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No matter whether you’re operating through a company or as a sole trader, a website is your digital storefront showcasing what services you offer, pricing and contact information.
Having a strong online presence is crucial in the digital age. There’re a few ways to build a professional website:
When you’re just starting, your business’ risk may be low. However, it’s wise to consider paying for insurance from the beginning. The common types of insurance in New Zealand are public liability insurance, professional indemnity insurance, business insurance, and management liability insurance.
With a lot of companies having a strong online presence these days, there is also cyber liability insurance which will help you in the event of a cyber-attack. There is also tax audit insurance which covers a business for specified costs in the event your business is selected by the IRD for auditing.
There’s no one-size-fits-all approach when it comes to choosing insurance because not every business is the same. The amount you must pay depends on the nature of your business, industry, your risk tolerance, insurance provider and more. For example, a tradie may face different challenges and risks compared to a home-based business owner. It’s also vital to know insurance is compulsory in some industries.
If you hire any employees to help you out with your business, you'll need to pay your employees. You’ll also have to account for superannuation, entitlements, benefits, commissions, bonuses, and overtime pay.
Depending on the employee's expertise, the salary can differ. The minimum wage in NZ is $21.20 per hour from 1st April 2022. However, if you want to attract the talent with the right skills you need for your business, the salary may be considerably higher.
If you operate through a company and hire employees, payroll software may also be helpful in this case since it can assist you in planning the costs along the way. Although not directly a salary, you’ll also want to ensure that your workplace manages the health and safety (WHS) of anyone who does work for you including customers, visitors, and suppliers.
One of the most significant costs for many businesses is business assets and equipment. Like other costs, the costs of assets and equipment are determined by the type of industry. For example, if you want to start a lawn mowing business, you’ll need to purchase a lawn mower, trailer, and truck to carry out the business. On the other hand, if you are planning to start a dropshipping business, you might not need to spend a lump sum of money on equipment.
A business loan or payment plan may help you to get started if you worry about not being able to afford the essential equipment for your business.
You want to get the word out when starting a business, whether through traditional advertising channels (e.g., radio, billboards, tv etc.) or digital marketing (e.g., Google ads, social media advertising or extra production costs for graphic design or videos).
You can also leverage other advertising and marketing tactics such as partnership, influencer marketing, event marketing and more. The cost of these tactics varies; however, your business will start to get attention and sales.
We’re an online accounting firm that is always right here for you, your accounting pain relief. The most advanced technology lets us work way more closely with you than a normal accountant would.
We have a dedicated team of certified accountants and a support team to take care of your business no matter where you are, so you can focus on growing your business. We take out the ‘fluff’, break down the barriers and get things done. Looking out for you is what we are all about. Get started for free today.
Tori Ma
Performance marketer
Performance marketer at Beany, and into true crime documentaries.
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