Starting A Business Flow Chart Page 2
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4Use a cash flow template to calculate your set-up costs,
Yes
and to show a 12-month estimate of how your business will
cope once you start. How long will it take to start making
a profit? Is there a shortfall? Will you ever make a profit?
There is little point in going any futher if your business
model doesn’t stack up.
Talk to your BNZ Business Specialist, or a business adviser
such as your accountant, if you need assistance with your
cash flow projections.
No
Are your prices accurate?
Pricing to make profit
Not only do you need to sell your product or service at a
Yes
price customers are prepared to pay, you also need to make
a profit. Get as much detail as you can about costs and ask
your customers what they would pay. Research competitor
prices to get a feel for the market, then check with your
accountant or business adviser to ensure your figures are
accurate.
No
Set up payment systems
Do you know how you’ll get paid?
Whether you need a mobile payment system like PayClip,
EFTPOS and online credit and debit card merchant
Yes
facilities, speak to BNZ about your options.
No
Do you have enough money to start?
Access to capital
If you don’t have enough cash to start, then you have to
find an alternate source. Common ways include using your
Yes
own savings, the equity in your home, asset lending and
business loans.
Angel investors may contribute but they’ll want
shareholding. Speak to your BNZ Business Specialist about
BNZ business loans and finance first and what your best
option might be. It could be a combination.
No
Competitor analysis
Have you researched the competition?
Research the strengths and weaknesses of your
competitors and use this to make sure your business has a
distinct point of difference. Before you start a business find
out if all your potential customers are either using someone
else, or don’t yet see a need for what you do.
Be very aware of who you’ll be compared against, what
they charge, and what your response will be when asked,
“Why should I switch?”
Have you covered the legal aspects?
No
Intellectual property protection
Have you protected your intellectual
property?
Most businesses will want a unique business name – but
some will need further protection. If you have a developed
a design, process, or want to register a trade mark, then
Yes
you should do this before you start your business.
Sometimes if the idea gets into the public domain, it’s
harder to protect it. Visit the Intellectual Property Office of
New Zealand (IPONZ) to find out what is IP.
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Parent category: Business