{"id":281524,"date":"2024-08-22T13:34:53","date_gmt":"2024-08-22T01:34:53","guid":{"rendered":"https:\/\/www.reckon.com\/nz\/?post_type=sbh&p=281524"},"modified":"2025-01-28T14:27:01","modified_gmt":"2025-01-28T02:27:01","slug":"checklist","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/nz\/small-business-resources\/starting-a-small-business\/checklist\/","title":{"rendered":"Checklist to starting a business in NZ"},"content":{"rendered":"

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.23″ custom_padding_tablet=”” custom_padding_phone=”0px||||false|false” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” width=”100%” custom_padding=”||0px||false|false” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][et_pb_column type=”1_3″ module_class=”table-contents” _builder_version=”4.23″ background_color=”#f4f4f4″ custom_padding=”25px||25px||true|false” sticky_position=”top” sticky_limit_bottom=”section” sticky_position_tablet=”top” sticky_position_phone=”none” sticky_position_last_edited=”on|desktop” pac_dcm_carousel_specific_module_num=”0″ border_radii=”on|24px|24px|24px|24px” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.23″ text_font=”||||||||” global_colors_info=”{}” background__hover_enabled=”on|desktop”][\/et_pb_text][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.16″ custom_padding=”|||” pac_dcm_carousel_specific_module_num=”0″ global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Copy paste body text here” _builder_version=”4.27.4″ header_2_font_size=”32px” hover_enabled=”0″ header_2_font_size_tablet=”30px” header_2_font_size_phone=”26px” header_2_font_size_last_edited=”on|tablet” global_colors_info=”{}” sticky_enabled=”0″]So, you\u2019re starting a business in New Zealand? In the early stages of business ownership, thorough research is central to ongoing success. That\u2019s why creating a \u2018starting a business\u2019 checklist is the best way to ensure you don\u2019t miss anything.<\/span><\/p>\n

To assist you, we\u2019ve created an easy \u2018starting a business checklist\u2019 for you to work through and help your fledgling business become a roaring success.<\/span><\/p>\n

What is the first step before starting a business?<\/b><\/h2>\n

Before you plan your business idea, quit your job, seek financing, and start constructing a small business plan, there\u2019s a few initial steps you should be taking.<\/span><\/p>\n

    \n
  1. Viability:<\/b>
    \n<\/b>Run the numbers on how much your venture will potentially cost to run each month. Calculate how much you\u2019d need to earn to cover debts and expenditure while maintaining adequate cashflow and profits.<\/span><\/li>\n
  2. Market research:<\/b>
    \n<\/b>Undertake extensive research into your potential market and competitors. What is your target market? Is there enough money flowing through this industry for you to carve out a slice? Who will you be competing with and what threats do they pose to your profits? How have others gone to market in this space? Is there a high or low business failure rate in your intended market?<\/span><\/li>\n
  3. Talk to a business advisor, bookkeeper, or accountant:<\/b>
    \n<\/b>Before you set sail with your new business idea, run your idea past a professional advisor (ideally with a business plan under your arm). They\u2019ll identify issues and pin-point potential profit areas in your business idea and will generally have plenty of sage advice. They also excel at compliance work and will advise you of taxation concerns and matters you need to address with the IRD.<\/span><\/li>\n<\/ol>\n

    Choosing a business structure<\/b><\/h2>\n

    What kind of business structure will you be adopting? Your primary choices are:<\/span><\/p>\n