Overall structure

It is extremely important to get your business structure correct.  Every situation is different and there are different benefits to trading in your personal name vs as a partnership vs trading trusts vs as an incorporated company.  Speak to one of the consultants at Movest as early on in the process as possible as they can help you to determine the best structure for your situation.  

If you decide an incorporated company is the best option for you, this will need to be incorporated through the NZ Companies Office.  You can also set up the company's tax structure, including registering for GST, at the time of incorporating the company with links from the Companies Office website.  We recommend that you seek advice from Movest and an accountant regarding shareholdings and directorship prior to incorporating.

Business plans & advice

We've all heard the saying "failure to plan is planning to fail".  To succeed in business, a thorough business plan is essential.  There are many helpful resources online that can assist with preparing a business plan.  

We highly recommend looking through the ANZ Biz Hub website which offers a plethora of information to get you on the right track.  You don't need to be an ANZ customer to use this service.  Any new business owner will almost certainly find it helpful, especially if you are seeking funding from a bank or other lender as it is essential to have the right information in your plans for your lender to see when you make your application.  

Mentors

A business mentor can make the difference between success and failure (or surviving and thriving).  If you know of a successful business person that may make a good mentor for you and your fledgling business, don't be afraid to approach them and ask for their help.  You will be surprised how much help other business people are often willing to offer.  If possible set up a regular meeting time to get together to work on your business.

If you don't have anyone to ask, there are plenty of options out there for you, some of which offer mentors free to new businesses.  We recommend checking out the following mentoring and guidance services:

Auckland Business Chamber offers a mentoring service as well as lots of other helpful resources.

The Icehouse provide guidance from other successful business people to help grow your business.

 Unfiltered offer advice from some of the most successful business people in the world to help inspire you.

Employees

If you are planning on hiring staff, it is vital to make sure you set up their employment correctly to avoid getting yourself into trouble down the track.  Movest recommend speaking with us about your requirements.  However, if you would like to read through some relevant information, we recommend working through the information on the Employment New Zealand website.

DISCLAIMER: This information is given as a guide only. All information in this website is to author’s knowledge true and accurate. No liability is assumed by the authors, or publishers, for any losses suffered by any person relying directly or indirectly upon the information contained in this website. It is recommended that you consult a representative of Stacey Graves Ltd trading as Movest before acting upon this information.