Whether you grew up trying to sell homemade lemonade outside your house or took neighbours' dogs for walks, it might be that your entrepreneurial ideas started at a very young age.
Perhaps you've worked as an employee for many years and are only now considering reclaiming control.
No matter when your business intentions set in, it's good to have an elementary understanding of what it takes to start a business. From securing the right small business software to formulating a marketing strategy, there are plenty of things that warrant consideration.
Have a think about some of the following business structures - if you're still excited about taking the plunge, get some advice about launching a new business!
What kind of business structure do I need?
It might not take much to set up a garage sale and sell unwanted homewares, but you'll need a bit more legal backing when setting up a small business for the long haul.
There are various options open to you, explains Business New Zealand.
If you're choosing to start a business that you run yourself, acting as a sole trader could be a good option. You'll be completely entitled to any profits you make. However, you'll also be personally liable for debts and responsibilities incurred by the business, which could be problematic if things don't work out as you intended in a financial sense.
Perhaps you're putting assets together with close friends or families members. If you want to split profits and losses among you, you might consider entering into a partnership.
A further option is establishing company, which bears its own legal liability. This means that it owes the assets and debts, rather than legal liability falling on your personally, if you were a sole trader. (Of course, if you're the director of a company, you're still liable for certain duties - but we'll leave that for another lesson!)
Remember, there's invaluable accounting software for small businesses as well as mentoring programs that can help your new venture run smoothly.