So, you have decided to start a business. Now what?
There is so much to think about when going into business. Business plans, budgets, marketing, strategy planning, equipment purchases, patents, business structures, licences, permits, taxes and so much more.. Wow that can be overwhelming!
My best advice.. talk to your accountant or trusted business adviser. Friends and family all mean well and can certainly help, but make sure you get professional advice and understand the consequences of anything you are doing. Then, make a list and work your way through it.
The government website Business.govt has a lot of really good information on all faucets of business. This is an infographic from their website around starting a business. Starting a Business infographic. Definitely recommend checking this site out.
This is a fact sheet I give out to clients coming to see me – I’m sharing it with you, I hope it is helpful. Starting a Business
One of the main pieces of advice I give to people in business is plan for your taxes. Depending on the type of business you have, a rule of thumb if you are GST registered is to put 25% of your income or GP away and this should cover ACC, income tax and GST. If you are not GST registered, then around 15% should cover it. Doesn’t seem very scientific I know but it works and there is method to the calculations. If you can save it and you don’t have a budget then you will generally be all good to go. If you have a budget, then you would have allowed for that in your budget already and be saving for that as per your figures.
If you need some help putting together a business plan or a budget, lets talk.