One of the best ways to prepare for life after retirement is to start your own business. The online market offers a great business opportunity for any start-up due to the low initial and operational cost, as well as the large market across the entire world. However, starting an online business is not as easy as it sounds, especially when you don’t have a great business idea and plan.
If you have a passion that you would like to convert to a full-time career, do not turn back! Your idea doesn’t have to be so unique or over-innovative; you just need to have the courage and a clear view of what you want to do. Fortunately, the increase in the internet usage across the world has also made it easy for upcoming entrepreneurs to start business from simple ideas without the need for physical premises. If you are considering starting an online business, you are on the right cause.
Why should you start an online business in New Zealand?
New Zealand is one of the youngest territories in the world, and a host to magnificent native forests, mountain ranges and the golden beaches that offers an amusing climate for tourists and those looking for a great resting place away from the rest of the ‘wild world’. The small island has a population of about 4 million people who are always respectful and welcoming. Our country is not only attractive for holiday makers and leisure lovers, but also an excellent environment for start-ups of all kind and types. It provides an excellent opportunity for young businesses especially in IT, telecommunication, food & beverages and electronics among other sectors in the economy. A recent World Bank Doing Business Survey rated the country as the easiest place in the world to start a business with regards to the quality and efficiency of regulation and potential market.
According to the World Bank report, there are a few restrictions on owning and running a business in New Zealand, but the government has made the registration process quite simple through online portals. Also the diverse culture and the pleasant climate make the country a dynamic and vibrant target for both local and foreign investors.
Important New Zealand’s facts and figures that you need to know
The Rule of Law
New Zealand is popular for its dedication to ensure transparent, corruption-free and competitive system and its efforts to punish corruption and any form of bribery. The government is keen to protect contracts and private property rights so there is no fear for new investors.
Tax and Regulatory Efficiency
It is also important to consider the applicable tax and other regulations. The legal and licensing requirements for start-ups are flexible with no minimum capital requirements and quite a number of subsidies, especially on agricultural products. It only takes a day to complete a business registration in New Zealand and the maximum corporate tax rate stands at 28%. If you are offering goods or services online, your tax obligation will be the same as any other brick and mortar business. It is advisable to budget for the future tax payments including the income tax, the tax on goods and services as well as PAYE if you have employed people depending on the nature and size of your new online business. If you are starting an online business in New Zealand, you can learn more about the tax obligation applicable to your venture from Inland Revenue Department (NZ).
The Online Market
Whether you are starting a new venture or if you are looking for a way to expand your existing retail store, the online market offers a huge opportunity for growth. With the internet connecting the world today, taking your business online exposes your business to an unlimited marketplace and an easy way to start off even with constrained budget and technical skills. However, despite the various benefits of the online market, you need to take the following into account:
- Legal issues – It is very important to check the local rules and regulations. You may be required to obtain a business license, register your trademark and comply with various regulations to avoid being on the wrong side of the law.
- Official Business Website – A business website is one of the most critical aspects of your new investment. It is the main meeting point between you and your potential customers. It is therefore important to design at as a user friendly website that clearly displays information on what your business offers, contact details, prices and the shipment and delivery details. Your website should focus on offering solutions to what your customers are looking for.
- Marketing Your Business – Apart from the official website, you need to consider other marketing options such as social media marketing and other marketing avenues. This helps you to establish a strong online presence and building a sustainable online followership for your brand.
- Data Protection – The New Zealand government also requires you to safeguard consumer or employee data. You need to contemplate of the efficient measure to protect your business data against malicious cyber-attacks that would compromise data security. The Ministry of Business, Innovation and Employment provides information regarding data privacy for businesses and employees.
To increase your chances of success in the online market, it is important to research your target market and come up with tactics that makes it easy for your consumers to find you and access your products.
Fred is a SEO guru with a passion for writing at Clickthrough – company that helps brands achieve rankings that stay up.