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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.
Start-up costs can include things like rent, 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 our business banking specialist. They'll help you figure it all out, and they'll continue to work with you as your business grows.
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.
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’ll also need a bookkeeping system and someone to help you keep your records.
You’ll be considered an employee and your contributions will be deducted from your gross salary or wage.
Find out more at kiwiwealth.co.nz
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.
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.
If you want to talk about starting your own business, get in touch with our business banking team.
Please note: this is intended as general information only. It doesn't take into account your financial situation and goals and isn't personal advice. For advice about your particular circumstances, please see a financial adviser.
Kiwi Wealth 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 isn't an issuer of the Scheme. The Product Disclosure Statement for the Scheme is available from kiwiwealth.co.nz. Investments made in the Scheme don't 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.