Opportunity In A Crisis – Business Start-Up Package

5 May, 2020 | Bret Gower

Redundancy or reduced works hours for some will mean deciding to go their own way, starting that business they always wanted or even simply going into business doing what they already do, but on their own account. A crisis can be the time to clearly see the changing world as a unique opportunity to take advantage of new ways of doing things.

While the impact of Covid-19 created difficulties for nearly all businesses, it also presented new opportunities for entrepreneurs. Predictions of a global recession continue, but there are several factors that could encourage new business owners to get started. Interest rates are predicted to remain at historically low levels, meaning business finance will likely remain more affordable than ever.

In the wake of the initial lockdown, employment rates were low, creating an environment where finding good talent was easier. However, as the job market continues to recover, many industries are now facing challenges in attracting skilled workers. As businesses move forward, adapting to these changing conditions and leveraging available resources will be key to navigating the evolving landscape and seizing the opportunities ahead. Any crisis presents a chance to take advantage of shifts in the landscape, enabling individuals to capitalise on emerging trends, reimagine business models, and build resilience for the future.

On a global scale, New Zealand is considered to be one of the simplest and most non-corrupt places to start a business. There are very few legal requirements to getting started, and many of them are able to be performed by the owners themselves.

We always recommend business start-ups align themselves with a team of business professionals from day one– including an experienced commercial lawyer, business banker and an accountant or firm of accountants.  This will enable you to have the necessary structures in place, will help protect your investment and goes a long way to ensuring the success of your new business.

Advice from your combined legal and financial team gives you a solid foundation, and we all work closely together when dealing with your tax or any borrowing requirements. We work regularly with a number of firms and can refer some options to you if necessary.

There are a range of questions business owners starting up should consider, we set out the five most important factors to consider here.

Want to know more?

Complete the form below, and we will get back to you promptly, or contact Bret Gower on 09 837 6893 or bret.gower@smithpartners.co.nz.