So you’ve been sitting on a great idea for a business for a while and you’re not quite sure where to start? It's easy to get lost with all the information out there. Don't worry, we got you!
First things first, what services are you providing and what problem are you solving for the consumer? Figure out your target audience and research them. This part is crucial, without understanding your market you will not know how to direct your company message or even if there is a need for your product or service. What do they like? What other content and media is created with them in mind? There are so many studies, methods, and research on target markets out there to help you, and if in doubt look to other businesses to see what they are doing right.
Where are you selling your product or service? Is it online or locally? If local, try to find local Facebook groups/forums or markets. If online, are you hosted by a third party like Shopify? Will you have your own website? If so, is your preferred domain name taken? Do you know about SEO’s and crawlers? You don't need to know everything, get an expert involved but do try to have a core understanding to help you make important decisions in the future.
When choosing a brand name, make sure it isn't already trademarked. Its never too early to consider trademarking your intellectual property. Designing your brand is also where the market research comes in handy.
How will your business run? Most businesses in New Zealand are sole traders, companies, or partnerships. Being a sole trader is easier for small businesses as you don’t need to go through a legal process or to register yourself or your business with a government agency. Try talking to people in the industry you want to work in to find out what works best for you. Find out more about sole traders here. You’ll also need to let Inland Revenue know about your business.
And finally, how are you promoting your business? Are you advertising on print? Web? Social media? Are you contacting influencers? You are going to need social media accounts and secure a monthly budget for promotions or a professional to help you out. A social media presence is paramount for a new, emerging business.
With a great idea, it’s never too late to start a business. We hope these steps have got you more confident to start taking those crucial first steps!
