Starting a company
If you’ve decided a company is the right business structure for you, starting a company is an exciting step to take no matter what stage you are in your business.
You’ll have to register your company at the Companies Office and file an annual return with them to confirm you’re still a company, so they can keep you in their register.
Protecting your intellectual property will also ensure your business’ success and reputation in the long run.
Having your own company means you might be taking other people on board too.
You must have at least one director. You may have shareholders, and you may decide to hire staff as your business grow.
You’ll need to be on top of your company’s finances and legal obligations, which includes making sure you:
- have the right tools to manage your money
- understand company tax
- know when you can claim business expenses.
Efficiency and innovation for your company
Making your operations more efficient can help you reduce costs and increase your output – and operational innovation goes even a step further.
Changing up the way you do things can:
- create a competitive advantage
- better meet customer needs
- make you stand out in the market.
Consider innovating your business processes if your current ones are already optimised, or your products and services if your customers’ needs are changing.
Strategically scaling up your company
Growing your company strategically, both in New Zealand and overseas, can help you:
- boost your revenue
- perform better than your competitors
- stay on top of demand and adapt to changing consumer needs
- build resilience for the future.
It’s important to have clear goals on why you want to grow.
Consider things like how you’ll finance your growth, and why and where you want to expand. You’ll also have to identify the growth strategy that best works for you, and make sure you’re aware of the challenges you might face.
Closing down your company
When times are tough, closing your business may not be your only option.
Consider these things before you shut down:
- Can you manage your money differently?
- Should you change your business model?
- Have you followed up with your creditors?
- Have you dealt with your debt?
- What funding have you looked into?
- Could you sell your business?
Getting financial advice from an expert is always a good idea. They can help you consider options you might not have thought about.
What's next
Starting a business
Growing your business
Maintaining your business
Dealing with tough times
Selling, closing, or stepping away
Partnership
Sole trader
Contractor
Social enterprise (doing business for good)
Other business structures