by Abby Lynne

Created on: October 23, 2008

3 tips for starting your own business!

With thriving young entrepreneurs such as Sam Morgan (Founder of Trade Me) and business partners Dan Buckley and Steve Dunstan (a.k.a The Huffer Boys), kiwis have plenty of inspiration to get out there and make their mark on the New Zealand entrepreneurial scene.

Like most kiwis these boys started small (usually at home or in a small back-ally studio) and scaled their way to the top showing us that with the right attitude, starting your own business can be both successful and rewarding.

As recently written in Bright Magazine "there are about 150,000 New Zealanders aged under 35 trying to start up their own business and another 111,000 trying to start their own social enterprise, such as community groups or non-profit ventures." (Bright Magazine, www.nzte.govt.nz/section/13500.aspx.

Success stories such as these have created a positive trend amongst young kiwis. Around 90% of New Zealand businesses are small to medium sized businesses and are locally owned and operated. Starting your own business is an exciting prospect however there are a few things to consider first. We give you 3 top tips to get you started.

1. Love what you do:

A lot of time and energy goes into setting up a new business. You will be head first in everything from research, planning, setting up, marketing and selling your idea. If you don't truly love or believe in what you are offering then you may find that you loose interest very quickly. Loving what you do will get you through the tough times and through to the maturing stage of your business. It's a lot easier to stick at something that you have fun doing. A good way to test if you truly love doing something is to get out and work in the industry first. Chances are if you enjoy doing it for someone else then you will enjoy doing it for yourself.

2. Think smart, do your research and plan:

Many new business ventures fail because people over look the importance of research and planning. Your business idea may be great but it's not going to work if you're targeting the wrong market or have failed to recognise your competitors. It is best to spend a good couple of months researching your idea. There is a huge pool of resources online and at your local library for example NZ Statistics online is helpful for finding out relevant figures such as the size of your market. Once you have found all the relevant information its time to put it into a business plan. There are plenty of free online Business Plan Templates and guide books to help you write one up.

3. Find a mentor:

Talk to someone who has been in the industry for a while. Ask them questions and take advantage of their industry knowledge so that you can avoid lengthy and risky mistakes. A mentor can be a family friend or you can use the governments free NZ Business Mentor Program (available with a $100 registration fee). A mentor is someone who is simply willing to offer you support, challenge your way of thinking and offer you guidance. They are great to bounce ideas off, help you set goals and for valuable feedback.

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