.

Can you afford to set up a business?

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.

Tax, legislation and compliance

Whether your business is set up as 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 or one of our business banking specialists 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.

Managing risk

It’s important to get the right insurance to protect you and your business from unnecessary risk. Insurance might feel like an unwelcome cost when you’re starting out in business, but it can protect you from even greater costs down the track.

Depending on the type of business you’re launching, you could face different kinds of risk. For more information about managing your business risk, talk to our specialist Business Banking Team.

You may also be interested in:

Conditions

Important conditions and exclusions for Kiwibank Business Insurance are set out in the policy wording. Business Insurance is arranged by our insurance brokerage partner, Marsh Limited.