A startup business can take you on quite a different journey than buying a traditional business. Usually, you’re developing new products or services, so there is always a little uncertainty about how the market will respond. The other concerning fact is that 37% of startups fall over before they even really get going.
So, if you’ve got a great Wellington startup business idea and you don’t want to become an unfortunate statistic, you’ll probably need some help along the way. It’s all about finding the right support and having all of the tools and resources you need to move beyond the startup phase.
Find the right guidance
Guidance is crucial when starting a new business, especially if it’s our first attempt at building a business from scratch. Ideally, you’ve already got a good idea of what your product or service is. However, turning it into a reality is another thing altogether. Fortunately, there are plenty of services available to help you get up and running, including:
- Business Mentors NZ – Business mentors can help you assess the strength and feasibility of your idea and have the right business plans in place before you start.
- Pop Up Business School Aotearoa – A free 2-week course designed to help progress your ideas further.
- Te Wananga o Aotearoa – Offering several different business courses that help you evaluate business ideas, create business plans and much more.
If you’re a Maori business owner, or you’ve got an idea for a Maori business, there are some great programs available. WellingtonNZ offers a specialist business growth advisor who can give you the support you need as you develop your ideas. They can also connect you to some great networks that could help your business grow.
Are you developing new products?
Unlike purchasing a café or retail store, the development of new products is a different kettle of fish. You’ll need to consider where to make prototypes, manufacturing costs, and expected overheads as well as thorough research on market feasibility. If you’ve never done anything like this before, it can be overwhelming. Here are some avenues for finding the help you need:
- Lightning Lab – Part of CreativeHQ, Lightning Lab offers a lot of support and resources to people with bold new ideas.
- WellingtonNZ R&D Support – Need help developing new technologies or products? WellingtonNZ can get you the advice and assistance you need. They can even help you explore and apply for grants.
Learn all about the basics of running a startup business
Even the greatest ideas come with a lot of administrative requirements. From keeping financial records to applying for grants, there is always a lot to consider beyond the actual development of your startup business and it’s products and services. You’ll need to understand tax obligations, business structures, how to write business plans and much more.
Inland Revenue is always a good source of information, and you can also check out Business.gov.nz for a stack of information on business basics.
Research your market
Another thing you’ll need to do when setting up a new business is to research your market. It’s important you understand who your target audience is. This is a huge part of assessing the feasibility of an idea, and skipping this step is one reason so many startups fail.
Statistics New Zealand is a good source of information with both free and paid options. You should also conduct your own research to thoroughly determine if there is a need for your product or service.
Establish the place for your startup business
While many startup businesses are conceived in a home office or workspace, the time will come when you’ll need more professional surroundings. Even if you can still do most of the work at home, what happens if you need to meet with potential customers or investors? You don’t want to do that around your dining room table.
You can explore Wellington business venues like Urban Hub. We offer a range of services, including virtual offices and co-working spaces that can be great for inspiration and networking as you develop your ideas. The great thing is, as your business grows, you can move to serviced offices at the same location.
Even if you’re not ready to take the first step into a co-working space, there are meeting rooms for hire if you need to meet with important clients and present a professional image. If you’d like to know more, contact the friendly team at Urban Hub today and find out how we can help.