How do I get (free) advice on starting a business?

[Elliana]

I'm planning to start a business in the near future, and would like to be able to talk to someone about all aspects of it - what type of company to register as, the benefits/drawbacks of each, accounts, taxation, laws regarding overseas contracts (both as the contractor and contractee), etc. I know a lot of this information is online, and I've been trying to go through it, but it would be nice to have someone to ask questions about my particular circumstances.

Anyone gotten free advice (from a reasonably knowledgable/authoritative source) about this before? Will IRD or Business NZ or my bank help me if I just walk up to them and ask?

[PrivateBoxNZ]

You can check with both IRD and your bank - both will offer free seminars on getting started.

I also think NZ Business Mentors could be worth a look - it does cost (about $250 I think) but that's for a year and you have a mentor on your side giving you advice etc. This is very good value for money - I promise you!

[Sun777]

I'm planning to start a business in the near future, and would like to be able to talk to someone about all aspects of it - what type of company to register as, the benefits/drawbacks of each, accounts, taxation, laws regarding overseas contracts (both as the contractor and contractee), etc. I know a lot of this information is online, and I've been trying to go through it, but it would be nice to have someone to ask questions about my particular circumstances.

Anyone gotten free advice (from a reasonably knowledgable/authoritative source) about this before? Will IRD or Business NZ or my bank help me if I just walk up to them and ask?

That will be relative topic as quite a lot will depend on the nature of your business, products/services you would like to do business in etc. As posted above, go through couple of free seminars and you will have rough idea on the direction to proceed forward.

Administrative tasks:
You can register a New Zealand company with just about $150, hire an accountant which would cost between $600-$1200 to prepare & file GST and IT returns.

[Elliana]

Thanks, guys, will look into business mentors and the free seminars. I think hiring an accountant for now would be a bit too expensive as I'm planning to start small (it's a side business, not a full-time thing or a startup).

[PrivateBoxNZ]

Depending on where you are you can check out your local Wananga (http://www.twoa.ac.nz/) they do free courses as well. I completed their Biz Development & Growth course when I started my own company - http://www.twoa.ac.nz/Nga-Akoranga-O...th-Development. They do evening courses so you can work around your day job.

[dbonnett]

Depending on where you are you can check out your local Wananga (http://www.twoa.ac.nz/) they do free courses as well. I completed their Biz Development & Growth course when I started my own company - http://www.twoa.ac.nz/Nga-Akoranga-O...th-Development. They do evening courses so you can work around your day job.

I will second this suggestion: I have my own business here and had run a company in the US for 7+ years prior to our move and when I did the "Certificate in Small Business Management" (in Nelson) I learned a lot about how things work here in terms of taxes, labour laws, etc. The course I did ran for 20+ weeks, once per week on an evening, and we developed a full business plan from market assessment to hiring plans and budgets. You also get to meet a wide range of people who are facing the same challenges as you.

Amazingly, it is completely free for NZ residents and citizens. There is good coverage of Maori businesses (often involving working with your whanau) but everything is applicable to everyone.

[Elliana]

Thanks, all.

I'm planning to attend the 'Introduction to Business' free seminar hosted by the IRD this month (as advertised on business.govt.nz ). For anyone who has attended, do you know if there's a Q&A session where you can ask your own questions?

[PrivateBoxNZ]

I attended one on GST held by the IRD - it was a pretty small group and everyone could ask questions as the session progressed. Although the answers were very IRD centric eg. the trainer's answers seemed to be make IRD's job easier and not necessarily yours. But good to cross off the necessary obligations.

Finding other business owners to speak with and / or trusted book-keeper has given me loads more value.

To make your life easier make sure biz txn's are separated from personal ones eg. get your own business bank account, credit card & tax account etc. This is your basic accounting history. Also look at using Xero or other web based accounting tool (wave app is free - you just have to set-up your own GST tax rate, import txn's etc) to help build your accounting records over time.

[Elliana]

Thanks PrivateBox!

I'm mostly trying to figure out which business structure is best for me. I'm trying to decide between a LLC and a LTC and wonder which one would work best for a small business with a low income. But you're right, I doubt the IRD will want to help me save on taxes, even though it's legitimate!

[PrivateBoxNZ]

IRD can help with those kind of tax questions... even if you contact one of their business consultants directly.

One thing - if you are planning on not making a profit (or even a loss) then getting yourself GST registered is a good idea as you will get a 15% back on your spend. If you are running your biz from home this works out well (you can claim partial rent, insurance, phone, internet etc). GST registration is not so great once you start turning a profit though!