15th August, 2018

How to give your startup business a head start

New Zealand is already an incredibly great place to make your startup business dream a reality, but we want to make it an even better place to do so.

Roughly 180 people per day take their first steps into owning their own business according to Statistics New Zealand, and more than half of those are doing so for the first time.

We’ve been working alongside the startup community in NZ for more than two decades, and have recently published the State of Aotearoa Startups [PDF] report outlining some of the opportunities and threats the sector faces.

In short, NZ is a great place to do business – but it could always be better.

Eighty-four percent of new ventures survive their first year while only 26 percent stand the test of time to last for a decade.

“Owning and running a business can often be a lot more difficult than people may initially expect,” says MYOB New Zealand General Manager Carolyn Luey.

“Our research shows that new businesses often struggle with adapting to competitive pressures, knowing how to market their product or service, and juggling cash flow.”

MYOB’s Business Monitor survey reveals that one-quarter of businesses find staying ahead of the competition places extreme or quite a lot of pressure on their business in the first two years of operation.

“It’s important that aspiring business owners understand the pressure that comes with launching a new venture,” says Ms Luey.

The research found more than a fifth (23 percent) say managing cash flow was an issue and 21 percent agreed the costs associated with attracting customers was a burden.

So, how is MYOB helping?

Aside from providing cracking software geared to help new business owners succeed, we’re putting our money where our mouth is and funding one lucky business to the tune of $100,000 of prizes to help their business get a head start.

We’ve teamed up with NZME, The Hits, and the NZ Herald to design a package of goodies to find NZ’s ultimate startup.

The competition is open to any business which has been operating for two years or less, or anybody with a corking idea for a business.

The winner will receive over $100,000 worth of prizes to help their business get a head start on success including 12 months free MYOB accounting software, business coaching from The Common, NZME marketing worth $25,000, a $10,000 cash injection and promotion on The Hits radio station.

To enter, contestants must first pitch their great business idea via a short video or written submission.

Five finalists will be selected and flown to Auckland where they will go head to head in a pitch night event, culminating in New Zealand’s ultimate start-up winner being announced.

Head here to enter, and good luck!