Buying a business

Old Jun 5th 2011, 11:31 am
  #1  
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Default Buying a business

Hi all,

My wife and I are looking to move out to NZ later on this year and I have decided that I don't want to move back into the rat race out there.

I am looking at buying a business while my wife will go out to work (she is a chartered civil engineer).

Has anyone had experiences of buying / running their own business in NZ having moved from the UK? I am not sure what sort of business yet, and can turn my hand to alot of things due to my career so far.

Would be grateful for some comments, advice, general views.

Thanks.
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Old Jun 5th 2011, 10:39 pm
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Default Re: Buying a business

Starting business from scratch is very straightforward

Register at http://www.business.govt.nz/companies

Cost about $150.00

Takes about week to get approval.

Once approval is given, you can open a bank account and away you go.

Actually doing business is again straightforward IMO. I come from a sales background in the UK and it is very hard at times to make appointments and develop business. Here it is pretty much the opposite, people make time to see you and listen to what you say.

B2B payments are usually processed on the 20th day of the month following invoicing. Which can be a pain to manage cashflow as I have often been in situations where I have to pay suppliers a month before getting paid by the customer.

My bank (ANZ) has really not been a great help, accessing credit has been impossible despite good account activity and I feel it has constrained the growth of my business. I have a "business manager" banker, whom I never hear from accept when he wants to try to sell me something and it really annoys me.

Get a good accountant, it will really help! We have a home based business and we can claim all sorts against tax, bills, rates, vehicles etc. Which makes a big difference to our personal cashflow.

Starting a business here, has been very exciting and scary at the same time, but so far so good and it has been the best thing I have ever done career wise.

Hope that helps!
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Old Jun 6th 2011, 5:30 am
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Default Re: Buying a business

Thanks Catchafire for your response. It seems credit is a hard to come by in NZ as it is here!!

Definately interested to hear about the B2B sales - I know how tough it is here in the UK, very hard to get in the door.

Good to hear it was the right decision for you - time will tell for us, but very excited!!
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