Starting Business on your Own
Setting up a business is not as easy as it seem.
Research needs to be done first.
The New Zealand Government website has excellent resources that can guide you to setup a new business.
Before you go into business, it’s helpful to do some research first.
Questions to ask yourself before you start
Planning your business
You’ll need to think about the practical side of your business too, such as how you’ll finance it and run it.
How much money do you need to set up and run your business?
Protecting your business name and ideas
You need to think about your branding and protecting your business idea.
Check if your business name, trademark, web domain and social media usernames and domain name are available.
Structuring your business
You’ll also need to find a formal structure for your business. The most common structures are a company, sole trader or partnership.
Ways to structure your business
Running a business
Staff and human resources
If you hire staff you need to know your duties as an employer, and implement good management practices, including health and safety.
Compliance requirements
Use the Compliance Matters tool to find, understand and manage the reporting your business must do to government.
Compliance matters — figure out your compliance requirements
ACC levies
What you pay depends on the number of staff you have, their income, the industry you’re in and your claims history.
Tax obligations
You’ll need to keep accurate records, budget for upcoming tax payments, and account for your business expenses and deductions for your business and your staff.
Introduction to taxes and levies
Going contracting
You can also be a self-employed contractor. You’ll normally be paid more than a salaried worker, but you’ll need to pay your own tax, and you don’t get holiday pay or sick leave.
It’s common for contractors to have to take out insurance — for example, liability insurance — before they sign a contract.
Insurance cover for contractors
Republished from www.govt.nz/work/
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