The prospect of creating something from the ground up taps into our Kiwi entrepreneurial spirit. But setting up a business requires hard work, careful planning, and a clear vision.

“We New Zealanders are creators, despite our size there are countless kiwi-created businesses that punch well above their weight on the world stage, and your idea might be the next to join them. Building a business from scratch, though challenging, can be rewarding. There’ll be sleepless nights, but the payoff can be great satisfaction when your vision comes to life and has great success. We will work with your Advisors to ensure your vision has a sound financial platform for success and with our amazing resources and tools on our Biz Hub website, we have a great package for starting your business” - Tom McKinnon, Relationship Manager, ANZ Business & Agri

Here are five key considerations

Feasibility of your idea
A successful business always begins with a great idea but it’s essential to check its feasibility. Is there real demand for your products or services? Your business's success largely depends on its relevance and demand in the current market.

Financing your business
Understanding and calculating the financial aspect is crucial. How much money do you need to start your business and maintain operations until profitable? Consider costs from setup to daily expenses. Solid market research and understanding the numbers is essential before starting a business.

Choosing the right location
Choosing your business location is a crucial decision that impacts reach, visibility, and success. Consider target customers, logistics, and operational costs to help guide your choice.

Putting together a solid support team
You don't have to go through this journey alone. Building a team of experienced advisors can offer guidance and support. Consider including an accountant, lawyer, and business mentor. Also, talking to successful business owners, especially in similar fields, can help provide valuable insights.

Figuring out if you need employees, or paid advisors
Consider if you need employees or paid advisors to help run your business. The size of your team depends on your business's nature and needs.

Being well-prepared can make the challenging road ahead a worthwhile journey.

Visit ANZ Biz Hub for more.

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Building a business from scratch