How to buy a business, how to sell a business and how to start a business.
I have been a professional business coach and a business mentor and I have nearly 20 years experience as a business broker (selling businesses). During that time I have been involved with hundreds of businesses. I have also owned and operated a variety of my own businesses.
I share the information I have learnt over the years to those starting out in business or buying or selling a business, especially for the first time.
These videos are general in nature and not intended to be a substitute for detailed and specific advice. It is important that you get the right professional advice and I strongly suggest you talk to legal or accounting professionals to help you structure for tax, budgeting, interpret contracts and leases and all the other specific details of your own situation. They will help you to make sound decisions in the best interest of you and your business
Sir I'm currently do clothes business in Malaysia i want visit new Zealand market see what fashion is most popular than i start my business in new Zealand Sir can help out me
I no longer work as a consultant, mentor or business coach. For specific advice, check out your accountant or Business Mentors NZ on: www.businessmentors.org.nz/. Thanks for watching, it is much appreciated. Good luck.
Hi, do you know how I can register a business name as a sole trader? e.g. starting a home-made candle business but I want to name it something other than my name e.g. Sweet Senses (not the real name but an example). How can I register the name so that I can make sure no-one else uses it? I keep finding registering company name only.
You could try this website: www.business.govt.nz/onecheck. I do talk a little about it here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-P6KDee1cr6Q.html, or you can TradeMark the name. I suggest a chat with a commercial lawyer to be sure which is the right option for you.
I love buying struggling companies, I break them up, and sell the pieces for profit. My name is Edward Lewis. There was only one trade i regretted, it was this ol' Morse fella, I intended to dismantle his shipbuilding company, but in the end I decided to build ships with Morse rather than dismantle his company. All this because of a woman, a woman of the streets of Los Angeles. That's my life story Peter, I hope you liked it.
I no longer work as a consultant/coach for start-ups, so I am unable to help. Start with Business mentors NZ: www.businessmentors.org.nz Good luck with your business.
Keep these videos up mate, i live in Taranaki and in the process off studying a business management course and then going to start my own small business. these videos are GOLD and very valuable. you are doing GREAT work!
Hello Peter, awesome video, very informative. Quick question, how would one go about starting a clothing brand/business in NZ and with your educated experience and expertise, would it be worth it and possible? Thank you in advance.
Its no different to any other business type. Do your research into both the market and the products. Write a comprehensive business plan. In fact, pretty much everything I talk about in the Start a Business Playlist on this channel. There is no shortcut or magic bullet, just research, planning and then implementing the plan. Good luck.
No worries, anytime. Let me know how you get on. Email me if you want the names of a couple of coaches to check out. They are based in Auckland, but will work around the country.
I no longer work as a consultant. You can get much of what you need by watching my videos, but for specific advice, check out your accountant or Business Mentors NZ on: www.businessmentors.org.nz/. Thanks for watching, it is much appreciated. Good luck.
I want to start a farming business, selling fruit to super markets and having a farm shop where I can sell locally as well but I don't just want to sell fruit I want to sell eggs, and possibly animals, and some meat at the farm shop. The only thing I want to sell largely is fruit. How do I go about it?
Do your research about food safety, home-kill etc permit/licence requirements. Write a comprehensive business plan outlining what you want to do, how you will do it, budgets etc and then follow that plan. Good luck
Hi Peter, im starting a side hustle as a resin jewellry maker and selling on my website. I brought some resin and equipment from Dec23 and want to claim for it in the 2023-2024 return. I have made no sales/profit yet( still creating product) i have all receipts but not sure if im filing in IRD form correctly am I filing in an amendment to my personal return or do i need to fill in a business return or something. if you have done a video on this which one please. thanks
I do not have the required financial advisors and/or tax accreditation that would allow me give you specific tax advice here in NZ. This is something you will need to talk to an accountant about. I am sorry that I cant help. Thanks for watching.
I can't seem to find any content on how to start a completely remote business in New Zealand with an international co-founder (US-based). Do you have any content on that or advice for tax liabilities and obligations in such circumstances?
Tax advice is a little out of my area of expertise. You should find a local accountant or lawyer and have them form the company and advise you on the tax implications. There is a reciprocal tax agreement between NZ and US, so it should be straightforward.
If you are a sole trader or an LLC, the process of starting a business, selecting products or services, designing processes, target market etc is the same. Check out this playlist for more info: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-T0htUEUlwlI.html
If I'm a sole trader and I register for GST expecting to surpass the threshold, but I don't sell anything, do I still have to pay taxes or any other fees?"
In simple terms, if you dont have any revenue, then you havent collected any GST, therefore there is no GST to pay. You can be in a situation where you have expenses, so have paid GST, but have no revenue, so you can ask for a GST refund. This is very general advice, so definitely talk to your accountant.
Hi Peter, where can I find details of laws that a LLC company needs to comply with for a specific business.. and what license does a business need to operate that Buisness in nz. Thank you.
Rules around companies are in the Companies Act, see link in the description. Licence would depend on what the business does, and where it does it. ie Liquor Licence, late opening licence, gambling licence etc. Check with the local council about the type of business you are operating in their area and their licence requirements.
Hi Peter, amazing video! Well spoken and very detailed. Just wondering, do you have an accountant you would recommend to have a discuss pre-starting my own business? Thank you
Well done young man. I was under the impression that exchange of value(ie a deposit even a dollar) was required to validate the contract?! Even a conditional contract. So no deposit required???? Legality of contract?
You're talking about consideration. As I understand it from talking to the lawyers, this this consideration can be covered without a deposit and total funds can be paid on settlement. When I started as a broker 20 odd years ago, consideration was an important part of the deposit argument, but it seems to not be relevant today. I certainly havent had any of the lawyers bring it up recently. BUT, Im not a lawyer, so they would be better placed to give you the correct answer.
Hi Peter, thanks for this video and the others you've made. My business partner and I are in the process of starting up a small business (LLC) and going through the registration stage. It does feel quite daunting for someone with know knowledge of how to get a company up and running. You mentioned getting in touch with a professional advisor to assist in making sound decisions. Can you recommend anyone in the Waikato or even Auckland region that we could contact. We do have details of an accountant who may be able to assist if you think that'll be useful.
Awesome videos Peter, thanks for your insights. How do we account the initial capital cost of starting a sole trader business? I mean in case if I have to purchase many things such as computers, monitors, camera, accessories etc, the initial investments will be high... I see from IRD that depreciation needs to be applied for things valued over $1000.. and anything below $1000 can directly cut form the initial year. Thats leads to some confusion for me.. Another point is that the total initial capital infuse to my business - how that amount is considered in terms of tax purpose.. Can I keep that amount to purchase assets and remaining funds in the book without taking it out? your views are much appreciated.
Thanks for your kind words. Much appreciated. Firstly, I do NOT have the qualification that allows me to give specific financial or tax advice, so I can only comment generally. You should find yourself a good accountant as they will be able to structure you for tax and answer your questions in detail. However, you can deduct your set-up capital costs (either as expenses or via depreciation) on your first tax return. Just keep good records, receipts, invoices etc of all expenditure to make that easier. Profits are taxed, not movements in cash. You are able to move cash in and out of a business as it is the profit the business makes, and/or what your pay yourself, that is taxed. Message me and I will send you a list of accountants, lawyers, advisors that other clients of mine have used, they will be able to help with specifics.
@@PeterNola, Thank you for the details, much appreciated. I'm going through IRD and NZBN portals to get some info on these regard. and yep, I think I have to get in touch with a professional team for details. In the mean time, I'm open for business: I'm your go-to guy for web design, social media marketing, and all graphic design tasks. Whether you're after a stunning website, eye-catching print materials, or expertly crafted social media content, or some video/ edits, I've got you covered. Feel free to flick me a message if there is anything that I can help you with. Cheers, Noble
Great topic. It’s certainly something I often forget. The 1st point has been most common for me but at the same time, I have acquired clients the same way. But I will keep this in mind. A note if I may: 5 tips was nice & short and easy to digest. Perfect! That being said, the walking around footage felt like a forced filler and distracted from the message slightly. Thanks for sharing 🙏🏼👍🏼
How would I start an online clothing business and do the clothed branding in a studio ? Can you do a video on how to start it up and do dos and donts for first timers and help learn about the shippings for worldwide please 🙏 I'm 18 wanting to start a small business for start and grow bigger in the long run
You would need to talk to a freight forwarder or similar to learn about shipping etc, I have little experience in this area. You should also check out the 2 x playlists on my channel about Start a Business. There is stuff in both lists that should be helpful to you. I hope your business goes well.
Thanks Peter, this was a great video. Do you have recommendations on essential reading to help me learn about starting a small business in NZ? I have read the NZ Small Business book and I am currently working through the Introduction to Small Business with the Open Poly (they link to this video actually :). I am keen to get the theory under my belt before starting a business, so your recommendations would be appreciated. Cheers.
Thanks for the compliment. I do read a heap of books, but there are none that spring to mind written by NZers and aimed at the NZ market, that arent essentially the same as any written by overseas authors. Im sure there must be some good ones, Im just not aware of any. Maybe your tutors would have a better idea? Sorry I cant be more help. I wish you well on your course and hope your business goes well.
I'm not a business/company buyer/seller but even as a Ebay seller of consumer goods, anyone who messages me with "What's your lowest price?" results in me not even bothering to reply to them as I just know they're a timewaster and/or want something for a silly price! Any buyer who's serious pitches an offer to get the ball rolling as they should know the approximate price of the item and how much they're prepared to pay!
