New Zealand is one of the easiest countries in the world to start a business. But starting a business in itself can be daunting, especially if you have never started one before.
Beneficiaries may feel that starting a business can be even harder as startup costs may feel totally out of reach.
Well, Work and Income New Zealand (WINZ) may be able to provide funding assistance to get you on your way with a business training and advice grant, start-up costs and a flexi-wage for self-employment.
What does it cover?
For qualified beneficiaries, the business training and advice grant offers up to a maximum of $1000 in a 52-week period to gain access to skills training, advice and support from businesses like Kiwitax.
Kiwitax can provide you with tailored help to register your business, business planning, tax advice and startup training to get you on your way and support you in your progress with our start-up course.
WINZ may also be able to contribute to your start-up costs such as furniture, stock, marketing and a website for example but you will need a business plan to support this application, we can help with that.
Finally, as you embark on your journey to becoming self-employed, WINZ may be able to help with a flexi-wage to cover your day-to-day costs while your business gets going, again you will need a business plan first.
Who qualifies?
You may qualify for funding if:
- either:
- you or your partner are getting a main benefit, or
- you qualify and have applied for a main benefit
- you’re getting New Zealand Superannuation or a Veteran’s Pension as a non-qualified partner
- you’ve asked WINZ for help to start your business
- you’re planning to take up, or are already getting, Flexi-wage for self-employment for the same business.
WINZ will also take into account other factors, such as your situation and how hard it is to find a job in the local labour market.
How do you get started?
To get started, you will need a business plan that sets out what kind of business you want to start, how you will go about starting it and what help you need (Financially and for training & support).
First, you need to download the Business.govt.nz business plan template and then you need to get in touch with us so we can discuss how to help you get going with confidence with our start-up course (From $995).
This course is for new start-up businesses that have begun trading and want training to become confident and efficient administrators of their businesses as it relates to tax and accounting.
The course consists of five x 1-hour sessions over 2 months and covers a variety of topics, tailored to the business.
Topics and benefits:
- Getting started with Xero or MYOB (2 sessions) – Reconciling, producing reports, doing your own GST and PAYE returns, record collection, storage and tips.
- Working through your business expenses (1 session) – Identifying which claim method works best for your business, education around what types of expenses are deductible for your situation, introduction of assets.
- Understanding tax & tax planning (1 session) – Working through an understanding of what you pay tax on, preparing for tax, GST, cashflow management and the 7 ways to poor cashflow that may impact on your situation.
- Growth plan example & review (1 session) – Run through a sample business growth plan, provide an insight to additional support available. Review where you are at in the start-up process to identify any further support needed and an opportunity to address anything you want to cover from the sessions again.
Regional Business Partner Funding is available on this course for eligible businesses, details here.
So, what are you waiting for?
About Kiwitax – Award winning business improvement, tax and accounting service
Here’s the thing. As an aspiring start-up, you get a kick out of having your own gig. But chances are dealing with your tax and accounting leaves you cold. Good news! We love it, so hand it over to Kiwitax and we’ll look after it all for you.
Whether you deal with us online, by phone or drop into our Napier office, you’ll find a friendly, professional hardworking team ready to work with you, however you keep track of your financial information and from wherever you do business. And all for a fixed price. It takes just two minutes to get a quote.
Plus if you’re at a loss to know how to improve aspects of your business – from growth planning to cashflow management, even tax debt and so much more – we’re all over that too. Our Business Improvement Advisors can help you make a plan and put it into action.
If you liked this article and want to make improvements in your business, with quarterly coaching sessions specifically tailored to support you to identify and achieve your business goals, lets chat!
